i was approved social security in 9/2007. ?
i was approved social security in 9/2007. Now i am trying to get a lump sum settlement from a workers comp injury in 2005. will this affect my social security benefits and if so please tell me how ?
double dipping has nothing to do with it. the injury happened 2 years before i became disabled .
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You can’t double dip. If you have a choice, go for workers comp since it is not taxable.
Worker’s Compensation usually affects your Social Security benefit and can also affect the benefits of anyone receiving on your record. It does not matter that your disability has nothing to do with the Worker’s Comp injury.
Receiving a settlement can also cause you to be overpaid Social Security benefits already received. Before you spend your lump sum settlement, you should report it to Social Security and find out how much you may owe them back. You should make this payment to Social Security from your settlement. Also you need to report any medical or legal expenses deducted from the settlement as that should not be included in the calculation done by Social Security.
Social Security often gets this calculation incorrect so stay on your toes.
If you get a Worker’s Comp settlement based on life expectancy at a smaller weekly rate, the affect on your Social Security check will be less. The settlement must state it is based on life expectancy and cannot be in an addendum.
Very few Social Security employees understand Worker’s Compensation and give out a lot of misinformation, so be careful. Good luck.
Your DOI/date of injury has nothing to do with this. You are
subject to the SSA 80% rule…you can’t have more than 80% of your
average wage/earnings at the time of injury. Between the WC
benefits/weekly rate, and the SSDI the max would be 80%. ” If you
receive workers’ compensation or other public disability benefits
and Social Security disability benefits, the total amount of these
benefits cannot exceed 80 percent of your average current earnings
before you became disabled. ”
http://www.socialsecurity.gov/pubs/10018.html If the total amount of these
benefits exceeds 80 percent of your average current earnings, the
excess amount is deducted from your Social Security benefit.
Example: Before you became disabled, your average current earnings
were $4,000 a month. You, your spouse and your two children would
be eligible to receive a total of $2,200 a month in Social Security
disability benefits. However, you also receive $2,000 a month from
workers’ compensation. Because the total amount of benefits you
would receive ($4,200) is more than 80 percent of your average
current earnings ($3,200), your family’s Social Security benefits
will be reduced by $1,000. Your Social Security benefit will be
reduced until the month you reach age 65 or the month your other
benefits stop, whichever comes first. Even with a cash lump sum
settlement of the WC claim, SSA would accept language in the
documents that reflect a proration based on the weekly WC benefit,
as though you had continued to receive the weekly payment vs the
cash settlement. You must also include language and possibly a
setaside arrangement to protect Medicare interests. No settlement
is complete until the documents have been provided to CMS.