Social Security Administration Benefits Increase In 2023
On October 13, 2022, the Social Security Administration (SSA) announced that SSDI (Social Security Disability Insurance) benefits would increase in 2023. The 8.7% cost of living adjustment (COLA) benefit will be the highest since 1981, translating to over a $140 per month increase.
This news is a relief to over 70 million Social Security and Supplemental Security Income (SSI) beneficiaries who have been struggling with the rising costs of living. Read on to learn more about the Social Security Administration 2023 benefits increase, including when the increase will begin.
SSDI Benefits Tied to Consumer Price Index
According to Senior Citizens League policy analyst Mary Johnson, an 8.7% COLA is rare and the largest that today’s Social Security beneficiaries would ever experience in their lifetime. This annual adjustment has seen a 7% increase only five times since its introduction in 1975.
The 2022 COLA was 5.9%. The benefits increase in 2023 for Social Security Disability is linked to the Consumer Price Index (CPI), the instrument used to measure inflation and outlines year-over-year price fluctuations for consumer products and services in the third quarter.
According to the Department of Labor Statistics, the CPI dropped from 8.5% in July to 8.3% in August and further down to 8.2% in September 2022.
When Will the Social Security Disability Benefits Begin?
The 2023 Social Security Administration rates for over 65 million Social Security beneficiaries will take effect in January 2023.
However, the 2023 rates increase for Social Security Disability (SSDI) payable to over 7 million beneficiaries will commence on December 30, 2022. It is worth noting that some individuals receive both Social Security and SSDI benefits.
Reduced Medicare Premiums in 2023
The Social Security Administration 2023 benefits increase will come with reduced Medicare premiums. This change means more peace of mind and breathing room for seniors, according to Acting Commissioner Kilolo Kijakazi.
The acting commissioner observed that this year’s significant COLA is the first time that Medicare premiums are not increasing over a decade. It shows that the SSA can offer more support to senior citizens who depend on the benefits they’ve earned.
Learn More About Social Security Disability (SSDI) 2023 Rates Increase
Do you want to learn more about the Social Security Administration 2023 benefits increase? Are you having issues accessing your Social Security Disability benefits? Or have you been diagnosed with an illness that inhibits you from supporting yourself and your family?
The Social Security Disability department at The Keener Law Firm can help if you are facing any of these issues.
Social Security Disability Benefits could be your solution if you cannot work due to a health condition and are looking for ways to earn a living. We can help you determine if you qualify and can also help you claim any denied Social Security Disability benefits.
Whether you need more information about the Social Security Administration 2023 benefits increase or need help accessing your SSDI benefits, contact us at (770)-955-3000 to schedule your free consultation or visit our contact us page today.