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Updated: Thursday October 09, 2014

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Medicare - SeniorArk Main Page             Social Security - SeniorArk Main Page

Go to: The Medicare Part D Start Page

Social Security Announced 1.5 Percent Benefit Increase for 2014 (Current Yr.) Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 63 million Americans will increase 1.5 percent in 2014, the Social Security Administration announced.

The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.

  NOTE FOR 2015:  The Social Security COLA for 2015 will be announced around mid  to late October, and will be posted immediately ON THIS PAGE.  Bookmark this page to return. Best guess is that it will be announced about October 22, 2014, and should be around a 1.7% increase.

2014 Medicare Part B Premium: (Current Yr.)  In 2013 this premium was $104.90 for most of us. This premium applied to incomes less than $85,000/year. On October 28, 2013 it was announceed by the Centers for Medicare & Medicaid Services (CMS) that there will be no increase in 2014 Medicare Part B premiums and deductibles, and more than $8 billion in cumulative savings in the prescription drug coverage gap known as the “donut hole.”  

   NOTE FOR 2015:   October 9, 2014 - Secretary of Health and Human Services (HHS) Sylvia Burwell announced today that next year’s standard Medicare Part B monthly premium and deductible will remain the same as the last two years. This leaves more of seniors’ cost of living adjustment from Social Security in their pockets (read details)

For graduated increases, based on income, see: http://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html        

 

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valuable links to additional information

 

Despite a small increase, at least five million people aged 65 and over will remain in poverty, since senior costs are rising significantly faster than the annual Social Security Cost of Living Adjustment (COLA).

 

         See: What is the CPI, how is it figured, and why the heck do I care??

 and: Does the CPI reflect what Seniors must actually spend?

 

 and: A simple explanation of inflation and CPI

 

 and: Simple explanation of ABCD Medicare Parts

 

 and: Making decisions on Medicare Advantage, Medigap, Part D

 

 

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