Americans who receive disability benefitsfrom the Social Security Administration (SSA) will see a marginal increase in their benefits next year. The SSA has announced a 1.7 percent cost-of-living adjustment (COLA) for all beneficiaries, to begin in January 2013.
The COLA usually occurs each year and is based upon the Consumer Price Index, which the US government defines as “a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.” In simpler terms, the COLA adjusts to compensate for inflation.
Since 1975, the SSA has increased benefits almost every year. The exceptions were 1983, 2010 and 2011, when inflation did not rise as much as predicted. With 2013’s COLA, the average SSDI benefit will rise about $18.81 per month, or $227 per year. This increase is a small one for sure, but even small increases help disabled Americans living on a fixed income, especially to make up for expected increases in the cost of Medicare.
Many people whose injuries or conditions prevent them from working depend entirely on their disability benefits from month to month. If you believe you may qualify for disability benefits from the SSA, a Tulsa Social Security disability lawyer can help walk you through the benefits evaluation and application process. We offer free consultations, and you may reach us by phone at (918) 587-0050.