Starting in January 2012, social security recipients will see a 3.6% increase in their disability and retirement payments. Following two years where the Social Security Administration (SSA) declared no cost-of-living (COLA) increases, this increase will undoubtedly be welcomed by recipients. According to the SSA, nearly 55 million Social Security beneficiaries will receive the increase in January 2012. Increased payments for Supplemental Security Income (SSI) recipients are set to begin on December 30, 2011.
The good news may not last however, once Medicare releases its changes to Medicare Part B premium rates for 2012. Premium rates are expected to rise, and may cost recipients a portion of the COLA they are set to receive. AARP Executive Vice President Nancy LeaMond announced, responding to the COLA increase, “Unfortunately, the increase announced today will not completely ease their burden. Medicare premiums are also expected to rise for many. And with the decline in housing values, deep losses to retirement and savings accounts and skyrocketing health and prescription drug costs, millions of older Americans continue to struggle to make ends meet.”1
If you are a disabled individual contemplating filing or have already filed an application for Social Security Disability benefits, then you should consult with an experienced attorney. At Andalman & Flynn, our team of legal professionals can assist and represent you to protect your rights and increase your chances of success with your Social Security Disability claim. Feel free to call us at 301-563-6685 or toll-free at 1-888-558-7871. You can also visit our website at www.andalmanflynn.com and complete one of our website contact forms so we can contact your for a consultation concerning your situation.
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1 See “AARP: Much-Needed Relief for Older Americans with 2012 COLA”