Friday, April 19, 2024
HomeLife InsuranceWhen the Social Safety Administration Overpays

When the Social Safety Administration Overpays


Right here’s one troubling danger your shoppers may face: The Social Safety Administration may ship them an excessive amount of money, then ask your shoppers to pay the money again nearly instantly.

Rep. Mike Carey, R-Ohio, not too long ago centered on the issue at a Home subcommittee listening to.

An SSA official testified that the company contacts about 1 million People about extra advantages funds yearly. It offers the beneficiaries simply 30 days to ship the additional money again.

Your shoppers might have been relying on utilizing that money to pay their payments.

Even in the event you’ve helped them use mutual funds, annuities, everlasting life insurance coverage and different preparations to cowl their bills, a clawback letter may eat into their wet day funds.

Purchasers can file appeals, however the 30-day reimbursement window might intimidate them, and the shoppers should one way or the other present that any errors weren’t their fault

The SSA emphasizes that beneficiaries dealing with clawback calls for can file appeals, ask for waivers and negotiate reimbursement plans.

However the concept of creating disabled or aged individuals do all that inside 30 days doesn’t appear truthful.

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