by ChalkleyLaw
We’ve established that whether you are pursuing Social Security disability, Supplemental Security Income, or both, you must meet certain medical criteria to be considered disabled by the Social Security Administration. In addition to proving that you are disabled, other factors are considered for each program. Let’s dig a little deeper into some of the specifics about Social Security disability (also known as SSD, SSDI and DIB). When stating the fundamentals of each disability program in our last post, we mentioned the terms “Credits” and “Insured.” The definitions of these terms, as they apply to Social Security disability, are as follows:
Credits
Credits are also known as Quarter of coverage (QC or Social Security credit). Credits are based on income. The maximum number of credits you can earn annually, regardless of how high your income may be, is 4. The minimum amount of earnings required may change year to year, and has been set at $1,130 for 2012. Uncertain if all of your hard work has earned you enough credits? Call us to discuss. The standard number of required credits is 40, but you may qualify with less than 40 credits, depending upon your age.
Insured
There are several Insured status classifications. The classification that relates to this discussion is known as “Disability Insured.” You are considered to be insured for Disability Insurance Benefits (Disability Insured) if you’ve earned enough credits, and if at least 20 of your credits were earned within the 10 years immediately prior to your disability onset.
Hopefully this has cleared things up a bit. In upcoming posts we will continue to explain these programs and define some of the terms associated with them.
These are some basic guidelines, every person and every situation is unique. Contact Chalkley & Smith today to discuss your unique situation and schedule your FREE Consultation. We look forward to hearing from you.
(source: Social Security Administration)
by ChalkleyLaw
The process of applying for disability and navigating the unfamiliar waters of the Social Security Administration can be both scary and stressful. We’d like to take a minute to help you gain an understanding of what some of these terms mean and what you can expect from this process.
Let’s start by identifying the two basic programs that we can assist you with (Social Security disability and/or Supplemental Security Income).
The Social Security disability and Supplemental Security Income programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs differ in many ways, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualify for benefits under either program.
The fundamentals of each of these programs are:
Social Security disability pays benefits to you and certain members of your family if you are “insured,” meaning that you’ve earned enough “credits” by working long enough and paying enough Social Security taxes.
Supplemental Security Income pays benefits based on financial need.
We’ll get into more specifics in our upcoming posts, but if you have questions or need assistance with any potential claims, please call us immediately at (352) 629-7511.
(source: Social Security Administration)
by ChalkleyLaw
Cost-of-Living Adjustment is First Since 2009
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012, the Social Security Administration announced today.
The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.
Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,100 from $106,800. Of the estimated 161 million workers who will pay Social Security taxes in 2012, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.
Information about Medicare changes for 2012, when announced, will be available at www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
The Social Security Act provides for how the COLA is calculated. To read more, please visitwww.socialsecurity.gov/cola.
If you have any questions about Social Security disability or Supplemental Security Income, please contact us schedule a Free Consultation.
by admin
Welcome to the Chalkley Law Blog page.
We’ve established that whether you are pursuing Social Security disability, Supplemental Security Income, or both, you must meet certain medical criteria to be considered disabled by the Social Security Administration. In addition to proving that you are disabled, other factors are considered for each program. Let’s dig a little deeper into some of the specifics about Social Security disability (also known as SSD, SSDI and DIB). When stating the fundamentals of each disability program in our last post, we mentioned the terms “Credits” and “Insured.” The definitions of these terms, as they apply to Social Security disability, are as follows:
