The SSA updates its income thresholds for Social Security disability benefits every October for the upcoming year to compensate for cost of living changes. A few weeks ago the SSA released next year’s changes to the Social Security programs. Here are some of the changes attorneys and advocates can expect for 2018, and how they could affect your law firm:
1. SGA and TWP Have Gone Up by $10
This is not a life-changing update, but Substantial Gainful Activity (SGA) and the threshold for triggering a Trial Work Period (TWP) have both gone up by $10, to $1,180 and $840 respectively.
What does this mean for attorneys and advocates? Higher SGA means that more people who are working part time will still qualify for Social Security disability benefits by staying within the SSA’s guidelines for a “gainful living.” With higher limits for TWPs, it will be easier for applicants to remain on benefits once approved.
2. SSI Payments Have Increased, As Have Household Income Limits
The maximum SSI payment has increased from $735 to $750. While $15 may not seem like much, the increase will mean higher back pay values for attorneys and advocates. SSI beneficiaries are not usually entitled to as much back pay as SSDI recipients, so every dollar counts.
The bigger news is that the maximum household income limit for SSI recipients has increased to $1,125 per month. The jump from $1,103 was the biggest in over five years. This makes it easier for people to qualify for SSI if they’re married to someone who works part time or receives SSDI benefits. Easier eligibility = more approved cases.
3. The Maximum SSDI Payment is Now $2,788 Per Month
This was by far the biggest change for 2018. The maximum SSDI payment will increase by $101 in 2018. This is great for everyone involved. Current SSDI recipients will receive higher payments, future SSDI applicants will receive more than ever before, and attorneys and advocates will receive higher back pay settlements for won cases.
While not every claimant will receive the maximum payment, all approved SSDI cases should increase subsequently. If the COLA increases at the same rate each year, a Social Security firm handling 150 cases per year will earn an additional:
- $3,788 in 2018
- $56,250 in five years
- $218,750 in 2028*
Who would say no to nearly an additional $220,000 for simply doing “business as usual”?
Increase Your Social Security Disability Caseload
2018’s right around the corner and Social Security payments will be increasing—do you want to sign more clients next year? COLA will continue to rise, but it takes an average of two years for a case to be approved. If you don’t start signing cases today, you won’t be able to capitalize on the trend in 2018 and beyond.
If your current marketing efforts aren’t yielding as many SSDI clients as you’d like, consider working with a Social Security disability lead provider. eGen has been a leader in the SSD lead space since 2009. We’ve generated millions of Social Security disability cases for attorneys and advocates nationwide. To learn more about our competitive pricing and our Social Security lead availability, give eGen a call today at 617.800.0089.
*This is presuming every case settled will increase by $100, or $25 per attorney fee. Not all claimants will see such a high payment increase, so actual numbers could vary.
Source: https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf