Recently, the 2012 Annual Summary by the Social Security Board of Trustees found that we face serious problems in funding Social Security Disability benefits, and medicare.
The report finds that costs for Medicare and Social Security are not sustainable if we make no changes to the current system, and they projected that benefits may run out by 2016.
CBS Moneywatch reported on this situation on 4/24/12, as well as The Hill’s Congress Blog, on 5/1/12.
As a disabled person, you must stay informed about the changes in the Social Security Law as this may affect your benefits.
Who will be affected?
According to the Annual Statistical Report on Social Security Disability Insurance program, 2010, benefit awards were mostly made to disabled workers, to the extent of over 89% of all disabled people receiving benefits.
The average age of the disabled worker receiving benefits was 53 years old.
Mental disabilities were claimed in approximately one third of all claims.
The average amount of monthly benefits paid was $1,067.80.
What does this mean?
The loss or reduction of Social Security Disability benefits will affect many hard working older people who rely on these benefits to survive.
It is important to protect these benefits for those unable to work due to mental and/or physical impairments, such as Bipolar Disorder, Depression, herniated discs, Carpal Tunnel Syndrome, chronic Arthritis, and Chronic Obstructive Pulmonary Disease (COPD).