Recently, the Social Security Administration released the greatest cost-of-living adjustment (COLA) in four decades. This implies that former employees receiving Social Security Disability Insurance (SSDI) payments would have their monthly compensation rise by 8.7% in 2023.
SSDI is a federal benefit program that provides monthly income, dependent benefits, and inflationary adjustments through COLA. This program is intended to offer financial assistance to American employees who are unable to work due to sickness or disability. It also comes with Medicare health insurance, an option to extend COBRA coverage, and access to employment assistance through Ticket to Work.
It’s crucial for US workers to be familiar with this federal benefit program as over 159 million workers are already insured for this vital disability coverage. If you experience a severe medical condition that disrupts work, it’s essential to know about SSDI as an option for financial relief.
SSDI alone may not be enough to support people with disabilities, especially during times of inflation. Therefore, it’s essential to find representation that can account for other financial challenges, such as securing or ensuring you have healthcare coverage, help with debt, and other financial resource support.
In addition to the financial advantages, receiving SSDI makes it possible to save money on utilities, food, medicines, and healthcare costs. Former employees who seek for disability benefits must have this kind of support since it might take months for a claim to be examined and accepted.
Furthermore, individuals can address their debt problems after a disability happens and they apply for disability benefits. Specific services will help to deal with medical debt and credit card debt, often settling the debt for a fraction of what you owe. Taking this step can provide additional security as you move into a different financial situation following a severe medical condition and stopping work.
In conclusion, the types of financial issues former workers experience after a disability can be incredibly stressful and distressing. Therefore, it’s essential to be prepared by understanding the financial advantages of federal disability insurance. The benefits available for American workers through the Social Security Disability Insurance program and additional disability financial solutions can provide a critical financial backstop just when you need it most.
