Roughly 3.5 million Americans receive Social Security Disability benefits due to psychiatric disorders, such as schizophrenia or bipolar disorder. Despite receiving these payments, many of these individuals still struggle to manage their money, leading to homelessness and hunger.
That’s why the Social Security Administration is considering using a new tool, called the Financial Incapability Structured Clinician Assessment done Longitudinally (FISCAL), to determine if benefits recipients are able to manage their own finances. According to an article from Medscape, the tool has gained support after recent successful testing.
Investigators examined 118 patients who were receiving Social Security Disability payments, had recently received medical treatment for a psychiatric disorder at an acute care facility, and had not conservator or payee to help manage their funds. They found that nearly half of those individuals were unable to properly manage their money, with a majority spending the money on drugs, alcohol, and other items.
Experts agreed that better and more frequent screening of financial capability is needed to prevent the mismanagement of Social Security Disability funds.
The Social Security Disability lawyers with Newlin Disability understand there’s questions and confusion that can arise when managing Social Security disability payments, and we are here to help. Give us a call if you or a loved one need help navigating through the Social Security Disability system.