Gen X And Long-Term Disability In Florida: Replacing Your Income When Unable To Work
While many Baby Boomers are focused on retirement, Generation X is at peak earning potential. While making and saving money are important goals for this age group, people in their 40s and 50s face an increased risk for chronic health conditions that could cause long-term disabilities. Our Jacksonville long-term disability lawyer explains more about this problem and how to replace lost income.
Gen X At Greater Risk For Long-Term Disability
The Pew Research Center states that Gen X consists of people born between the years of 1965 and 1980. Ranging in age from their early 40s to late 50s, they are often overshadowed by Baby Boomers and forgotten in that age group’s cultural debates with Millennials.
Characterized as the ‘middle child’ or forgotten generation, many Gen X were latchkey children, left home alone while parents worked. Television served as a babysitter, soda and processed food made up many meals, and they frequently rebelled as teens, copying the fashion and attitudes of MTV and experimenting with alcohol and drugs.
The National Institutes of Health (NIH) states that between issues with their upbringing and soaring health care costs, Gen X is likely to experience more adverse impacts of aging. Life expectancy continues to increase across the board, Gen X is expected to reach old age in a much frailer physical state and with more functional impairments. They are at high risk for chronic health conditions that can cause long-term disabilities, such as:
- Heart disease;
- Diabetes;
- High blood pressure;
- Asthma and other breathing disorders;
- Kidney and liver disease;
- Cancer;
- Alcoholism and drug abuse;
- Anxiety, depression, and other mental health disorders.
Replace Lost Income With Long-Term Disability Benefits In Florida
All of the above and other chronic health conditions take a heavy toll on your health and increase long-term disabilities, which are impairments expected to last for a year or longer. Long-term disability benefits in Florida replace a portion of lost income in this situation. Options for Gen X include:
- Employer-provided long-term disability: While Gen X’ers may not have access to pensions or other benefits older generations relied on, many employers continued to provide long-term disability insurance, which covers up to two-thirds of lost income if unable to work.
- Social Security disability benefits: Gen X grew up hearing Social Security would eventually run out. Fortunately, this has not happened yet. In addition to retirement benefits, disability payments are available if you have a qualifying condition and meet other requirements.
- Private long-term disability insurance policies: While you need to carefully review policy terms, obtaining private coverage can help protect your income and supplement other benefits received.
Denied Benefits? Schedule A Consultation With Our Florida Long-Term Disability Lawyer
Long-term disability benefits can be difficult to get. Farrell Disability Law takes the legal actions needed to obtain the maximum payment you deserve. If you have questions about a claim or have been denied benefits, schedule a consultation with our Florida long-term disability lawyer in our Jacksonville or Orlando office. Call or contact us online today.
Sources:
pewresearch.org/short-reads/2019/01/17/where-millennials-end-and-generation-z-begins/
ncbi.nlm.nih.gov/pmc/articles/PMC10827238/
ssa.gov/benefits/disability/qualify.html
