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Disability
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Social Security Announces 4.1 Percent Benefit Increase For 2006
Monthly Social Security and Supplemental Security Income benefits for more than 52 million Americans will increase 4.1 percent in 2006, the Social Security Administration announced today. Social Security and Supplemental Security Income benefits increase automatically each year based on the rise in the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), from the third quarter of the prior year to the corresponding period of the current year. This year's increase in the CPI-W was 4.1 percent.
The 4.1 percent Cost-of-Living Adjustment (COLA) will begin with benefits that more than 48 million Social Security beneficiaries receive in January 2006. Increased payments to 7 million Supplemental Security Income beneficiaries will begin on December 30. Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $94,200 from $90,000. Of the estimated 161 million workers who will pay Social Security taxes in 2006, about 11.3 million will pay higher taxes as a result of the increase in the taxable maximum in 2006.
It is important to note that no one’s Social Security benefit will decrease as a result of the 2006 Medicare Part B premium increase, announced last month. By law, the Part B premium increase cannot be larger than a beneficiary’s COLA increase. More information about Medicare can be found at www.cms.hhs.gov.
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Did You Know?
Disability Insurance Benefits is a coverage provided by the government
If your Disability Insurance Benefits claim is approved, the monthly payment you will receive is set by your earnings (and Social Security tax payments) during your working career. There is no minimum rate. A person must prove that he or she became disabled while disability insurance coverage was in force or you are not entitled to Disability Insurance Benefits
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Definition:
The benefit payable is usually determined as a percentage of the insured's pre-disability income up to an overall maximum benefit amount.
Own Occupation (Own Occ)
Definition:
Under this definition, an insured will be considered disabled only if he or she is unable to perform the duties of his or her occupation.
Supplemental Security Income (SSI):
Definition:
A cash benefit authorized by Title 16 of the federal Social Security Act. Eligibility and benefits are administered by the federal Social Security Administration at field offices throughout each state.
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