January 13, 2014
Many disabled individuals depend on Social Security Disability benefits as their main source of income. However, inflation in the costs of living can often make getting by on this single resource for income extremely difficult. The Social Security Disability Lawyers with the law firm of Fleschner, Stark, Tanoos & Newlin explain there may be more assistance available to these individuals through certain other benefits though.
The Social Security Administration has taken two very specific actions to combat the rising prices of the goods and services we depend on for every day living. Each year, the agency offers Social Security recipients an increase in their benefit payments. This increase is known as a Cost of Living Adjustment (COLA).
COLAs are determined by examining the specific increases and decreases that occurred in the past year to costs of certain everyday items and services. These fluctuations are then input into a formula that calculates the amount increase each individual recipient should receive. Beneficiaries recently began seeing the 1.5 percent increase that was announced several months ago for 2014.
If COLAs still don’t give recipients enough income, they can apply for Supplemental Security Income (SSI), which is offered to anyone with limited income who is disabled, blind, or over the age of 65-years-old.
Fleschner, Stark, Tanoos & Newlin’s team of attorneys encourage anyone who receives Social Security Disability benefits, but is continuing to struggle to make ends meet, to consider applying for SSI benefits.
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The financial burden that often comes with a serious injury can be too much for many people to bear. Unexpected medical debt, damaged personal property, and the sudden loss of income can impact the budgets of most families. The good news is that a successful injury claim could help reduce that financial strain after a serious accident. Get in touch with a Terre Haute personal injury lawyer with Fleschner, Stark, Tanoos & Newlin to learn more.
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