Financing for Social Security Disability Insurance (SSDI) Attorneys
Financing for Social Security Disability Insurance (SSDI) Attorneys
Social Security was established in the 1930s to help people financially after they retire. It’s an insurance program managed by the Social Security Administration (SSA) and is paid for by a payroll tax on current workers’ wages and contributions from employers. However, there are many nuances within the social security program that people tend to conflate.
The Difference Between SSI & SSDI
Supplemental Security Income
(SSI), Social Security Disability Insurance Benefits,(SSDI) and retired social security payments are all different programs. Because SSI pays people based on financial need and the income requirements are strict, eligibility can be tough. It is designed for old, blind, and disabled people who have little to no income and helps them purchase basic necessities of food, clothing, and shelter.
Social Security Disability Insurance (SSDI) pays people who have earned eligibility through the number of years they worked. Usually, SSDI applicants have higher income, insurance coverage, and have seen a doctor for the medical problems that caused them to apply for the benefits. Thus, SSDI are typically approved
at a higher rate than SSI applications.
SSDI was officially enacted in 1956 almost twenty years after social security was created. It is part of the social security program, but it helps those who cannot work due to medical or legal reasons. Eligible SSDI recipients are compensated monthly based on an average of their past earnings. However, the application process can be long, and there are no payments for the first five months of the applicants’ disability.
To prevent mistakes and push for better outcomes, many looking for SSDI end up getting attorneys to assist them. The Disability Center stated
over 65% of SSDI claims are denied because of incorrect paperwork or medical documentation submitted by the applicant. Lawyers who work on appealing the decision of denied claims in SSDI cases are entitled to the lower amount of either 25% of the backpay or $6,000. Presently, there are many legal practices built on handling SSDI cases. The attorneys who work in the SSDI space have many clients at one time and often experience delays in payment as they wait for distribution of their fees. Often, that wait can extend for weeks or even months.
SSDI Fraud in the News
Over the last decade, the spotlight has increased on the SSDI program. In 2013, CBS’ 60 Minutes broadcasted a story about fraud within the SSDI system. Last year, The New York Times reported about the drop in SSDI applications and tightened standards regarding future applications to prevent fraud. Part of the federal government’s increased scrutiny of SSDI applications is reportedly related to the use of social media. Ultimately, this makes the SSDI process more difficult for people to navigate and necessitates many with legitimate claims to work with attorneys who can help them through.
Learn More about an Advance for SSDI Attorney Fees
Balanced Bridge Funding can help law firms with SSDI fees. Our attorney funding solutions are for lawyers with fees owed to them in settled cases that don’t want to or can’t afford to wait until distribution.
APPLY NOW!
To learn more about our SSDI or SSI attorney fee funding solution and to see if it would be the right fit for your practice, please call one of our legal funding specialists at 267-457-4540. Or to apply online, simply CLICK HERE
and fill out our quick form application.
Check out our 3 in-depth Legal Funding Resource Guides:
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2.
Attorney Funding: The Essential Guide
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This resource guide was written specifically for the plaintiffs' attorney. This guide contains:
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