What is the monetary range for disability for bipolar disorder monthly?

Answer 1

There is no such thing as a "monetary range" in disability insurance. A specific dollar amount is paid or a % of one's income.

There are two types of providers, the Government and private insurance companies.


The Gov't provides it's disability coverage through two social security programs, SSI and SDI. The first if for people who are insured into the system, meaning they have qualified for at least 40 quarters of contributing into the system through payroll tax deductions from their pay. The latter plan is for the indigent. Both plans pay a specific dollar amount. Check your social security statement that the Gov't mails out each year to determine how much money you would get each month, as well as how much your dependent family members would receive.


Private disability insurance comes in the form of either individual coverage or group coverage. Individual coverage is more comprehensive, more costly, better protection, and is governed by the state court system which enforces contract law. These policies also pay a dollar amount and it depends on how much you had purchased to then determine what would be paid. Typically, an individual can not have more than 60% of his income in disability protection.


Group coverage is cheaper, usually paid by your employer, and is governed by the federal court system through a pseudo-arbitration process using ALJs or administrative law judges. This coverage pays a % of your income based on a formula in the group contract. Usually this formula says your monthly income will be 60% of the average of your last 3 months of covered wages. Covered wages generally excludes other income sources, such as social security SSI or SSDI, worker's compensation, earned income, unearned income, or any income earned wherever it is earned.


For all disability insurance, benefits can be paid to at least age 65 although with private coverage you can buy only protection lasting 2 years, 5 yrs, or even lifetime. Benefit add-on options are allowed in private options such as inflation protection, guarantee future purchase options, and conversion privileges which allow group coverage to betaken with you if you leave the employment of that employer. The more add-ons means more cost.


A very important facet of disability insurance, regardless of who provides the coverage, is the definition of disability. This definition must be met before benefits become eligible. Also there must be satisfied a waiting period lasting of anywhere from 3 months to 6 months where one is disabled, meet the definition of disability, and out of work for the period of time equalling the waiting period before benefits are paid.


Finally, benefits could also be paid for being partly disabled. So-called partially disabled benefits mean you are able to work some of the time or do some of your pre-disability duties but not all.