Social Security Administration Spends Three Times More Than it Collects Trying to Recover Overpayments
(By – Stephanie Eidelman, InsideArm.com)
A report issued last week by the Office of the Inspector General (OIG) found that the Social Security Administration spent nearly three times as much as it took in to try to collect on mistakenly issued overpayments over the six year period ending in 2013.
The objective of the report was to analyze the cost-benefit of processing overpayments for the Retirement and Survivors Insurance, Disability Insurance, and Supplemental Security Income programs. Benefit payments greater than the amount to which individuals are entitled are considered overpayments. When the Social Security Administration (SSA) determines an individual has been overpaid, it generally initiates recovery actions regardless of the dollar amount. Read more…