Disability Insurance for Mental Illness

According to the National Alliance on Mental Illness, 2.5 million Americans apply annually for disability benefits. Disability insurance for mental illness is set up to provide protection and assistance, just as there is coverage for a physical disability.

Significance

• According to the National Institute of Disability and Rehabilitation Research, approximately 69.8 percent of the US population that is diagnosed with mental disorders qualifies for disability benefits.

Function

• The function of disability insurance for mental illness is to ensure your bills can be paid while you are unable to work.

Types

• The main types of mental illness disability insurance are obtained through Social Security and employer-provided disability coverage. Many employers offer a cafeteria plan for insurance, which allows employees to select various types of coverage, including disability.

Time Frame

• According to Social Security regulations, you may qualify for disability coverage if you are unable to work for a year or more and make less than $1,000 a month because of mental illness or other disability.

Identification

• According to the National Institute of Disability and Rehabilitation Research, diseases including schizophrenia, Alzheimer's, personality disorders, bipolar disorders and paranoid or delusional disorders are among the mental illnesses that qualify for benefits under disability insurance for mental illness.

Considerations

• Seek out additional disability insurance for mental illness through your employer to adequately cover you and your family. Receiving disability payments through the government can be time-consuming and difficult to obtain.