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Disability
News
Social Security Trustees Release Annual Report to Congress
WASHINGTON, D.C – The Social Security Board of Trustees, a six member bipartisan panel that oversees the financial operations of the Social Security Trust Funds Administration, released their 2006 Trustees Report Monday, reinforcing predictions that Social Security cannot pay full promised benefits to future generations, due to our country’s changing demographics.
“Today’s report reminds us of why Social Security reform and overall entitlement reform is so important,” said U.S. Rep. Ron Lewis (KY-02), a member of the Ways and Means Social Security Subcommittee. “The facts of this report are undeniable. Millions of baby boomers are nearing retirement while the costs necessary to sustain Social Security and Medicare are growing exponentially. This report should refocus our concern and reinvigorate our efforts to address the serious challenges these programs face.”
The Trustees report warns that Social Security tax revenue will fall short of benefit costs beginning in 2017. By 2040, with trust fund revenue exhausted, Social Security will be sufficient enough to finance only 74 percent of promised benefits. The Trustees project that benefits will have to be cut 27%, or the payroll tax will have to be increased by 50%, to pay full promised benefits.Read more at house.gov
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Did You Know?
SHMO means Social Health Maintenance Organization
A managed system of health and long-term care services geared toward an elderly client population. Under this model, a single provider entity assumes responsibility for a full range of acute inpatient, ambulatory, rehabilitative, extended home health and personal care services under a fixed budget which is determined prospectively. Elderly people who reside in the target service area are voluntarily enrolled. Once enrolled, individuals are obligated to receive all SHMO covered services through SHMO providers, similar to the operation of a medical model health maintenance organization (HMO).
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Definition:
A professional or medical facility who is enrolled as a provider for the Medicaid Program by entering into a contract with the Medicaid Program to provide medical services to Medicaid eligible recipients. By entering into this contract the professional has agreed to abide by all rules and regulations governing the Medicaid Program.
Plan for Achieving Self-Support (PASS)
Definition:
Under an approved PASS, recipients of federal SSI may set aside income and/or resources over a period of time to reach a goal to become financially self supporting. The income and resources set aside may later be used to obtain occupational training or education, purchase occupational equipment, establish a business, etc.
Continuation of Medicare Coverage (SSDI)
Definition:
You can receive at least 93 consecutive months of hospital and medical insurance after the trial work period. This provision allows health insurance to continue when you go to work and are engaging in SGA.
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