April 26th, 2013|
April 26, 2013
New information released by the Social Security Administration (SSA) shows that the number of individuals receiving Social Security Disability Benefits is continuing to climb. Data indicated that approximately 80,000 individuals were enrolled into the program this month alone, while another 300,000 have been approved for benefits so far this year.
The cause of the massive influx is being partially attributed to a growing number of claims being approved for conditions that can often be very difficult to verify, such as pain and mood disorders.
The program is also incurring major costs from Medicare, as disability recipients are eligible for the coverage after two years. These costs have added strain to the system to the tune of roughly $80 billion annually.
A story released by Investor’s Business Daily explained that the massive volume of workers coming into the system, combined with the program’s inability to bring in sufficient funding from payroll tax revenues, is causing a depletion of the trust established for benefits to be paid from. Experts say the program could be out of money by as early as 2016. If no resolution is found by that time, benefit payouts could be drastically slashed.
The Social Security Disability Attorneys with Fleschner, Stark, Tanoos & Newlin point out the problems currently plaguing the Social Security system could make it more difficult for an applicant to gain approval. That’s why the firm suggests anyone considering applying for benefits first discuss their legal options with an attorney.