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My new benefit amount for 2018 shows that it will be the…

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My new benefit amount...

My new benefit amount for 2018 shows that it will be the same as what I am already receiving for 2017. It says we will get a 2% increase in 2018 so why did my remain the same.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

I only know that it looks like I will not be getting any 2% this year and have no idea why. That is what I am trying to find out from you

Submitted: 8 months ago.Category: Social Security
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Answered in 1 minute by:
12/13/2017
Social Security Expert: emc011075, Tax Adviser replied 8 months ago
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,985
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

Last year Medicare premiums were increased to $134 but for most people COLA (benefits cost of living adjustment) did not increase enough to compensate for the Medicare increase. Because of hold harmless rule protection social security could not reduce your benefits because of higher Medicare premiums so in 2017 you paid reduced Medicare premium. The COLA adjustment for 2018 is 2%, much higher than last year but if your Medicare premium is less than $134, the adjustment will be offset by increased Medicare premium. Again, the Medicare premium increase cannot be more than your COLA increase because of the Hold Harmless rule protection.

Look at the last year Medicare premiums. Did the premium increased for 2018?

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