When New Yorkers discuss Social Security, they usually talk about the federal government’s massive retirement program. A separate program administered by the Social Security Administration (SSA) provides benefits to those who satisfy specific disability requirements.
The agency defines a “disabled person” as one who is medically unable to work for at least one year or whose medical condition will result in death. Significant financial consequences arise from a determination of eligibility.
How does SSDI impact my financial situation?
The most important considerations of Social Security Disability (SSDI) rank as those reading a news story would want to know: What (are the conditions)? How (much do I receive)? Where (else can I earn income)? Specific rules apply to each as follows:
- Eligibility: The test applied for disability permits an applicant to receive benefits if the medical condition “significantly limits” the ability to complete work-related activities. Numerous medical impairments likely qualify.
- Benefit amount: The maximum monthly disability benefit for 2022 has increased to from 2021 to $3,345. Most benefits fall between $1,000 and $1,500. A formula exists to determine what portion of your benefit remains subject to taxation.
- Other benefits: Disability recipients have automatic eligibility for Medicare after 24 months.
- Other income: A nine-month “Trial Work Period” assesses whether recipients have made “substantial” earnings. The SSA has quantified “substantial” as having earned $1,350 per month over a period of 36 months.
Does New York have special benefits for recipients of SSDI?
States often provide supplemental benefits to those who receive SSDI. One benefit in New York exempts disabled homeowners up to 50% of the assessed value of a residence. Local jurisdictions also set an income limit or range and may apply a sliding scale benefit. Eligibility requires documented evidence ownership of the residence as well as of a disability and other income and residency requirements.
A disability can leave anyone full of uncertainty, doubt and increased stress. Financial worries can only aggravate a difficult situation and prolong a full recovery. Attorneys who can navigate the process of SSDI can offer guidance.