What Changes Can You Expect For SSDI Benefits In 2023?
Whether it’s an increasingly unaffordable rental market or a higher grocery bill, the rising cost of living has affected everyone’s lives. This situation is especially true for those who rely on government benefit programs like SSDI or VA benefits to get by each month.
In light of the problem, the Social Security Administration (SSA) has introduced significant adjustments to keep up with the changing economic conditions. These changes will be a massive help for many SSDI recipients nationwide.
The Biggest Changes To SSDI Next Year
The SSA determines SSDI adjustments yearly based on overall inflation in the third quarter. When there’s a considerable rise in living costs, the SSA and other government programs will make the necessary changes to reflect these prices. Here are a few adjustments you can expect for the new year:
COLA Will Be The Highest In Over 40 Years
For roughly the last decade, inflation has stayed at a manageable level. But since 2021, prices have risen dramatically worldwide, with the US’s inflation rate hovering around 9%. For this reason, 2022’s cost-of-living adjustment (COLA) will be the largest in roughly four decades.
SSDI beneficiaries can expect an increase of 8.7% in their payments next year. However, the exact amount you’ll receive depends on other factors like your disability rating or if you have any dependents. If you haven’t done so already, sign up for a my Social Security account to get the latest updates on your claim.
Your Monthly Earning Threshold Will Go Up
You receive SSDI benefits based on your inability to work, which is why the SSA has specific income limits for you to qualify. Anything above the threshold after your trial work period ends will make you ineligible for further payments.
To help recipients, the SSA has increased the monthly income threshold from $1,350 in 2022 to $1,470 next year. If you’re legally blind, the maximum payout in 2023 goes up by $200 to $2,450.
Changes In Other Federal Benefits
Besides the SSDI payment increases, recipients who receive VA benefits and Medicare will also see changes in these programs. For example, Medicare Part B adjusts its fees based on the SSA’s COLA decision. That said, monthly premiums for those enrolled will decrease by $5.20, while annual premiums will go down by $7.
When Will You Receive Your Adjusted SSDI Payment?
If you’ve been eligible for disability payments after 1997, you’ll receive your SSDI and SSI benefits based on when your date of birth. For example, recipients with birthdays between the 1st and 10th will receive their checks on the second Wednesday of every month. Make sure to look at the SSA’s benefits schedule to see when you’re supposed to receive your payout.
Get The Help You Need To Win Your Claim
Inflation and higher living costs have affected millions of SSDI recipients nationwide. However, the SSA and other institutions have introduced necessary changes to help lift some of that financial burden off your shoulders starting next year.
Do you need help filing your claim? Our social security disability lawyers have years of experience helping satisfied clients win their SSDI applications and get the benefits they deserve. Please use our online contact form or call us at 855-813-3344 if you have questions or want to schedule a free trial consultation today.