General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsShutdown delays notice of Social Security COLA
http://www.huffingtonpost.com/huff-wires/20131009/us-budget-battle-social-security-cola/?utm_hp_ref=homepage&ir=homepageNearly 58 million Social Security recipients are still getting monthly benefits during the partial government shutdown. But they will have to wait to find out the size of next year's cost-of-living adjustment.
Social Security was scheduled to announce the annual raise Oct. 16. That's the same day the Labor Department was scheduled to release inflation statistics for September.
The Labor Department, however, said Wednesday it will not issue the inflation report because of the shutdown. No new release date was set.
(snip)
"There's enough anxiety around right now. We don't need to add to it by delaying information," said Max Richtman, who heads the National Committee to Preserve Social Security and Medicare. "They expect it. You talk to seniors, they know when the announcement comes out and they watch it very carefully."
djean111
(14,255 posts)will increase by about $19 or $20.
oldhippie
(3,249 posts)... our COLA increase.
doc03
(35,367 posts)oldhippie
(3,249 posts)1.5% COLA and a $19-$20 Medicare Premium increase.
Yes, those were just estimated numbers, but using them I get a combined (wife and I) $8.32 after tax monthly increase in SS payment and a combined Medicare premium increase of $39-$40. For a net loss of $31 or so.
doc03
(35,367 posts)increase. I don't see how you possibly came up with your numbers.
oldhippie
(3,249 posts)It's not authoritative, but it's a number. That's what I used in my calculation.
doc03
(35,367 posts)oldhippie
(3,249 posts)"...and that Medicare premiums will increase by about $19 or $20. " ???
And from the link provided in Reply #9 at WWW.medicare.com, the estimated 2014 premium for Medicare Part B is $123.10. Granted, it's a dated estimate, but it's an estimate.
http://www.medicare.com/medicare-coverage-basics/medicare-premiums-and-deductibles-for-2013-2014.html
djean111
(14,255 posts)Poking around in http://downloads.cms.gov/files/TR2013.pdf looks like the premium may stay the same? I am looking at page 95. If someone finds a more accurate number, please let me know!!!!
doc03
(35,367 posts)SS and the Medicare premium went up $5 from 99.90 to 104.90. Where do get a $20 increase in Medicare next year?
djean111
(14,255 posts)I didn't say it was definitive or official or set in stone; just believe it is better to have some sort of rough idea.
oldhippie
(3,249 posts)Where I also saw this:
A hold-harmless provision can lower the premium rate for those who have their premiums deducted from their Social Security check. This provision limits the dollar increase in the Part B premium to the dollar increase in the persons Social Security benefit.
So that looks like we will never see a decrease in our monthly SS payment. That's good.
But yeah, it looks like they are estimating a $19 increase in Part B premium. Ouch!
That's just what I saw in reply #1.
I sure hope it isn't that high, though I have heard that we should expect greater increases in the Medicare premium as more seniors enter the program (I just turned 65 in August). Being that Medicare premiums currently cover less than half the cost of the program, I expect them to go up. I don't know how much.
My wife and I combined only get $659 per month in SS. We had a spotty work history.
doc03
(35,367 posts)2014 premium will be $247. So much for rumors! I looked at the AARP site and they are saying Medicare premiums may even decrease because of the ACA.
dixiegrrrrl
(60,010 posts)NOTE: This is for Part A, and ONLY effects a small number of people whose incomes are high enough that they have to pay for Part A.
Most of retired folks get Part A for NO premium.
See here:
http://www.medicare.com/medicare-coverage-basics/medicare-premiums-and-deductibles-for-2013-2014.html
Part B premium for 2014, for most people, is supposed to be around $123.00 a month, a definite increase over the 109.00 of this year.
doc03
(35,367 posts)RebelOne
(30,947 posts)DURHAM D
(32,611 posts)If you received lately one of those emails announcing that, due to Obamacare, the Medicare Part B premiums will rise to $247 per month in 2014, dont be scared. This information is incorrect and is not backed up by any facts.
trof
(54,256 posts)For us it's always step up one, step back two every year.
Every increase in our S/S COLA is always less than the increase in our premiums for Medicare.