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Today's Terms
Social Security and Social Security Disability Insurance (SSDI)
Definition:
Monthly cash benefit administered by the federal Social Security Administration (SSA) to retired or disabled workers and their qualified dependents. Beneficiaries must be 62 years of age or older, or disabled, and have enough work "credits" to be qualified.
Indexing
Definition:
Indexing is designed to provide some protection against inflation. After the first year of disability, a disabled employee's pre-disability earnings are usually increased (or indexed) by a certain percentage on an annual basis.
Maximum Benefit Period (Benefit Duration)
Definition:
This is the maximum length of time for which benefits are payable under the plan as long as the employee remains continuously disabled.
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