There are two trust funds that make up the Social Security fund, the Old-Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund. Experts argue that lawmakers need to act now to redistribute or reallocate these two funds to ensure that disability payments are paid to injured or disabled workers in 2016. As of now, workers and employers pay 6.2 % of earnings towards Social Security. Of that, 5.3% is earmarked for the OASI trust fund and 0.9% for DI.
Social Security Benefits Being Cut
Due to legislation enacted in 1983, cuts are just now phasing in to reduce Social Security benefits for an aging population. Net retirement benefits will be an estimated 24% lower by 2050, because of this legislation. The cuts that make this possible are; increasing the full benefit retirement age, taxing more Social Security benefits, and permanently delaying cost-of-living adjustments from July to January.
Social Security Disability Insurance (SSDI)
If a worker is injured, or has somehow lost the capacity to earn a living because of a severe or long term disability, Social Security Disability Insurance (SSDI) can provide that person with income to cover essential items such as medical treatments and lost wages. There are many factors involved in determining what type of injury is serious enough to be considered a disability, but one stipulation is that the condition must be expected to prevent the worker from performing their job for at least 12 months, or the condition is expected to result in death.
Social Security Claim Denied? We Can Help
As experienced Pennsylvania Social Security Disability attorneys, we meet quite a few people who have filed their own claim for disability benefits and have had their claim denied. This is not all that surprising, as the process is quite complex and any small misstep can result in a claim being delayed or denied. Our disability lawyers can help you file an appeal for benefits, to get the compensation you deserve. Get your Free Consultation about your rights to disability payments from a Social Security Disability attorney to get started today.