Social Security Disability Insurance funds predicted to be gone by 2016

Social Security Disability Insurance funds are expected to be drained in 2016, while Medicare is expected to run out of funds in 2026, a 2013 annual report by the Social Security and Medicare Board of Trustees stated. At the start of 2013, the Social Security Disability trust fund ratio decreased by 85 percent, leading to this prediction.

The trustees said the depletion of funds in both the Social Security and Medicare insurance programs is due to several factors: a large population of baby-boomers obtaining retirement benefits and a decreased number of people working, adding to the funds. The Medicare Hospital Insurance funds are predicted to be depleted in 2026 as it is expected to pay more in benefits without bringing in enough income to cover those expenditures.

If you are an Indianapolis resident in need of Social Security disability benefits, get your questions answered and the help that you need from the experienced lawyers at the Hankey Law Office, P.C., by calling 317-634-8565.