Latest News
Will your COLA increase amount to $1?
There’s been a fair amount of rejoicing over the recently announced 2% COLA increase for next year, and most reports are now saying that Medicare’s base Part B premium will hold steady at $134 per month. But that’s not necessarily great news for those who, thanks to the “hold harmless” provision, are now paying less than $134 for Medicare. For those folks, many of whom are now paying $109 for Medicare, any COLA increase in their Social Security benefit will be applied to their Medicare premium to bring it up to the current Part B amount. In real dollars, that means that about $25 of the average $26 COLA increase would go to Medicare, leaving about a dollar for you. In this article appearing in The Street, Robert Powell explains why Social Security’s 2018 COLA may really be just a dollar. Click here to read more.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.