Recently, the Social Security’s board of trustees released a yearly report on the long-term financial health of its trust fund, saying that the numbers will likely drop in 17 years. These funds come from the Social Security taxes that both employers and workers pay, which are also invested and used to provide retirement, survivor and disability benefits to around 61 million Americans.
Unfortunately, disability social security is one of the programs that will be greatly affected if the gloomy prediction about the trust fund comes true. According to the report, the asset reserves of the Old-Age Survivors Insurance and Disability Insurance Trust Funds reached $2.85 trillion last year. That’s $35 billion higher than in 2016 and the figures are expected to continue increasing in the next few years. Read more from this blog: http://bit.ly/2vaNyEo
Before he became commander-in-chief, President Donald Trump swore to his supporters that there would be no cuts to Social Security under his administration. That was then. Today, social security is facing significant budget cuts. In fact, it might not even survive during the ten years that it would gradually lose funding.
Drastic Budget Cut on Social Security Proposed Over The Next 10 Years
According to budget director Mick Mulvaney, the Trump administration is proposing a massive $72 billion spending cut on both disability social security benefits and Supplemental Security income. If approved, the said cuts would be done gradually over a span of 10 years. Previously, the Social Security Administration has already undergone a 10 percent budget cut back in 2010. Read more from this blog. http://bit.ly/2uYtPFP
Americans who are on disability social security may soon find themselves back to work the moment they are able to. A new proposed bill in Congress aims to give recovering beneficiaries a pathway back to the workforce. This would give them the chance to start their life over after going through a series of medical treatments and recovery.
Earlier this year, Rep. French Hill, R-Ark. had introduced the Social Security Disability Insurance Return to Work Act of 2017 in the House of Representatives. On the other hand, Senators Tom Cotton, R-Ark.; Mike Lee, R-Utah; and Marco Rubio, R-Fla. introduced a companion bill in the Senate.
Hospitals and healthcare facilities need to be aware of these proposed changes so they can properly assess their patients’ eligibility for the program.
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