September 11th, 2015|
If an illness leaves you unable to work for longer than a year, you may qualify for Social Security Disability benefits. However, the law currently states that there is a five-month waiting period that must pass after an approval before benefits can be paid. So what happens if a disabled person is terminally ill and not expected to live beyond the five-month waiting period?
Under the current laws, there is still the same waiting period, regardless of the severity of an illness. The Social Security Disability lawyers at Ponce Law explain this may soon change though.
Several lawmakers have proposed a bill that would allow terminally ill Social Security Disability recipients to begin receiving payments immediately. According to cleveland.com, the proposed changes would allow those deemed to live six months or less by two independent certified physicians to immediately receive their Social Security Disability payments. They would only receive 50 percent of their total benefits the first month, followed by 75 percent of the total the second month. Then, beginning in the third month, the recipient would receive their full amount of benefits.
If a terminally ill recipient were to live longer than a year, their benefits in the second year would be reduced to what they received within the first five months of receiving payments. Those who live longer than the second year they get benefits would end up receiving 95 percent of their total payments.
Terminally ill patients should focus on living life to the fullest without having to worry about their finances. The legal staff at Ponce Law is hopeful lawmakers will approve the proposed changes to the laws regulating Social Security Disability benefits.
June 5th, 2015|
Social Security Disability COLA
Millions of Americans depend on Social Security Disability benefits as their main source of income, but many of these individuals continue to struggle to make ends meet. That’s why the Social Security Disability Cost of Living Adjustment (COLA) is so important.
What Is The COLA?
The Social Security Disability COLA is an adjustment to the amount of Social Security Disability benefits that disabled workers and their families receive. The adjustment is based on rates of inflation on certain products. When the costs of these products rise, Social Security Disability benefits tend to also rise.
What Will Next Year’s COLA Look Like?
Based on current rates of inflation, many experts believe there may not be a COLA in 2016. According to The Dallas Morning News, inflation rates were low in the first quarter of 2015 and may not be high enough to support a COLA. However, things may change if inflation rates tend to rise during the third quarter of the year. Experts say that during that time, inflation rates must rise 2 percent to justify a COLA in 2016.
Only Time Will Tell
At Ponce Law, we understand the uncertainty that comes with relying upon Social Security Disability benefits payments, and our Nashville Social Security Disability lawyers are following developments closely so we can share new information with you as it becomes available.
December 15th, 2014|
If you’ve been approved for Social Security Disability (SSD) benefits, you may think that your financial troubles are behind you. However, a majority of Social Security Disability recipients continue to struggle financially after being approved for benefits.
The Social Security Administration’s archaic laws regarding how much in income and assets a Social Security Disability recipient can acquire. Currently, a disability recipient can have no more than $2,000 at any given time. They must also adhere to strict limits on the amount of income they can earn per month. These laws prevent the disabled from paying off medical bills, buying transportation, and saving for an education or housing.
Federal officials are working to address these issues by proposing a bill that would revamp these laws to meet today’s income standards. The newly proposed law would allow disabled Americans to establish a tax-free savings account with a $100,000 limit. Deposits of up to $14,000 could then be made to the accounts at no penalty to the account holder, thus allowing the disabled to begin saving for the future. The Huffington Post reports a vote to approve the new law is expected to come soon.
At Ponce Law, we understand the struggles disabled Americans face on a daily basis. That’s why our Nashville personal injury attorneys are hopeful this new law is approved and those who are having a hard time getting back on their feet can do so swiftly.
October 22nd, 2014|
Making ends meet on Social Security Disability benefits can be difficult, as the costs of goods and services often rise every year. That’s why the Social Security Administration (SSA) considers adjusting the amount of Social Security Disability and retirement benefits people receive on a yearly basis.
What Is The 2015 Social Security Disability COLA?
The SSA recently came to a consensus about how much this Cost-of-Living-Adjustment (COLA) should be for next year. According to an article from ABC News, disability recipients should expect to see a 1.7 percent increase in the amount of benefits they receive.
What Does The COLA’s Increase Mean?
While most Social Security Disability recipients welcome any increase in payments, the COLA for 2015 still isn’t much. The small percentage in increase will likely only increase monthly payments by $20, much of which will be taken by the 1.3 percent increase in benefit taxes.
How Is The Social Security Disability COLA Determined?
The COLA is determined through the use of an equation called the Consumer Price Index (CPI), which examines the fluctuation in costs of goods and services—such as food, housing, and transportation—from year to year during a three-month period. The federal government considered changing these rules to a chained CPI—or an equation that considers Americans search for cheaper options when costs rise.
COLA Eases Financial Struggles
At Ponce Law, we know the financial strains that dependence on Social Security Disability benefits can cause. That’s why our team of Nashville personal injury lawyers is hopeful next year’s COLA will help to alleviate some of the financial hurdles many disability recipients face on a daily basis.