Safety Net: Disability Pension
Money can be a powerful thing. For example with money a person can buy a home, an automobile and the necessities of life. However, there are things that money cannot buy. Some of those things include happiness, true friendship, peace of mind, etc.
Another thing that money cannot buy that is priceless is a person's health. If a person does not have their health they are often at a disadvantage. Some of those disadvantages could include pain, the inability to move about or being prevented from continuing on in the job market.
Fortunately, there is a monetary program for those individuals who are unable to work due to an injury. This program is called disability pension. Understanding what is disability pension and the money that can be received is important information to be aware of in the event that an individual is unable to work due to a disabling injury.
What Is a Disability Pension?
Disability pension is a monetary program that provides financial support to individuals who are unable to work. This inability to work is due to a disability. The condition of the individual who is unable to work can be a temporary or permanent condition.
Eligibility to Receive Disability Pension
To be eligible for a disability pension program there are certain criteria that need to be met. To be part of a disability pension program can be permanent or temporary situation. Often a person can receive permanent disability pension if they are 55 years old or younger and it has been determined that they cannot work due to a disability.
One important criteria item that needs to be met is that a certain number of pension credits need to have been earned. Generally, those credits need to total 10 credits or more.
Another criterion is that the individual being considered for this pension must have been an eligible employee and worked for at least 500 hours in the preceding year. That preceding year must be the time frame prior to the event in which the individual became disabled. In addition proof of the disability must be presented. Generally, this proof is provided by the attending physician.
Disability Pension Amount
The amount of the pension varies according to the age of the recipient. Generally, the amount of the disability pension is less for those individuals who are age 45 or younger.
For those individuals who are between the age of 45 and 55, the amount of the pension will be one of two figures. Specifically, the disability pension that is received will be the lesser of two amounts. Those amounts will either be $500 or the amount the individual would be qualified for as part of an early retirement pension.
