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A bill to amend title II of the Social Security Act to permit disabled individuals to elect to receive disability insurance benefits during the disability insurance benefit waiting period, and for other purposes.
4/19/2024, 6:11 AM
Summary of Bill S 4192
The bill seeks to provide relief to disabled individuals by giving them the option to start receiving disability insurance benefits immediately upon approval of their application, rather than having to wait for the waiting period to pass. This change would help alleviate financial strain and ensure that disabled individuals have access to the support they need in a timely manner.
In addition to eliminating the waiting period for disability insurance benefits, the bill also includes provisions for other purposes related to disability insurance. These provisions aim to improve the overall accessibility and effectiveness of the disability insurance program, ensuring that disabled individuals are able to receive the support they need to maintain their financial stability and quality of life. Overall, Bill 118 s 4192 represents a significant step towards improving the disability insurance system and providing much-needed assistance to disabled individuals. By allowing them to receive benefits without having to wait for the traditional waiting period, the bill aims to address the financial challenges faced by disabled individuals and ensure that they have access to the support they need to thrive.
Congressional Summary of S 4192
We Can't Wait Act of 2024
This bill permits Social Security Disability Insurance (SSDI) beneficiaries to elect expedited payment of benefits in exchange for a reduction in the amount of their monthly benefit.
Specifically, the bill allows individuals to elect to receive SSDI benefits beginning the month after the onset of disability. Under current law, individuals generally must wait five months after the onset of disability to begin receiving SSDI benefits.
Individuals who opt to receive expedited payment during the first three years the bill is in effect must accept a 6.1% reduction in monthly benefits. At the three-year point and every five years thereafter, the Social Security Administration (SSA) must recalculate the applicable percentage to ensure no negative fiscal impact to the Federal Disability Insurance Trust Fund. Changes to the designated percentage may not impact the benefit amount received by existing beneficiaries.
SSA must make available an online tool for calculating the impact of electing to receive benefits during the waiting period on an individual’s SSDI benefit.
