Beating Inflation If Disability Strikes

By Brandpoint

The Social Security Administration implemented its highest cost-of-living adjustment (COLA) in four de cades earlier this year. This annual COLA is based on increases in the Consumer Price Index as reported by the U.S. Bureau of Labor Statistics. This means former workers receiving Social Security Disability Insurance (SSDI) benefits saw an increase of 8.7% in their monthly benefits in 2023.

Why is this so important to U.S. workers? More than 159 million workers are already insured for this vital disability coverage. If you experience an illness or disability, you need to be familiar with this federal benefits program. Social Security Disability Insurance provides U.S. workers with a combined monthly disability benefit if you have to stop working, plus a returnto-work program called Ticket to Work, that supports you when you reach medical stability and want to go back. It’s a dual benefit that many workers miss out on, simply due to lack of information.

In addition, SSDI alone may not be enough to support people with disabilities, especially in these inflationary times. When a severe medical condition strikes and you need to apply for disability benefits, it also is essential to find representation that can account for the other financial challenges you face, including securing or ensuring you have healthcare coverage, help with debt, and other financial resource support.

Last year, over 1.8 million people applied for SSDI benefits after a work stoppage due to illness or injury. Here are four things you need to know to safeguard your finances when faced with a long-standing health issue.

No. 1: Federal disability insurance is structured to provide financial help. The SSDI program provides monthly income, dependent benefits and inflationary adjustments through COLA.