According to the Council for Disability Awareness, a young 20-something just entering the workforce after high school, college, military service, or vocational training stands a one-in-four chance of facing a disability that will prevent them from working for more than a year.
According to the Council for Disability Awareness, one in four of today’s 20-year-olds will become disabled before they retire. More than 37 million Americans, or about 12 percent, are classified as disabled, with more than half of them still in their working years, 18-64.
Statistics show that 25% of today’s 20-year-olds will be out of work for an entire year at some point in life. Even with these odds, some 51 million working adults in the U.S. are without disability insurance.
One in every four 20-year-olds today can expect to be out of work for at least a year due to a disabling condition before they reach retirement age. Even worse, consumer bankruptcy studies have shown that 77.8% of all filings are because of medical bills that got out of hand.
Being forced out of work long term because of a disability can cause huge disruptions and challenges. A 2019 bankruptcy study found that 44.3 percent of filers cited loss of income due to medical issues as the reason for their filing.
According to tabulations made by the Social Security Administration (SSA), about one in four of today’s 20-year-olds will miss at least one year of work before reaching the normal retirement age (67) due to a disabling condition.
Attorney Victor Peña, of Victor Peña Law, PLLC successfully negotiated a lump sum buyout for a claimant who had no luck securing a disability settlement with his former attorneys. This 49-year-old, former employee of a major American media conglomerate had become frustrated dealing with Hartford’s ongoing review after receiving long term disability benefits for over 20 years.
Almost every person faces challenges and hardships at one time or another. However, for individuals with disabilities, their physical or mental impairment can limit them from performing major life activities. The U.S Census Bureau indicates that more than 19 million American adults of working age have disabilities that prevent or restrict their ability to work.