Many of us go about our day jobs without a thought for the future. We assume that we’ll be fit and well enough to work for the next few decades. We don’t think twice about being able to put food on the table or a roof over our heads. The reality is that nothing is a given. You may lose your job. Or you may suffer an injury or illness, which makes working an impossibility. If you’ve been forced to give up work as a result of an accident or a severe illness, here are some money-management tips.
Work out your entitlements
If you’re unable to work as a result of poor health or life-limiting injuries, you should have access to financial support. Look into any benefits or insurance payments you’re entitled to through your employment package. You may also wish to research criteria related to qualifying for SSDI payments. SSDI is an insurance scheme, which is provided by some employers. It works on a credits system. The number of credits you need to qualify is based on your age.
The process of applying for insurance rebates and state support can be time-consuming and complex. If you’re unsure if you’re entitled to help, or you want to find out more, seek advice. You’ll find a wealth of information online. You can also contact the relevant state departments.
Do you feel like you’ve been treated unfairly by your employer? Or have you been denied access to SSDI payments? If so, talk to a legal advisor. If you are eligible for payments, a legal representative can help you to make a claim or appeal a rejection.
Check your insurance
Do you have critical illness cover or income protection insurance? If so, it’s worth checking out the details of the policies to see if you could claim a lump sum payment. Critical illness cover is designed to protect against a list of serious diseases. If you meet the criteria, you should be able to make a successful claim. If you have income protection insurance, you may be able to claim for lost income as a result of poor health.
Draw up a budget
Budgeting is beneficial for everyone. It enables you to keep track of your finances and prevents overspending. If you’ve lost your job or your income has been reduced significantly, budgeting is particularly important. When you’ve sorted any additional disability and insurance payments, work out what’s going out and what’s coming in. If you’ve received a lump sum, try and put it away in a savings account or invest it in something that will appreciate. You may be thinking about buying a new house, for example.
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Managing your finances can be tough at the best of times. But if you’ve been forced to give up work, it can be even more difficult. Make use of professional advice and guidance to work out what you’re entitled to. Once you have an idea of your monthly income and outgoings, plan a budget. If you think you’ve mistreated by an employer, don’t suffer in silence. Seek legal help.