Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

I received my "New Benefit Amount" notice and I have a

Customer Question
My name is***** received...

My name is***** received my "New Benefit Amount" notice and I have a question about my 2% increase,. My

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.

My name is***** I received my "NEW BENEFIT AMOUNT" information and my question is: If I was to receive a 2% increase in 2018 why is my increase from 2017 to 2018 only $3.00?

Submitted: 6 months ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 8 minutes by:
1/4/2018
Social Security Expert: lev-tax, Tax Advisor replied 6 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,114
Experience: Taxes, Immigration, Labor Relations
Verified

The short answer - most likely because your Medicare premiums are also increased.

That 2% COLA adjustments are applied to GROSS benefit amount - which increased by 2% - but because Medicare premiums and other possible withholding - that increase was not reflected on your net benefit amount.

Ask Your Own Social Security Question
Social Security Expert: lev-tax, Tax Advisor replied 6 months ago

We are talking about 2018 Medicare Part B Income-Related Monthly Adjustments Amounts (IRMAA)

The issue here is related to so-called "hold harmless" legal provision which protects the majority of retirees from increased Medicare Part B premiums if it would reduce their Social Security benefits.

That means - IF your social security benefits are NOT increased - Medicare premiums should NOT be increased either.

.

For instance - because there was no COLA adjustment for Social Security in 2016, Part B monthly premiums didn't go up that year and remained flat at $104.90 for most retirees.

in 2017 - the SSA gave recipients a tiny 0.3 percent COLA increase - and 2017 Part B month premiums rose to $109, for seniors covered by the hold harmless provision. But for others including those just started social security benefits - the full freight was $134.

For 2018 - the COLA is 2% increase - and those who paid $109 this year will pay $134 .

A small group receiving low social security benefits will still pay lower amount due to the hold harmless law.

But 70% of retirees will pay $134 a month for Medicare Part B premiums.

Ask Your Own Social Security Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a social security expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask lev-tax Your Own Question
lev-tax
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,114
33,114 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

lev-tax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,467 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,582 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,071 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,283 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
Why did I get only a $1.00 increase in my social security
Why did I get only a $1.00 increase in my social security benefit payment for 2018? My SSN is: ###-##-####… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Why did I not get the 2% increase on my social security
Why did I not get the 2% increase on my social security check … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Medical insurance has been 110.00 dollars for a time. It was
Medical insurance has been 110.00 dollars for a long time. It was increased to 134.00.this year. My 2% benefit was 31.00 dollars.My net increase is 7.00. Very unfair. Also my understanding medical ins… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Our January payments in total only amounted to $26 increase
Our January payments in total only amounted to $26 increase over 2017 monthly payments. We were expecting 2% increase. Our increase was only .07%.Please verify. Albert J. Hegener ,(###) ###-####Email … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I received my notice of a 2% increase in my s.s. check. But
I received my notice of a 2% increase in my s.s. check. But did not receive an increase in my check. My amount is the same as it was all of last year … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
My question is regarding the $134.00 deducted from my social
My question is regarding the $134.00 deducted from my social security check. This is quite an increase for me. There was an article in the AARP newspaper that described the rules in paying Part B stat… read more
lev-tax
lev-tax
Tax Advisor
33,114 satisfied customers
My question is how can I receive an notice from the SSA that
Hi my name is***** question is how can I receive an notice from the SSA that the cost of living has increased and that I will receive a cost of living increase on my benefit but the medicare coverage … read more
lev-tax
lev-tax
Tax Advisor
33,114 satisfied customers
I just received notice regarding the 2 percent cost of
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 hav… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I just received a notice from social security that a new
I just received a notice from social security that a new amount for the benifit will increase by 2% cost of living raise. The notice went on to show me how the funds would be starting in Jan. 2018. I … read more
Carter McBride
Carter McBride
LLM
1,186 satisfied customers
I received my notice that SS payments will increase by 2.0%
I received my notice that SS payments will increase by 2.0% in 2018. My payment did not increase, but my husband's did. Can anyone tell me why? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I received my notice of benefit amount for 2018. The part
I received my notice of benefit amount for 2018. The part B premium has increased from $108.00 to $131.00 for 2018. I understood that if you were on Medicare the premium deduction of $108.00 would be … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I received my "new benefit amount" statement and I did not
I received my "new benefit amount" statement and I did not get a 2% increase for 2018. Why is that? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
How is the amount deducted for medicare medical insurance
how is the amount deducted for medicare medical insurance -25.00 change from 2016 to 2017 … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
448 satisfied customers
My new benefit amount for 2018 shows that it will be the
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. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My social security increase was $36.00 (based on 2017's
My social security increase was $36.00 (based on 2017's $1322) for 2018. My medicare (b) increased by $35.00. My net for 2017 was $1213, for 2018 it is 1187.20How can such a large increase be taken of… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My wife's name is Jana Ripp and she was born on 2-11-1947.
My wife's name is***** and she was born on 2-11-1947. She received a notice advising what her social security benefit will be effective 01-17-2018.Her benefit did not change from what she has been rec… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My new benefit amount for 2018 shows the same amount as i
My new benefit amount for 2018 shows the same amount as i have received for the past 2 or 3 … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Is there going to be an increase in the SS payment benefits
Is there going to be an increase in the SS payment benefits this year? … read more
lev-tax
lev-tax
Tax Advisor
33,114 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x