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Will we receive a raise from Social security in 2018 ??

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Will we receive a raise from Social security in 2018 ??
Submitted: 8 months ago.Category: Social Security
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Answered in 2 minutes by:
12/15/2017
Social Security Expert: emc011075, Tax Adviser replied 8 months ago
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,988
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

It depends if you also have Medicare and what are your current medicare premiums>

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.

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Social Security Expert: emc011075, Tax Adviser replied 8 months ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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