Find Out How To Save On Your Medicare Costs
Reaching retirement age means that you may also be considering your Medicare coverage options.
Medicare can be confusing, and depending on where you live, there may be a number of different Medicare Advantage and Medicare Part D prescription drug plans available in your area.
Compare Medicare plans in your area
Or call 1-800-557-6059TTY Users: 711;to speak with a licensed insurance agent. We accept calls 24/7!
About the author
Christian Worstell is a licensed insurance agent and a Senior Staff Writer for MedicareAdvantage.com. He is passionate about helping people navigate the complexities of Medicare and understand their coverage options.
His work has been featured in outlets such as Vox, MSN, and The Washington Post, and he is a frequent contributor to health care and finance blogs.
Christian is a graduate of Shippensburg University with a bachelors degree in journalism. He currently lives in Raleigh, NC.
Where you’ve seen coverage of Christian’s research and reports:
MedicareAdvantage.com is a website owned and operated by TZ Insurance Solutions LLC. TZ Insurance Solutions LLC and TruBridge, Inc. represent Medicare Advantage Organizations and Prescription Drug Plans having Medicare contracts; enrollment in any plan depends upon contract renewal.
Plan availability varies by region and state. For a complete list of available plans, please contact 1-800-MEDICARE , 24 hours a day/7 days a week or consult www.medicare.gov.
How Can The Social Security Disability Programs Be Improved To Increase Economic Security And Work Opportunities For Beneficiaries
Disability Insurance and Supplemental Security increase economic security for millions of disabled workers. For beneficiaries whose conditions improve, the programs also provide important incentives and supports for returning to work. Still, the programs could be further strengthened to increase disabled workers economic security and provide a more seamless transition for those who are able to return to work.
Modernize Supplemental Security
The value of Supplemental Security benefits has eroded considerably since the programs inception in 1972, as the programs income exclusions and asset limits have not kept pace with inflation and living standards. The current maximum benefit is equivalent to just three-quarters of the also-outdated federal poverty line for a single person. The general income exclusion and earned income exclusion have never been increased. To address this erosion, H.R. 1601, the Supplemental Security Restoration Act, sponsored by Rep. Raul Grijalva and introduced in Congress in April 2013, would increase the monthly maximum benefit to $937, which is 100 percent of the current federal poverty line, and would increase the general income disregard to $110 per month and the earned income disregard to $357 a month. Increasing the income exclusions and indexing them to inflation going forward would restore the monthly benefit amount to its intended value and significantly increase beneficiaries economic security.
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Calculating Your Benefit Amount
The formula for calculating your Social Security benefits and your Disability benefits is exactly the same right up until the very end. Well get into how it diverges in the next section, but for now, well focus on the shared process.
The first step is calculating your average indexed monthly earnings . The Social Security Administration will take your 35 highest-earning years into consideration. For each of those years, it will index your income for inflation and include it up to the taxable maximum . For tax year 2020, this point is $137,700.
Next, the SSA will add up these totals and divide to get your AIME. If you have more than 35 earning years, your lowest years will be excluded. If you have less, the SSA will include a $0 in the calculation for every year youre short.
The last step is to calculate your primary insurance amount from your AIME. To calculate your PIA, the SSA will take a percentage of three different chunks of your AIME. The exact amount of these portions will differ slightly depending on the year you become disabled or turn 62. If you do either in 2021 the SSA will take 90% of your first $996, 32% of the amount between that and $6,002 and 15% of anything that remains. The total is your PIA.
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Vadisability Pay Vs Military Retirement Pay
A lot ofveterans have misconceptions about receiving VA disability pay and theirmilitary retirement pay. So, let me help clear up any misconceptions you mayhave about the two.
Military retirement pay and VA disability pay are entirely separate.
Military retirement is a pension that is based on your years of service. VA disability pay is based on your disabilities that impact your life after leaving the military.
Taxation: Military retirement pay is taxable atthe federal government level and is taxed in most states. VA disability pay isconsidered non-taxable income by the federal government. Now this is a bigadvantage, because your VA disability pay gives you more spending power becauseits never taxed. For example, if you were to receive $1000 from your militaryretirement and $1000 from VA disability pay, the $1000 from you disability paywould be worth more because it would never be taxed.
Chapter : How Much Will You Receive In Survivor Benefits
After the passing of the worker, Social Security pays a one-time death benefit of $255 which can be collected by the widow or child.
