Important Changes To Social Security Benefits | Health and Fitness

As the White House continues their debate on how best to resolve the Social Security problem, many Americans are unaware that there could be big changes on the way. These changes could threaten the way we receive benefits and could even leave many people ineligible for assistance. The fate of Medicare, Social Security Disability and Supplemental Security is on the line.

Payroll Tax Cuts

Many Americans held their breath to see if Congress was going to extend the payroll tax cut at the beginning of this year. While most were happy to hear the cuts would be extended, many risk losing their benefits if these cuts continue. Because payroll taxes take care of a large portion of the funds by which many Social Security benefits are drawn, these cuts have taken quite a sizeable chunk out of an already dwindling pot. The current payroll tax cuts extension allows for employers to pay 4.2 percent in taxes, rather than the 6.2 maintained in previous years. With nearly 9 million Americans depending on Social Security benefits for their survival each month, further tax cut extensions could seriously threaten the future of benefit funds.

Age Requirement Increases

Congress has yet another issue on the forefront of this year?s agenda. There are plans to vote on a potential increase in the age eligibility requirement for some Social Security programs. Unfortunately, this isn?t the first time this has become an issue. While Medicare has kept its age requirement at 65 for the last 50 years, other programs have slowly increased their age limits over the years. If Congress approves an increase to the age eligibility requirement for Medicare and other benefit program it could potentially impact 5.4 million Americans. While boosting the age requirement by two months every year, the government hopes it could save money and help ensure future funds are available. However, critics argue that these increases mean fewer eligible recipients would be reached and less coverage for those in need.

Unemployment Problems

An increasing trend among those struggling to make ends meet has become to jump from unemployment benefits to disability benefits. Because unemployment benefits only last for a specified period of time, more people are flooding the Social Security offices with disability applications in hopes of securing financial assistance. This is a very concerning issue among the government decision heads and those who legitimately qualify for, and need, such benefits. As of now, the government can do very little to prevent the unemployed from applying for benefits. At best, we can only rely on the benefits screening process to weed out those who neither qualify for, or need, such benefits. Until something else is done, true applicants will be forced to wait longer for their benefits as the Social Security Administration sorts through thousands of backlogged applications.

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Source: http://medicaltips.biz/2012/03/18/important-changes-to-social-security-benefits/

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