Is it more important to take care of the elderly or the disabled? This may very well be the question Congress is faced with by 2034 if lawmakers do not take decisive action to prevent the funding deficit the Social Security program is expected to face at this time. This will affect residents in Ohio and other states all across America who rely on Social Security benefits to take care of yourself and your families.
According to CNN, if Congress does not take action, the programs will only be able to pay out 79 percent of promised benefits to those who need it. This new figure comes from the 2018 report submitted by the Social Security and Medicare trustees and is only slightly better than last year’s estimate. The previous report predicted payments at only 77 percent of the promised amounts.
Experts credit the Affordable Care Act for saving Medicare Part A, which pays for nursing homes and hospital care for seniors. Prior to its passing, Medicare Part A was scheduled to run out by 2018, but may now last until 2026. At that point, the program will only be able to pay out 91 percent of promised benefits. Medicare Part B and Part D, however, are secure as the law requires federal funding to keep them afloat.
So far, there are two main proposals to get the Social Security funds back in line. The first is to increase payroll tax rates from 12.4 percent to 15.18 percent. Another is to reduce benefits paid to those who become eligible for SSD after 2018 by 21 percent.
So, will all of this amount to you losing your Social Security disability benefits by 2034? It is hard to predict what action Congress may take to fill the gap. However, dropping hundreds or thousands of Americans from Social Security disability programs is one possible course of action they may yet pursue.
This article provides information on social security disability benefits and should be used as legal advice.