Tag: Redox

4 Ways Your Social Security Benefits Are Being Reduced
Social Security Disability

4 Ways Your Social Security Benefits Are Being Reduced

Full retirement age increases reduce aggregate payouts Back in 1983, the Reagan administration passed the last major overhaul of Social Security.
On the other hand, if you wait until after your full retirement age, you can actually further boost your monthly stipend.
When passed in 1983, the Amendments mapped out a two-year increase in the full retirement age, from 65 to 67, over a span of four decades.
As the full retirement age increase, future retirees have to either choose to wait longer to receive their full benefit, thus reducing the number of years they’re collecting a benefit, or accept a steeper reduction to their payout if they claim early, hurting their aggregate payout over the long run.
This new revenue stream applied ordinary federal income tax on 50% of single filers’ or couples’ Social Security benefits if they respectively earned more than $25,000 or $32,000 in adjusted gross income (AGI).
Further, an inflationary measure for seniors, such as the Consumer Price Index for the Elderly, would still fail to account for Medicare Part A (hospital insurance) expenses, causing it to still underrepresent the true inflation seniors are facing.
The current payout schedule is unsustainable beyond 2034 And as the icing on the cake, the Social Security Board of Trustees released its annual report in 2017 and found that the program will be facing a major funding gap over the next 75 years.
According to the report, Social Security is expected to begin paying out more in benefits than it’s generating in revenue by 2022.
That’s a reduction in benefits for current and future retirees.
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Medicaid work requirements will reduce care for mentally ill
Social Security Disability

Medicaid work requirements will reduce care for mentally ill

The Department of Health and Human Services recently issued new guidelines encouraging states to implement work requirements in their Medicaid programs.
One important group to consider in evaluating the effects of work requirements is adults with mental and addictive illnesses.
Some in this group will not be required to work, because they qualify for Medicaid because of a work disability under the Social Security criteria and are automatically exempt from work requirements.
However, only about half of Medicaid-eligible adults who have a mental illness and do not work are classified as disabled according to these criteria.
Unfortunately, the nature of mental and addictive illnesses suggests that this exemption process will be challenging to implement, both for states and for beneficiaries.
They were just half as likely to work following the determination as similar women who did not apply for SSI.
The second problem with implementing the medical frailty requirement in the case of mental illness has to do with the effects of these conditions on beneficiaries themselves.
The burden of proving medical frailty in the Kentucky waiver program will generally fall on the recipient.
Decades of policy and practice have been invested in encouraging people with mental health and addictive conditions to seek out and maintain care — even to compel people to get care — because the conditions themselves interfere with decision-making and the care-seeking process.
For people with mental illnesses, work requirements just won’t work.