2009 Social Security COLA, 2009 Part B Premium, 2009 Part D Premium :A crisis for many Seniors. 2009 Social Security Cost of Living Increase Adjustment, CPI-W

Updated: Saturday December 10, 2011

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Go to: The Medicare Part D Start Page

On this page you will find: (updated October 27, 2011)

-2012 Social Security COLA information *

-2012 Medicare "B" Premium information *

- Valuable links to additional information

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*2012 Social Security COLA

(Read: Explanation of exactly how the COLA is figured)

The possibility of a Social Security COLA increase for the year 2012 was announced on October 19, 2011. You will find the information in the next table below.

SeniorArk anticipated that there will be a small increase, based solely on an increase in the CPI-W, a cost of living index used to determine whether one occurs. Congress and the President, have no control over this index, It is figured by number crunchers based on decades-old law.

The bad news is that we still may not see a large increase in our checks. Medicare Part B premiums have not changed for the past two years. The law states that there may be no increase in the Part B premium in excess of any increase in Social Security. For the past two years, the Part B premium should have increased based on increases in the cost of healthcare. So we anticipate that some of any increase in our Social Security will be taken back by the Part B premium. This is the premium that is automatically removed from our Social Security checks each month. For most Seniors, that amount has been $96.40/month. That figure is indexed for those with high incomes. The latest update on Part B premiums is in article at the bottom of this page.

Cost-of-Living Adjustment is First Since 2009
Released by The Social Security Administration October 19, 2011
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012, the Social Security Administration announced today.
The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.
Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,100 from $106,800. Of the estimated 161 million workers who will pay Social Security taxes in 2012, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.
Information about Medicare changes for 2012, when announced, will be available at www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.
End of SSA statement.

More 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

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*Medicare Part "B" Premium: for 2012

Updated October 27, 2011

Medicare Part B recipients who signed up before 2008 will see a smaller monthly premium hike than expected, and more recent retirees will see a rate cut in 2012.

That's the gist of the government's October 27th, 2011 announcement about changes in Medicare premiums.

The monthly premiums that most seniors pay for Medicare Part B health insurance will go up by $3.50 a month to $99.90, less than the $10-a-month increase originally projected, according to the Department of Health & Human Services.

Another 25% of Medicare Part B enrollees, who were either new enrollees between 2008 and 2011 or who have higher incomes, have been paying premiums that averaged $115.40 a month. They will all see premiums fall to the same $99.90 level as prior enrollees.

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