Social Security report shows Social Security, Medicare reforms should be put in place
In the 2016 Annual Report of the Board of Trustees of Social Security to Congress released on Wednesday, June 22, the trustees overseeing both Social Security and Medicare said more comprehensive reforms should be put in place to avoid cutting health care and retirement benefits to American citizens. In a statement released the same date, Unites States Secretary of the Treasury Jacob Joseph “Jack” Lew said, “Social Security and Medicare remain secure in the medium-term. Nevertheless, future solvency challenges for both programs remain.”
Financing for Medicare took a toll in 2015 due to tax revenue cuts and an increase in spending for inpatient hospital services. The good news, though, is the disability fund, which was predicted in 2015 to run out by the end of this year, is projected to last until 2023.
In line with the challenges ahead, President Obama and other Democrats, such as former Secretary of State and now presumptive nominee of the Democratic Party in the 2016 U.S. presidential election Hillary Clinton and former U.S. Senator from Vermont and former presidential candidate Bernard “Bernie” Sanders, have called for making adjustments to the allocation of the benefits, with an increase for the neediest recipients and with the wealthiest workers footing the highest taxes.
The process of applying for and obtaining Social Security disability benefits is frequently long drawn-out and complex, so it is essential to get the legal help of our experienced Indianapolis disability attorneys at the Hankey Law Office. Call our offices today at (800) 520-3633.