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I just received notice regarding the 2 percent cost of

Customer Question
I just received notice...

I just received notice regarding the 2 percent cost of living increase. It says after the Medicare deduction, the amount I will receive is $1156.00 starting January 2018. That is the same amount I have already been receiving, so, where is my increase? Thank you.

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?

No, nothing has changed with me.

Submitted: 7 months ago.Category: Social Security
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Answered in 4 hours by:
12/21/2017
Social Security Expert: emc011075, Tax Adviser replied 7 months ago
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,977
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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Customer reply replied 7 months ago
I don't know what the premium was for 2017. So my increase must all be going towards the 2018 premium, so the amount I receive will stay the same. That's not right
Social Security Expert: emc011075, Tax Adviser replied 7 months ago

Unfortunately most people will not see any increase in benefits this year despite the 2% increase. Only people with larger benefits who paid larger Medicare premium last year could see a little increase.

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