Social Security Publishes Annual Statistical Report
The Social Security Administration (SSA) has recently issued its most recent Annual Report with highlights including the size and scope of the program, the profiles of the beneficiaries, and the categories of diagnosis of disability. Risk and Claim Managers should understand the implications.
The size and scope of the Social Security Disability Program has increased with over five times the number of persons since 1970, from approximately 2 million persons to over 10 million now. The vast majority of beneficiaries (87.3%) are disabled workers, which have enormous implications to the Enterprise Risk Management environment. Other highlights from the study include:
• Awards to disabled workers (778,796) accounted for 90 percent of awards to all disabled beneficiaries (869,371).
• In December 2014, payments to disabled beneficiaries totaled more than $11.4 billion.
• Benefits were terminated for 779,229 disabled workers.
• Supplemental Security Income payments were another source of income for about one out of seven disabled beneficiaries.
• The average age of the beneficiaries is 53.
• Men represented less than 52 percent of the beneficiaries.
• The largest category of diagnoses was diseases of the musculoskeletal system and connective tissue (31.2 percent).
• Average monthly benefit received is now $1,165.39.
• Supplemental Security Income payments were another source of income for about one out of eight beneficiaries.
• The states with the highest rates of disabled beneficiaries were Alabama, Arkansas, Kentucky, Maine, Mississippi, and West Virginia.
For the full report packed with historical statistics, please click here >>