The Hidden Value of Social Security Disability Insurance: Why It’s Important During Benefits Enrollment
There’s been a lot of buzz around the industry about the recently introduced Social Security Act 2100. If passed, this bill would:
- Eliminate the 5-month waiting period for SSDI benefits
- Provide caregiver credits for individuals that left the workforce to care for children or other dependents
- Extend student benefits through age 22
- Apply the payroll tax to wages above $400,000
- Combine the Social Security Old-Age and Survivors Fund and the Disability Insurance Funds into one Social Security Trust Fund
It would be wonderful for our claimants and customers if this bill passed. Unfortunately, the reality of our divided political landscape and the significant cost of this bill make it unlikely that it will gain any traction. Even though this particular bill will likely meet resistance, there are still positives to the introduction of this bill.
- First, raising awareness to the difficulties SSDI recipients experience can help Congress investigate future legislation with a higher likelihood of passing.
- Next, the extension of student benefits would significantly decrease barriers to education after high school.
- Finally, this bill comes on the tail of the elimination of the 5-month waiting period for individuals diagnosed with ALS. Any progress towards advancing disability benefits is great to see.
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