Recipients of Disability Benefits May See Stipends Get Worse Before They Get Better
According to NBC News, approximately 9 million Americans with disabilities rely on social security disability benefits to support their families. The Social Security Administration administers two funds for this country’s citizens: one for those with disabilities and one for seniors. If lawmakers don’t act soon, those funds will be exhausted by 2016.
Considering that date will fall during an election year, the government is likely to take a stand, and people who currently rely on social security disability benefits need not stress. And if you don’t currently get SSDI benefits but believe you might qualify for them in Arizona, we can help.
At HowDoIApplyForSSDI.com, we put you in touch with experienced lawyers who guide clients through the application process. Look through our website, or fill out our contact form for more information.
Social Security Disability Funds Draining More Rapidly Than Originally Anticipated
Though it’s hardly news that the government is running out of money, it appears social security funds are draining faster than anyone had originally predicted. According to WorkersCompensation, politicians have either ignored the issue or downplayed it altogether in past years. However, it appears someone needs to do something now—and quickly.
The SSDI program spends approximately $12.4 billion monthly in payouts, which comes out to just about $150 billion per year in disability benefits alone. Of course, these numbers don’t even include the administrative costs of the program, which include processing and adjusting claims, as well as tracking payments in general. After taking into account the current workforce, it’s apparent that the system is virtually collapsing on itself.
Current Workforce Barely Scraping by to Support SSDI Recipients
The number of Americans who are currently working full-time can be estimated to be approximately 200 million people. That means if each worker was contributing the same amount to social security disability benefits, they would be paying about $750 per year to support the current population of recipients.
Despite these staggering numbers, however, there have actually been improvements in the system in recent years. For example, many people who collect SSDI also collect workers’ compensation alongside it, which can ease the burden for disabled Americans who cannot work full-time to support their families. It also means their individual payouts can be slightly smaller, easing the financial burden on the government, as well.
During the height of the employment crisis, many Americans also relied on both unemployment insurance and disability benefits, which certainly eased fiscal burdens. Americans can use both these benefits simultaneously if they qualify. The Social Security Administration is getting more efficient at preventing people from receiving more than they need or more than they qualify for, which should also help future recipients.
As 2016 is just around the corner, the entire situation is likely to finally garner some attention, and the government may soon be able to reach a resolution. If you have been considering applying for SSDI in Arizona but don’t know where to start, we can help. Fill out our contact form and a social security disability lawyer in your area will contact you so that your questions get answered.