Social Security disability income, though isn't substantial, helps many disabled individuals pay their monthly expenses. Many are worried about whether their checks will still arrive after 2016, as that is the estimated time when the funds will be exhausted. Currently there are more people signing up for SSDI than there are individuals paying into the program. It has been suggested that some individuals are claiming disability, even if they are not totally disabled, because their unemployment has run out. In addition, the Baby Boomers are retiring in record numbers. To compound the problem, Medicare, the health care plan that most SSDI recipients are on, is also projected to run out of funding in 2016.
According to Richard Foster, Medicare's chief actuary, "The economic outlook remains more uncertain than usual. Due to the sensitivity of hospital insurance trust fund operations to wage increases and unemployment, the current slow recovery from the recent recession adds a significant further element of uncertainty to the trust fund projections."
Currently, there has not been a federal budget in place for three years running, and without a budget, it is unlikely that the fiscal problem with Social Security disability or Medicare trust funds will be resolved anytime soon. It will be tabled until after the next election cycle, leaving many recipients wondering when, not if, their payments will be cut or eliminated altogether.
For now, SSDI recipients will continue to receive their checks each month. It is hoped that the current or next administration will address the issue in a timely manner, and stop the proverbial "kicking the can down the road." 2016 will be here before you know it.
Learn more about Social Security disability income here: