June 03, 2015
Millions of Americans depend on Social Security Disability benefits to make ends meet. Many of these individuals were awarded benefits years—or even decades—ago. As prices increase every year due to inflation, you may be wondering how those who receive Social Security Disability benefits can still afford to live.
The Social Security Disability lawyers at Stewart & Stewart Attorneys explain that the answer lies in our nation’s Cost of Living Adjustment (COLA) program. The COLA for Social Security Disability recipients is determined annually with an equation that takes rates of inflation on certain items and services—called the Consumer Price Index— into consideration. When inflation rates are high, Social Security Disability recipients get an increase in payments. When the rate is low though, an increase may not be awarded.
According to Time, this may be the case in 2016, as many of the costs considered for the COLA are lower than last year. So what does this mean to those considering applying for Social Security Disability benefits? It means it’s never been more important to get the maximum amount of compensation you can.
The Indiana personal injury lawyers at Stewart & Stewart Attorneys are standing by to answer any questions you may have about Social Security Disability benefits.