Where is my 2% raise in Social Security?

This is not an exciting question to answer. The 2% raise did happen, but for most folks that raise got absorbed by their raise in Medicare part B premiums. The current Medicare part B premium is $134. This actually did not go up this year. The Part B premium was actually raised to $134 in January of 2017. The Medicare members that were currently enrolled 2016 going into 2017 seen a slight increase in their part B premium, but did not go to the current amount. ForĀ  someone that was newly enrolled last year in Medicare they did immediately start paying the $134. Most people was paying around $108 for their part B of Medicare even though the part B premium was raised to $134 last year. Under the Affordable Care Act Medicare is not allowed to raise someone's part B premium by more than what their raise in Social Security is. In 2017 there was a raise in Social Security of about .5%. This equated to around a $4 to $5 raise in Social Security. Well in January of this year, 2018 there was a 2% raise in Social Security. This raise equated to around $25. With this raise of 2% it allowed Medicare to bring the majority of Medicare beneficiaries part B premium up to the current price of $134. This is why the majority of folks did not see this 2% raise reflected in their monthly Social Security income.

If you have any comments or questions, I'm always willing to help. We can accept comments or questions through the comment section below or you can send us an email, call or write us and we will respond quickly.

Be the first to comment

Leave a Reply

Your email address will not be published.