It also may be the right time for those with severe disabilities who had to quit working in 2013 to consider applying for SSDI benefits if they aren’t going to be able to return to work in 2014. – Tricia Blazier, Allsup
Belleville, IL (PRWEB) December 19, 2013
Social Security Disability Insurance (SSDI) program participants and other Social Security and veterans beneficiaries will see a slight increase of 1.5 percent in January when the annual cost-of-living adjustment, or COLA, takes effect, according to Allsup. The company is a nationwide provider of SSDI representation, veterans disability appeal and Medicare plan selection services.
“This slight increase in 2014 provides an opportunity for people with disabilities to revisit their budget and financial needs as they turn the corner and enter the New Year,” said Tricia Blazier, personal financial planning manager at Allsup.
“It also may be the right time for those with severe disabilities who had to quit working in 2013 to consider applying for SSDI benefits if they aren’t going to be able to return to work in 2014,” Blazier added.
SSDI is a federally mandated insurance program that operates separately from the retirement and Supplemental Security Income programs. It is funded by FICA payroll taxes paid by workers and their employers. SSDI provides monthly income to individuals who are under full retirement age (age 65 or older) and who can no longer work because of a severe disability expected to last for more than 12 months or is terminal.
The COLA increase will result in about $17 more per month based on the estimated average SSDI benefit for workers with disabilities, increasing to $1,148 in 2014 from $1,131 in 2013. It’s a total increase of $204 for the year.
The U.S. Department of Veterans Affairs also recently confirmed that veterans would receive the COLA increase with their monthly payments starting Jan. 1, 2014.
“Any increase is a positive development for veterans and their survivors, who may be participating in the compensation, or service-connected disability, and pension programs,” explained Brett Buchanan, VA-accredited claims agent for Allsup, which offers the Allsup Veterans Disability Appeal ServiceSM.
The VA provided disability compensation benefits to nearly 4 million veterans in 2013. “Veterans also may want to revisit their current VA disability rating or pursue a veterans disability appeal if they have experienced changes with their impairments and health,” Buchanan added.
As a result of the increase, monthly compensation for veterans without dependents will range from $130.94 for a 10 percent disability rating to $2,858.24 for a 100 percent disability rating.
Individuals receiving Social Security and veterans benefits may discover ways to add value to the COLA increase by taking additional financial steps, Blazier explained. This might include reviewing their prescription drugs and alternatives to defray medication costs, reducing their credit card debt, or finding mortgage assistance through the U.S. Department of Housing and Urban Development.
For more information about SSDI eligibility or appealing a Social Security disability claim, contact an Allsup SSDI specialist at (800) 678-3276 for a free evaluation.
To find out how to proceed with a veterans disability appeal or claim for service-connected disability benefits, call (888) 372-1190.
Allsup is a nationwide provider of Social Security disability, veterans disability appeal, Medicare and Medicare Secondary Payer compliance services for individuals, employers and insurance carriers. Allsup professionals deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. Founded in 1984, the company is based in Belleville, Ill., near St. Louis. Visit http://www.Allsup.com or connect with Allsup at http://www.facebook.com/Allsupinc.
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