Will my Social Security Insurance or Disability Benefit Amount Change as Time Goes On?
You have been awarded benefits from social security and you are wondering how the payments might change as the years go by.
There are a number of things that can increase the amount of your federal disability benefits or your SSI benefit. Additionally, there are some occurrences that can make it feel like your benefits have gone down. This article will discuss some of the factors that may affect the amount of benefits you receive.
You probably already know about cost-of-living adjustments (COLAs). This, as you probably know, is the cost-of-living adjustment and is based on the consumer price index, which is calculated by the Bureau of Labor Statistics. SSI and SSDI benefits usually increase every year to account for inflation. For 2019, the COLA has been calculated to be 2.8 percent (which means that people who are getting benefits can expect their benefit amounts to go up 2.8 percent for inflation.)
In some instances, it may seem like your benefits have decreased when the cost of healthcare due to Medicare premiums increases faster than the cost-of-living adjustments. This means that, no counting the fact that you have received a slightly higher amount because of COLA, the increase in Medicare premiums has gone up faster than COLA, causing you to get less at the end of the day when all of your health care costs have been paid.
Moreover, if you are getting federal disability benefits and are still working with restrictions from your doctor, the amount of your benefits may in fact go up if your earnings also increase, and you are, because of this, paying more Social Security taxes. In the event that the change in your earnings causes the Social Security Administration to subtract your excess earnings from your benefits, your retirement benefits will eventually reflect this deduction (and this deduction will likely cause the retirement benefits to increase).
Let our experienced attorneys help
If you are considering applying for social security benefits, or if you’ve already been denied, it is best to consult with an experienced SSD attorney. We at Kalfus Nachman can assist with all aspects of the Social Security process. We can determine whether you qualify for Social Security Disability benefits, which are the most common, or if you qualify for the less common Supplemental Security Income benefits. Whether this is your first time applying for disability benefits or you are already appealing a previously-denied claim, we can assist you in putting together your application. We have done this for numerous applicants like you over the years, successfully enabling them to receive the benefits they need and deserve. Your disability application may involve deadlines, so please don’t hesitate to talk to us as soon as possible. Your consultation with us is free.