Thursday, October 31, 2013

Social Security Benefit Increase

The Social Security Administration made it official that benefits, including disability benefits, will increase 1.5% next year. The annual Cost Of Living Adjustment (“COLA”) is supposed to enable fixed income benefit recipients to keep up with the cost of inflation. However, as medical cost increases exceed many other costs, the COLA is usually inadequate for the disabled, who normally have greater need for medical care.

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