Then there is the monthly Social Security survivor benefit. That benefit is based on the Social Security benefit the worker was receiving .
The benefit can be up to 100% of what your spouse would have received at full retirement. If the benefit you would receive as a survivor is higher than the benefit you receive on your own, Social Security will pay you the higher of the two amounts,;not the two combined. However, survivor benefits, unlike;spousal benefits, dont have to be claimed at the same time as your;own;retirement benefits. You can, in many cases, receive one benefit for a time and then file for the other one later. This is a common strategy for widows to take to maximize their benefits.;
Did you Know?
The earliest a widow or widower can apply for survivor benefits is age 60 .
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Can I Collect Widows Benefits And Ssi At The Same Time
Top Contributor 2021
- Posted on Nov 1, 2011
As stated yes you can apply for even though you are on widows SS. But you have to understand SSI is welfare disability as such it is usually reduced dollar for dollar from other income. So if your Widows benefits exceeds $674 a month then you not get SSI.
This response is meant to be information only and should not be considered to be legal advice. This information is not meant and should not be construed to be the formation of an attorney client relationship. I practice Virginia Workers compensation law and Social Security Disability law.
How Do You Qualify For Social Security Disability Benefits
Disability benefits are available to qualified recipients under two programs, Supplemental Security Income and Social Security Disability Income .;; SSI is a means-tested program for people with disabilities who have very limited means, but SSDI is an insurance program that is available to qualified workers with disabilities regardless of their resources.; As of January 2018, some 13.8 million disabled workers and their dependents were receiving SSDI benefits from Social Security.
SSDI pays cash benefits to people who are unable to work for a year or more because of a disability. Benefits continue until you are able to work again on a regular basis, or until you reach retirement age. At that point, the disability benefits automatically convert to retirement benefits, but the amount remains the same. After receiving SSDI benefits for two years, you also become eligible for health insurance coverage under Medicare. The disability program also includes a number of work incentives to ease your transition back to work.
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Who is eligible?
As with retirement benefits, you must have accumulated a certain number of work credits before you can qualify for SSDI disability benefits. However, fewer credits are required to qualify for the disability program than for retirement. You can earn up to four credits per year of employment. How many credits you need to qualify for disability depends on the age you become disabled.
Who is “disabled”?
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What Happens If The Adult Child Gets Married
If he or she receives benefits as a disabled “adult child,” the benefits generally end if he or she gets married. However, some marriages are considered protected.
The rules vary depending on the situation. Contact a Social Security representative at 1-800-772-1213 to find out if the benefits can continue.
To speed up the application process, complete an Adult Disability Report and have it available at the time of your appointment.
Tips For Navigating Social Security
- A financial advisor can help you account for the various sources of retirement income, including Social Security benefits. SmartAssets free financial advisor matching tool can pair you with up to three advisors in your area. Get started now.
- If youre applying for Social Security disability benefits, youll need to fill out form SSA-827. This provides your consent for the SSA and Disability Determination Services to view your medical records.
- Dealing with a disability, either temporary or permanent, is hard enough without considering the financial impact. Having an emergency fund in place for unpredictable things like this can be a huge relief.
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Getting A New Social Security Card
Obtaining a new Social Security card that reflects your new, married name isnt difficult. There is no fee for the service, and you can find a blank application for requesting the change on the SSAs website. You must take the application to a local Social Security office or mail it to the SSA, together with the necessary supporting documents. The supporting documents must all be originals or certified copies from the issuing agency, not photocopies. After processing your application, the SSA returns all original documents to you.
The SSA requires original documents proving your identity, your citizenship, and your name change in order to supply you with a new card. A certified copy of your marriage certificate should be sufficient to prove your name change. Acceptable documents showing proof of identity include your state-issued drivers license or ID card or your U.S. passport. Your passport also proves your citizenship, as would your birth certificate showing that you had been born in the U.S. or your Certificate of Naturalization if you are a naturalized citizen.
If your marriage certificate doesnt show your name change because you decided to take your spouses name at a later date, updating your Social Security card may require a court order permitting you to change your name legally. An online service provider can help you navigate this process.
Get help changing your legal name.
Health Resources For People With Disabilities
Federal, state, and local government agencies and programs can help with your health needs if you have a disability.;
Explore the Disability and Health section of CDC.gov for articles, programs, tips for healthy living and more.
Learn more about assistance and benefits for people with disabilities from the Social Security Administration.
