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Updated: Wednesday October 30, 2013

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Medicare - SeniorArk Main Page             Social Security - SeniorArk Main Page

Go to: The Medicare Part D Start Page

2014 Social Security C.O.L.A:

Social Security Announces 1.5 Percent Benefit Increase for 2014

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 today.

The 1.5 percent cost-of-living adjustment (COLA) will begin with benefits that more than 57 million Social Security beneficiaries receive in January 2014. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2013.

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 $117,000 from $113,700. Of the estimated 165 million workers who will pay Social Security taxes in 2014, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.

Information about Medicare changes for 2014 is available at www.Medicare.gov.

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

 

2014 Medicare Part B Premium: In 2013 this premium has been $104.90 for most of us. This premium applied to incomes less than $85,000/year. On October 28 it was announcement 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.”  

That’s good news for Medicare beneficiaries that have seen the cost of their Part B premiums increase in the past few years.

In 2013 the base Part B premiums increased $5 per month to $104.90.  Due to slower growth in Medicare costs, Part B premiums will stay at that level for 2014. People with incomes above $85,000 will continue to pay more per month for their Medicare Part B premium.

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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The Social Security C.O.L.A.

Announced in October of 2012, the cost of living increase for 2013 was 1.7%.

 

Medicare Part "B" Premium: for 2013

     

For most folks, the Part B Premium for 2013 has been $104.90/ month.

 

 

 

 

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