Looks like we'll be getting a whopping 0.03% increase in social security benefits this year. The amount of money we get won't increase though and may actually decrease because the premiums for part B will increase.
Just looked and my Part B won't increase, but my wife's just might. I pay $104.90 per month premium, but my wife pays $121. I just read that the normal Part B Premium now is $121, so, I guess, wife's salary doesn't have anything to do with her paying more than myself.
When I started getting Medicare in 2014, my premium was $104.90 and hasn't gone up since. When my wife applied for her Medicare last November, she was told the monthly Premium would be $121.80. From what I understood, she paid more than me due to her income, but if $121.80 is the normal monthly Premium, don't really know why my premium has gone up. But, glad it hasn't. Anyway, here is what medicare.gov says about the Part B monthly Premium: Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium. The standard Part B premium amount is $121.80 (or higher depending on your income). So, appears that you and my wife are both paying the "now" standard Part B premium. I've found out that cost will go up in 2016 to $149 per month, but mine will stay the same. I found out late last year, that every one who was paying $104.90 in 2015, like myself, that their Premium wouldn't go up for 2016.........and it didn't. Perhaps someone else can "chime in" on this Part B monthly Premium thing.
$149 is quite a jump from $121.80! I haven't received any notices yet from SS but I haven't checked my mail in a few days either. I didn't bother signing up with the SS site, so can't look. I still haven't signed up to my drs office website either.....I tend to put things off.
If Medicare Trusties pass it, which it's being said they will, the $121 a month Premium will go up to $149 in January 2017. Reports are saying that medical expenses are/have gone up. Plus, more and more Seniors with Medicare are having serious health issues. I got both of us a Medicare and SS online account. I also have an online account with the VA. I just want both of us to know what is going on. Computers are much faster than the U.S. Mail or even e-mail. You should get both, but that's up to you.
I will. Thanks for the info...makes me angry though. $121 doesn't bother me as much as $149 does! It's not going to put me in the poorhouse but I just think that's quite a jump!
I read about this (social security cola) earlier today on Twitter, where I get the majority of my news. I think it's disgusting, because it's obvious that they need to rework the formula they use to calculate whether colas are given, because the price of many things has gone up, yet the increases (when given) do not keep pace.
A bright note in the upcoming year for SS, is the increase in the amount you can earn before they dock you. Up from 15,720 a year to 16,920 in 2017. ( I'm still a young'un at 64 ) I can make 100.00 more a month next year. The cola amount for next year is the same for my Military retirement and VA benefits. My health care is only going up 3.00 per month for the family plan to 47.00. Still no deductible and 12.00 office visit.
I know that this is a good read because it's all about money that is coming in. Over here it's also a good topic because the senators promised to pass a law that will increase the social security pension by 2k pesos which is around $50 per month. My husband is a pensioner so that's good news to us. Last year the old Senate had passed that same bill but it was vetoed by President Aquino. It was a heart breaker and the one who took the public's ire is Roxas, the presidential candidate of Aquino.
There have only been three times in history of Social Security not have any cost of living increase, and all three of those times happened during the "reign " of our president, Barack Obama. This year, we do get one, but not enough to cover much of the actual costs that have gone up. And for the very low income, it really doesn't help because they always reduce the amount of food stamps by at least the amount they add to our Social Security pension.
Hey, a subject I know something about. So I'll tag this for later, as it will crop up again late this year. At this point and very unofficial, a S.S. raise of 1.4% is an approximate possibility. Never fear as it is also likely the entire increase to be shifted to medicare deductions for those falling under the "no harm" clause.
I looked for this small COLA increase at the beginning of 2017, but it hasn't showed up yet in either one of our checks.
There was no increase for 2016, so I will presume you meant 2017. I will also presume you are both on Medicare prior to 2017, at which point any increase in S.S. was almost assuredly transferred to Medicare payments. Example: in 2016 theoretical S.S. pensioner received $1,500 per month, but $105 per month was deducted for Medicare prior to check being mailed... leaving the actual check (direct deposit) to be in the amount of $1,395. Continuing with the example... theoretically the C.O.L.A. was 1.0%. Social security would apply that figure times the $1,500 per month and arrive at a new monthly pay of $1,515. However in this example the theoretical Medicare deduction would also rise from $105 to $120 per month. After that deduction, the Social Security check (or direct deposit) would again be $1,395. The ACA stipulated changes in Medicare based on the theory of anticipated savings and thereby placed some caps on Medicare spending. As a result, the overages must be recaptured in the form of increased medicare deductions. The "no harm" clause does not allow those increases to absorb more than dollar amount of S.S. raises, except for new medicare recipients and persons with with incomes, which can be adjusted.