Contact your local city or county government to find out what medical and health services are available locally for people with disabilities.
Your;state social service agency can help you locate medical and health programs.;
Visit USA.govs Government Benefits page to learn more about government programs and services that can help you and your family.
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How To Qualify For Ssi Benefits
You can get Social Security Disability benefits even if you do not have enough work credits to qualify for SSDI. The SSA offers the SSI program to disabled adults and children who have limited financial resources. It is a safety net so that people who cannot work for a living but do not qualify to collect SSDI can pay for essential items, like food, clothing, and shelter.
To qualify, you have to meet the same medical disability standards as a person does for SSDI. In addition, your income must be low, and your countable assets cannot exceed certain limits. Specifically, you could qualify for SSI benefits if:
- You have a severe illness or injury that meets the benchmarks of the SSAs Listing of Impairments, also called the Blue Book.
- Your disability prevents you from supporting yourself through gainful employment.
- You have very little income. This income limit can change every year. In addition, the income limit tends to vary by location because SSI is a joint program of the federal and state governments.
- Your countable assets do not exceed the SSI limit. This number can also change every year. Your home and the land it is on do not count as assets. Most cars also do not count toward your resources.
You must satisfy all of these elements to be eligible for SSI benefits. If you are struggling to understand the qualifications for SSDI or SSI, our firm can help you navigate these matters and apply for the benefits you may be entitled to because of your medical condition.
How To Get A Social Security Card
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Social Security And Disability Eligibility
Also known as Supplemental Security Income , you can receive Social Security retirement benefits as long as youre at least 62 years old and have at least 40 work credits. Work credits are earned when you pay Social Security taxes on income you earned from a job or from self-employment. Youll be eligible to earn these benefits at the early retirement age or the full retirement age. The full retirement age varies depending on when you were born. For instance, the full retirement age is 66 if you were born from 1943 to 1954, according to the Social Security Administration . Full retirement age is 67 for anyone born after 1960, but you can opt for early retirement benefits at age 62.
For disability, the age requirements are quite different.; You only need to be at least 18 years of age to qualify, and SSA guidelines require you to prove that:
- You cant do the work that youve done before
- You cant adjust to other work because of your medical condition
- Your disability has lasted or will last for at least one year or result in death
For example, if you are working in 2020 and making more than $1,260 a month, you wont be considered disabled.
Can I Collect Social Security Retirement And Disability Benefits At The Same Time
In most cases, recipients cannot collect Social Security disability benefits and Social Security retirement benefits at the same time. Typically, when someone who receives SSDI or SSI disability benefits becomes eligible for retirement benefits from the system, the benefits simply convert from disability to retirement.
At;Ryan Bisher Ryan & Simons, our Oklahoma City Social Security disability lawyers help people cut through the red tape when pursuing a claim for the benefits they need and deserve.;In practice since 1984, we focus our work deeply in this area of the law, bringing the experience your case demands.
to discuss how we can help you.
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Disabled After Early Retirement Benefits Start
On the other hand, if you were collecting early retirement benefits;before Social Security says you were disabled, Social Security will not pay you the difference between your disability payment and the early retirement payment. You would be paid at a less-than-full retirement rate for the rest of your life. Similarly, if Social Security denied your disability claim outright, you would continue to receive early retirement payments at the early retirement rate for the rest of your life.
Clarifying Disability And Ssi
If your child is disabled, be aware that the Social Security Administration uses different definitions of disability for SSI evaluation. A child’s disability from birth to age 18 need not be permanent, but it must be expected to last at least one year or be fatal. At age 18, disabled children must qualify for SSI under the adult definition. Adult disabilities must last at least 12 months, potentially result in death or make the individual unable to work.
The SSA regards blindness as a unique disability. Children and adults are considered blind if their best eye has 20/200 vision or their field of vision is 20 degrees or less with corrective lenses.
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Why Ssdi Requires Work Credits
As the acronym indicates, SSDI is an insurance program. You pay the premiums of this program through the Social Security deductions that your boss takes out of your paycheck and sends to the government on your behalf. That money helps to fund the monthly Social Security disability and retirement checks that people receive.
On the other hand, the source of funding for SSI benefits is general revenues, like income taxes and additional money that the government collects. Because SSI does not use payroll deductions for Social Security taxes as its source of funding, you do not have to pay into the system and accumulate work credits to be eligible for these benefits.
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