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Disability
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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?
Certificate of Need (CON) is issued to health care providers
Is a certificate issued by a government body to a health care provider who is proposing to construct, modify, or expand facilities, or to offer new or different types of health services. CON is intended to prevent duplication of services and overbedding. The certificate signifies that the change has been approved.
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Latest news about Disability cases in Utah and nationwide:
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.
Family and Medical Leave Act
Definition:
The Family and Medical Leave Act of 1993 To grant family and temporary medical leave under certain circumstances
Elimination Period
Definition:
This is the period of time between the date the disability commences and the beginning of the benefit payment period. It is the period during which an employee must be disabled before payment of benefits begins. It is sometimes referred to as the Qualifying Period.
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