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My question is how can I receive an notice from the SSA that…

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Hi my name is*****...

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 payment also as increased. The end result is I never actually get an increase on my monthly check because the medicare payment makes it a wash. At this rate I will never get a raise.This is and has been so unfair. What can I do?

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?

The only other thing that I can think of is that my husband pays a monthly premium for me for me to have health care coverage through his work.

Submitted: 6 months ago.Category: Social Security
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Answered in 4 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: 33,137
Experience: Taxes, Immigration, Labor Relations
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Unfortunately - many retirees are in similar situation...
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 ether.

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Social Security Expert: lev-tax, Tax Advisor replied 6 months ago

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.

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