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The social security information I received in December

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The social security information...

The social security information I received in December states I am to receive a 2.0% increase in 2018. Because of the cost of living.

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

Under the statement HOW MUCH WILL I GET AND WHEN THE AMOUNT IS THE SAME AS LAST YEAR BEFOR DEDUCTION AND NO INCREASE OF 2.0 % WAS NOT ADDED

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

Monthly amount reads 1142.oo deduction amount for medicare ins. is $130.00 which leaves $ 1012.00 which is the same as last years amount

Submitted: 7 months ago.Category: Social Security
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Answered in 2 minutes by:
1/9/2018
Social Security Expert: Carter McBride, CPA replied 7 months ago
Carter McBride
Category: Social Security
Satisfied Customers: 1,310
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you. Just so you are aware, Just Answer is not affiliated with Social Security Adminstration but I can tell you why you did not get the increase.

The 2018 Cost of living adjustment was crimped by higher Medicare Part B premiums. The standard premium is now about $134 a month, but many participants paid about $109 a month in 2017 if they have the fee deducted from monthly benefit payments. A “hold harmless” provision in federal law prohibits Medicare from raising a person’s Part B premiums if it reduces their Social Security benefits. For the past two years, most Medicare beneficiaries have been held harmless because, without a significant COLA, increasing their premiums would have resulted in lower Social Security benefits.

In 2018, the COLA was large enough to allow for the increase in premiums. Medicare costs have grown very slowly in the past few years. The increase in premiums that some beneficiaries will see next year is an unfortunate side effect of not having a substantial Social Security COLA recently. Medicare Part B premium prices are expected to be announced next month.

It affected people differently depending on their situation.

Hope that helps. If you need anything else, let me know. If not, please leave a rating. Thanks!

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