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Understanding SSDI and the impact of COLA adjustment in Indiana

On Behalf of | Dec 28, 2023 | Social Security Disability

There’s an expected increase to Social Security Disability (SSDI) in 2024. However, applying for the same in Indiana and around the country can be quite intricate. Several elements influence fundamental considerations and understanding them psychologically prepares you to go through the process. This also helps you make the right decision regarding your financial stability.

What is SSDI and COLA?

Cost of Living Adjustment (COLA) is a legislation that counteracts inflation. You can also define COLA as an increase made to SSI and Social Security. It is typically equal to the CPI-W percentage increase for a given period. SSDI is a law designed to aid individuals incapacitated by serious injuries or enduring medical conditions.

Expected SSDI benefits in 2024

The expected rise in the maximum monthly Social Security Disability payout for 2024 will be from $914 to $943. Hence, an SSI beneficiary with a qualifying spouse will receive a maximum payout of $1,415. While this increase is certainly notable, it falls short when compared to the 9% surge in 2023.

SSDI resembles retirement benefits as it’s funded through payroll taxes allocated to Social Security trust funds. This benefits over 11% of all US claimants. Your past earning history directly affects your eligibility and benefit levels.

Are you eligible for SSDI?

Social Security disability is set to keep your life running even when you can’t work anymore. It provides you with medical coverage and financial support until you can return to work. However, applying for and receiving approval for these benefits can be a challenge.

You have an option of appealing in court if the SSA denies your first application. A reliable legal representative determines the success of your appeal in court.

Every worker who makes contributions to Social Security is eligible for the benefits when needed. However, factors like work credit and medical requirements may determine your qualifications.