We Can't Wait Act of 2023: Option to Receive Benefits During Waiting Period
This Act amends the Social Security Act to permit disabled individuals to elect to receive disability insurance benefits during the standard waiting period. If a beneficiary chooses this option, their monthly benefit is multiplied by a specific percentage (initially 96%), resulting in a permanently reduced payment amount for the entire period of eligibility. The aim is to provide earlier access to funds while maintaining actuarial neutrality for the trust fund over the long term.
Key points
Election During Waiting Period: Applicants may choose to receive disability insurance benefits during their waiting period rather than waiting for it to end.
Adjusted Benefit Amount: If early payment is elected, the monthly benefit is initially set at 96% of the standard amount and remains at that level for the entire period of eligibility.
Written Election Required: The choice to receive benefits during the waiting period must be made in writing, such as by selecting an option on the application form.
Impact Calculator: The Commissioner of Social Security is required to make a calculator available on a website to help applicants determine the effect of this election on their benefits.
Expired
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