Feb 26, 2012

Insurance Companies Worry About Social Security's Operating Budget

     From LifeHealthPro, an insurance industry website:
Michael Astrue, commissioner of the Social Security Administrator (SSA), is begging Congress to give the agency at least as much funding as it has requested for fiscal year 2013.
The new fiscal year starts Oct. 1.
SSA has asked Congress to provide $11.9 billion in budget authority for 2013, up from $11.6 billion for 2012.
For private disability insurers, the statue (sic) of SSA's Social Disability Insurance (SSDI) program is a high priority
     It's a high priority for them since long term disability benefits paid by insurers is reduced by Social Security disability benefits. Slowdowns in processing and paying Social Security disability claims cost these insurance companies money. Perhaps it happens and I don't see it but I've never seen any sign that the insurance companies lobby for increased appropriations for Social Security. 


Anonymous said...

Although processing and paying slows down, the amount and/or ratio of paid claims will increase due to ALJs getting sick of being pressured to produce. In a way, the processing/paying slows down BECAUSE so many claims are being approved. Bottom line, I wouldn't worry too much if I was an insurance company.

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