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.

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