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Social Security Disability Insurance 2022: Everything You Need To Know

Do you know that the taxes you commonly know as “Social Security taxes” are technically called “Old Age, Survivors, and Disability Insurance” taxes or OASDI? So, if you think that Social Security only includes retirement benefits for senior citizens, you need to think again. Social Security is in fact a lot more than that with benefits for survivors and disability insurance.

Social Security Disability Insurance

Social Security Disability insurance is a part of the Social Security Scheme and is funded through the SSDI Trust fund. Current workers are charged a tax to fill up the fund. In some ways, it is similar to corporate-sponsored disability programs where a person who is disabled to the point that s/he cannot work, receives a monthly sum to support herself/ himself.

Read More: Check your eligibility for extra $200 in social security benefits

Are you eligible for SSDI?

The benefits received under SSDI are not partial or temporary. And as there is only one slab, only the most disabled people qualify for the benefits. The SSDI Act provides that a person to qualify for the benefit must have a severe medical condition that prevents work for at least a year or is expected to result in death. The qualifying person shouldn’t be able to work in any field, and not just the former profession they worked in.

To be eligible, you need to have completed at least 40 quarters in work, with at least 20 in the past 10 years. For younger workers, allowances are available as well.

How much can you expect?

The average monthly benefits you can get through SSDI are expected to rise in 2022. As of 2021, the average benefits were $1,282.39 and are expected to see a jump to $1,358 in 2022. The benefits are calculated based on your income from age 22 till the time you became disabled.

Maximum payouts for SSDI

For 2022, the maximum possible payout stands at $3,345 per month. But the amount is only possible for people who were earning a high income before the disability. The spouses & children of disabled people are also eligible for a minimum amount that equals the disabled person’s benefits, and a maximum amount that is 1.5 times the minimum sum.

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