Unlike certain other states, the State of Ohio does not offer short-term disability benefits. However, Ohio residents can apply for disability benefits through the Social Security Administration (SSA). The SSA offers two distinct programs for individuals who meet their disability criteria: Social Security disability insurance (SSDI) and Supplemental Security Income (SSI). Although most of the funding for these programs is provided by the federal government, Ohio supplements the benefits by providing an additional payment to certain SSI recipients. Below are some important details regarding receiving Social Security disability or SSI benefits in Ohio.
In October of 2023, the mean disability payment from Social Security amounted to $1,665.14 each month. SSDI benefits are primarily determined by the amount of Social Security tax paid on past income. The highest monthly SSDI benefit for the year 2024 is $3,822.
What is the Price of Disability Insurance?
Generally, an individual’s long-term disability insurance is estimated to be around 1% to 3% of their yearly income. The following table provides an approximate range of premiums you might anticipate for your disability insurance, depending on your earnings.
Here’s a summary of annual salary ranges, their yearly disability insurance cost, and the corresponding monthly payment:
– $30,000 Salary:
- – Yearly Cost: $300 – $900
- – Monthly Payment: $25 – $75
– $50,000 Salary:
- – Yearly Cost: $500 – $1500
- – Monthly Payment: $60 – $125
– $100,000 Salary:
- – Yearly Cost: $1000 – $3000
- – Monthly Payment: $83 – $250
– $150,000 Salary:
- – Yearly Cost: $1500 – $4500
- – Monthly Payment: $125 – $375
– $200,000 Salary:
- – Yearly Cost: $2000 – $6000
- – Monthly Payment: $166 – $500
These ranges provide an overview of potential disability insurance costs and monthly payments based on different salary levels.
Factors affecting cost
Benefit amount: Typically, long-term disability insurance will replace a portion of your pre-tax earnings, ranging from 40% to 65%. The cost of your disability insurance will be higher if you opt for a higher percentage.
Benefit period: The duration you can receive disability insurance income varies, ranging from a few months to your retirement age. As the benefit period increases, so does the cost of your disability insurance.
Elimination period length: Every disability insurance policy has a waiting period, known as the “elimination period,” before you can start receiving benefits after an injury or illness. This period can range from a few days for short-term disability insurance to two years for long-term disability insurance. Opting for a longer elimination period can help reduce the cost of your disability insurance.
Your age: As you age, the likelihood of experiencing an injury or illness increases, resulting in higher disability insurance costs. Purchasing disability insurance at a younger age is often a wise decision as it is more affordable and allows you to secure a lower rate.
Your health: If you have poor health, smoke, or have a family history of chronic diseases, you can expect to pay more for disability insurance. Some insurance companies may allow you to exclude a pre-existing illness or disability, but remember that you won’t be eligible for disability insurance income if the excluded condition prevents you from working.
Your occupation: The risks associated with your job and the salary it commands also impact the cost of your disability insurance. Occupations that are more dangerous or offer higher salaries generally have higher insurance premiums.
Your gender: Disability insurance premiums may vary for men and women based on age. Typically, men face higher premiums as they grow older.
The meaning of disability: Disability insurance providers typically use two definitions:
– Own occupation disability insurance provides coverage when you cannot perform the specific job you were doing when you became disabled. For instance, a painter who injures their hand.
– Any occupation disability insurance offers coverage only if you cannot work in any job. For example, the painter could still earn income by teaching or giving lectures on painting.
Own occupational disability insurance generally comes at a higher cost than any insurance.
Additional coverages, known as riders, can be added to your disability insurance policy. Depending on the insurance company, you may or may not incur additional charges for these riders. Three common disability insurance riders include:
– Guaranteed renewable rider ensures that your policy cannot be terminated as long as you continue to pay your premiums. Some variations of this rider may also allow you to lock in your insurance rate.
– Inflation protection rider enables you to include a cost-of-living adjustment to your policy, increasing your income by a specified percentage each year of disability.
