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Received letter saying the new monthly is actually the same…

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Received letter saying the...

Received letter saying the new monthly is actually the same as my present

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I didn't receive my 2% cost living raise

Submitted: 6 months ago.Category: Social Security
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Answered in 4 minutes by:
1/4/2018
Social Security Expert: emc011075, Tax Adviser replied 6 months ago
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,864
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 benefits increase 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 6 months ago

Look at the last year Medicare premiums. Did the premium increase for 2018?

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