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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, lately 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 case 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.
Shoppers can file appeals, however the 30-day compensation window might intimidate them, and the shoppers need to someway present that any errors weren’t their fault
The SSA emphasizes that beneficiaries going through clawback calls for can file appeals, ask for waivers and negotiate compensation plans.
However the thought of constructing disabled or aged folks do all that inside 30 days doesn’t appear honest.
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