Social Security Recipients will not Receive Cost of Living Increase
Posted on behalf of Phillips Disability, P.C. on Oct 20, 2015 in SSD
For more than 70 million seniors, recent news that there will not be a 2016 cost of living increase means that Medicare premiums could skyrocket by 52 percent. Along with higher out of pocket medical costs, seniors are coping with the reality that their Social Security Disability (SSD) and Supplemental Security Income (SSI) benefits will remain the same as 2015.
In the past 40 years, this is the third time that benefits will not increase. All three periods of no Cost of Living Adjustment (COLA) have taken place within the last decade.
Approximately 65 million Americans are collecting Social Security benefits monthly, which equates to approximately one in four households. People on Supplemental Security Income (SSI), disabled veterans and federal retirees and their survivors make up another 15 million recipients.
Since 1975, COLA adjustments have been tied to inflation rates. In the last year, consumer prices have decreased.
The Consumer Price Index is what the Bureau of Labor Statistics (BLS) uses to determine the average prices Americans pay for items like rent, food and electricity. It uses a formula to determine how those prices change over time. This years numbers remained flat.
While COLA may not be rising, many Americans will still need to receive as much SSD or SSI benefits that they can. Even if you have been turned down by Social Security, a disability lawyer may be able to help you file an appeal so you can get the benefits you need.
At Phillips Disability, we are experienced attorneys who are ready to assist you with your disability benefits claim.
Contact us today at 1-800-503-2000 and schedule your free consultation immediately.