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I believe a mistake has been made on my New Benefit Amount.

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I believe a mistake...

I believe a mistake has been made on my New Benefit Amount. The amount deducted for medical insurance should be l09 rather than 134 because I am on Medicare and collect Social Security because of a law that prevents Medicare premiums from cutting into Social Security benefits and the deduction of $134 would be doing that.

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. Is there anything else the Retirement Accountant should be aware of?

I

Submitted: 8 months ago.Category: Social Security
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Answered in 13 minutes by:
12/16/2017
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.

Your statement is correct. The congress approved 2% benefits increase for 2018 so you will not receive less than you are receiving now.

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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