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Disability
News
Social Security Trustees Release Annual Report to Congress
WASHINGTON, D.C – The Social Security Board of Trustees, a six member bipartisan panel that oversees the financial operations of the Social Security Trust Funds Administration, released their 2006 Trustees Report Monday, reinforcing predictions that Social Security cannot pay full promised benefits to future generations, due to our country’s changing demographics.
“Today’s report reminds us of why Social Security reform and overall entitlement reform is so important,” said U.S. Rep. Ron Lewis (KY-02), a member of the Ways and Means Social Security Subcommittee. “The facts of this report are undeniable. Millions of baby boomers are nearing retirement while the costs necessary to sustain Social Security and Medicare are growing exponentially. This report should refocus our concern and reinvigorate our efforts to address the serious challenges these programs face.”
The Trustees report warns that Social Security tax revenue will fall short of benefit costs beginning in 2017. By 2040, with trust fund revenue exhausted, Social Security will be sufficient enough to finance only 74 percent of promised benefits. The Trustees project that benefits will have to be cut 27%, or the payroll tax will have to be increased by 50%, to pay full promised benefits.Read more at house.gov
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Did You Know?
SSDI stands for Social Security Disability Insurance
A system of federally provided payments to eligible workers (and, in some cases, their families) when they are unable to continue working because of a disability. Benefits begin with the sixth full month of disability and continue until the individual is capable of substantial gainful activity.
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Social Security
The 2006 Social Security Trustees Report shows little change in the projected financial status of the Social Security program over last year. The T... Read more >
Definition:
Indexing is designed to provide some protection against inflation. After the first year of disability, a disabled employee's pre-disability earnings are usually increased (or indexed) by a certain percentage on an annual basis.
Medicaid provider
Definition:
A professional or medical facility who is enrolled as a provider for the Medicaid Program by entering into a contract with the Medicaid Program to provide medical services to Medicaid eligible recipients. By entering into this contract the professional has agreed to abide by all rules and regulations governing the Medicaid Program.
DWB
Definition:
Disabled Widows (Widowers) Benefits. Title II benefit category for widows or widowers based on a deceased spouse's social security payments.
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