Each year, a cost of living adjustment (COLA) is made to the amount of benefits offered by Social Security Disability. However, many people are struggling to make ends meet on the 1.7 percent increase that went into effect this year.
Forbes explains the COLAs are calculated by examining trends in prices of everyday living expenses such as homes, utilities, food, fuel, and clothing. The maximum amount of benefits that can be received is based on age and the amount of money put into the system by the worker.
Based on these figures, the COLA for Social Security Disability benefit recipients for 2013 will average out to around a $20 increase in payments per month. With Medicare announcing a roughly $7 increase per month in premiums, a large majority of the COLA has already been claimed.
These problems have lawmakers in Washington considering several solutions that would not only freeze COLAs from occurring in the future, but may also decrease the amount of payments to beneficiaries.
The Indiana Disability Lawyers with Fleschner, Stark, Tanoos & Newlin understand the tight budgets of the Social Security system can make it more difficult than ever for people to have their benefits claims approved. That’s why the firm is here to answer any questions you may have regarding your legal rights to a claim you’re preparing to file or that has been denied.