Trying to Make Ends Meet While on Disability? How You Can Stretch This Money

• Author: Teresa Boehm
• Posted: 2024-08-10

Social Security disability insurance (SSDI) is an invaluable resource to those Americans who find themselves unable to work. However, it is important to remember that these benefits only provide a set amount of coverage, making it difficult for some disabled individuals to cover all of their financial needs. Here are a few tips to help you to make the most of your disability check.
 

Ensure You Are Getting the Maximum Benefit

One of the biggest hurdles of applying for SSDI benefits is understanding how to navigate this complex system. Many claims are denied because the applicant is unsure about the process. A long-term disability lawyer or professional can help you to ensure that you are receiving the maximum benefit. For instance, did you know that family members may also be entitled to some degree of financial benefit as a result of your disability? You do not want to leave any money on the table when every dollar counts.

 

Review Existing Loans

You would also be wise to review the terms of any existing loans that you have to understand if there are any special provisions that will allow you to waive payments. Some loans also allow borrowers to make reduced payments when on disability insurance. This includes many mortgage or car loans. Speaking directly with the creditors about your current financial situation may also be helpful in negotiating better terms as you go through this time.

 

Ask About Employer Benefits

Your employer may also be a great resource when looking to secure more disability benefits. Many employers offer additional support beyond the standard Social Security disability benefits. Start with reaching out to your Human Resources department to find out what types of financial assistance you may be eligible to receive. Leaving no stone unturned during this process will ensure that you receive the maximum amount of benefit that you are entitled to be paid.

 

Look Into Part-Time Work

While this part of the puzzle can be a little tricky, you also may be eligible to work part-time while still collecting disability benefits. Even if you are physically disabled, there are a number of online work from home opportunities that you may be able to take part in to bring in extra cash. Even a few hours or work per week can help you to bridge that gap between what your expenses demand and what the disability insurance provides.

 

Cut Back on Discretionary Expenses

There may be no getting around the fact that you are going to have to cut back on some of your discretionary expenses in order to make ends meet while on disability. This is the time to look at your budget with a microscope to find expenses to cut. Many disability recipients find success in cutting back on eating out, travel, and other extra expenses. If you know that the disability is a short-term problem, you can take heart in knowing that you will be able to add these indulgence back into your life down the road.

 

Look Into SNAP Benefits

It is also possible to qualify for SNAP benefits while receiving disability benefits. Known more formally as the Supplemental Nutrition Assistance Program, SNAP provides nutritious food for millions of Americans. Recipients must meet specific income limits that are put in place by the individual states. Leveraging the benefits provided by the SNAP program will help you to put healthy meals on the table while freeing up money to use on other necessary expenses. Be sure to make the most out of this program by choosing nutritious foods that will benefit your overall health.

 

Listen to Your Doctor

Lastly, it is vital that you listen to the advice from your doctor. Following all professional recommendations could get you back on your feet and into the workforce sooner. This means meeting with your physician regularly and doing the work needed to get healthy. The longer that you are out of the workforce, the more difficult that it will be to maintain your preferred lifestyle.

While no social security program is perfect, these tips will ensure that you are leveraging this benefit to its full advantage.