– Residual benefits rider provides partial disability benefits if your income is reduced due to a disability, but you can still work in some capacity.
There are various disability insurance policies available that can be tailored to meet your specific requirements and financial constraints. To learn more about disability insurance and obtain a quote, it is advisable to consult a licensed insurance agent. You can begin by using our agent locator tool.
Your hobbies. Engaging in high-risk hobbies such as skydiving can increase the cost of your disability insurance.
Average monthly disability pay by state
The average monthly SSDI benefit varies by state due to the fluctuation in the cost of living and the beneficiary’s lifetime earnings. In 2022, Delaware boasted the highest average monthly SSDI payment of $1,599.97, while the District of Columbia had the lowest at $1,321.04. Ohio: $1,422.89, Oklahoma: $1,423.04, Oregon: $1,459.64, Pennsylvania: $1,493.44.
What Will My SSI Payments Be in Ohio?
Below is an overview of the Supplemental Security Income (SSI) payments and supplements available in Ohio for the year 2019:
SSI Payment from Federal Government (Maximum):
- – $771 per month for individuals with no other income
Ohio State Supplement (Depending on Living Arrangement):
- Adult Family or Foster Home:
- – Individual: $506
- – Couple: $1,159
- Adult Community Mental Health Housing:
- – Individual: $306
- – Couple: $759
- Adult Community Alternative Home:
- – Individual: $506
- – Couple: $1,159
- Adult Group Home:
- – Individual: $606
- – Couple: $1,359
- Residential Care Facility:
- – Individual: $606
- – Couple: $1,359
- Adult Residential Care Facility:
- – Individual: $506
- – Couple: $1,159
Individuals can visit the Ohio Department of Aging or the Department of Job and Family Services websites to learn more and determine eligibility. It’s worth noting that the Ohio State supplement is administered by the Social Security Administration (SSA), so applicants don’t need to apply for it separately.
Who Determines Your Disability Status in Ohio?
The Ohio Division of Disability Determination (DDD) is the state entity responsible for collaborating with the SSA to assess your eligibility for disability benefits. The DDD will gather and evaluate your medical records and may arrange for assessments by SSA physicians.
Am I Qualified for Medicaid in Ohio?
If you meet the SSA’s criteria for disability, you should qualify for Medicaid if:
- – You are a U.S. citizen or qualified alien.
- – You reside in Ohio.
- – You possess (or can obtain) a Social Security number.
Read more>>>What does disability insurance cover in Miami?
As of 2016, SSI eligibility automatically extends to Medicaid eligibility. For further details, visit the Ohio Department of Job and Family Services website.
How Do I Apply for Disability in Ohio?
The SSA offers three application methods depending on whether you are applying for SSI or SSDI:
- Apply online: If seeking SSDI, you can apply online at www.ssa.gov/pgm/disability.htm. You’ll need your Social Security number and personal details like address, phone number, marital information, work history, and doctor contacts.
- Apply in person: SSI and SSDI applicants can apply at their local field office. Locate your nearest office on the SSA’s website using the locator tool. It’s advisable to call ahead to inquire about appointments.
- Apply by phone: SSI and SSDI applicants can apply by calling 800-772-1213.
Should I Engage a Legal Representative?
Given the complexity of the disability hearing process and potential appeals, consulting a disability attorney is prudent. Having legal representation significantly improves your chances of securing benefits during hearings.
Conclusion
The cost of disability insurance in Ohio can vary significantly depending on several factors, including the benefit amount, benefit period, elimination period length, age, health, occupation, hobbies, gender, and the chosen definition of disability. Additionally, including riders, such as guaranteed renewable, inflation protection, or residual benefits, can impact premiums. Individuals should carefully consider their needs and budget constraints when selecting disability insurance coverage. Consulting with a licensed insurance agent can provide valuable guidance and assistance in navigating the various options available to ensure adequate protection in the event of disability.