they want to give me a lump sum payment with my health benefits in an annuity that will give me a payment every year until the annuity is finished. why cant I have the payments spread out so it doesnt effect my SSDI??? and will a lump sum payment effect my SSDI payments?? I rather have it spread out so I can live on it instead of going through it and it wont effect my SSDI. Thank you !!!
Your question is a mixed bag, but the reason insurance companies generally want to payout damages through an annuity is that it costs them less to finance the settlement, hence they can offer more. If they offered you $100,000 for example and paid you that sum immediately it would cost them $100,000. If instead they paid it out over a twenty-year span, they can invest the principal and earn interest. Thus it might only cost them $90,000. Either way it shouldn't effect your SSDI. It may effect other benefits such as SSI and Medicaid.
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Your posting is confusing. A lump sum is a one-time payment. An annuity is a series of payments over time. It sounds like you are getting an annuity.
In either case, neither sort of payment will affect Social Security disability entitlements or payment amounts.
I agree with the prior answer. While I cannot comment on your annuity payments I can tell you that either way there is no impact upon your SSDI. On the other hand, SSI would likely be eliminated.
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i agree with the other answers there doesnt seem to be enough info here sorry i couldnt be of help.
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