Social Security and Medicare funds to deplete in 2016
Social Security disability and Medicare funds are set to run dry in 2016, according to those in charge of the programs. This would lead to a 19 percent cut in benefits if Congress doesn’t act.
The federal government announced last Wednesday, July 22 that the 11 million Americans who receive Social Security disability benefits monthly may see deep cuts in their checks. The programs are seeing the strain of aging baby boomers as Medicare turns 50 this year and Social Security turns 80.
Benefits are expected to be around $193 less from the average $1,017 monthly check. Additionally, 7 million Medicare beneficiaries could see a premium increase of around $54 – over 50 percent.
Chief Executive Officer of AARP, Jo Ann Jenkins, was quoted on the issue saying, “today’s report shows that we must seek meaningful, in some instances even urgent, changes to ensure the program is on stable ground for future generations”.
If you need legal help in relation to your Social Security disability benefits, we at the Chris Mayo Law Firm in San Antonio want to help you. Get in touch with a member of our legal team by calling our offices today at 210-999-9999.