New Social Security Report Findings You Should Know
The 2019 Annual Report of the Board of Trustees of the federal Old Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds was released on April 22, 2019. The 2019 Trustees Report notes that social security is funded through at least 2035, one year longer than last year’s estimate. One concern, though, is the fact that next year, the social security system’s total cost is projected to exceed its total income (including interest) for the first time since 1982.
The Report found that the financial health of the Disability Insurance Trust Fund improved dramatically and can now pay full benefits until the year 2052. This represents a 20-year improvement over last year’s report. This major change is the result of new projections that the percentage of people receiving disability benefits will not increase as quickly as previously expected. While on the surface this seems like good news, a deeper look at the numbers reveals some concerning trends. The slowing rate of citizens receiving disability benefits is due at least in small part to the increased processing time for claims, including the reinstatement of the reconsideration level in all jurisdictions.
Additionally, the sunnier outlook is due in part to overestimated award rates from last year. Disability applications have been steadily declining since 2010, and tellingly, the number of people receiving disability insurance benefits has been falling since 2014. The decline in the number of people awarded disability benefits can be traced in part to the increased difficulty claimants have getting their claims approved. The award rate for those applying for social security disability benefits has been steadily declining since 2007, which has resulted in the savings that have extended the solvency of the program.
In plain language, this means that disabled persons are facing increased hurdles in their attempts to receive awards on their social security claims, and this has resulted in fewer people receiving the benefits they are entitled to, thus improving the financial outlook of the program.
Contact Our Social Security Attorneys Today
These numbers reveal that a finding of disability at social security is becoming increasingly more difficult. Now more than ever, it is imperative that you have an experienced, qualified, and hardworking attorney on your side when applying for disability benefits. If you are hurt, injured, and unable to work, please contact us at Bailey & Galyen for a free case evaluation.