Social Security announces 1.5 percent benefit increase for 2014

GOOD TO KNOW
Patricia Hafermann  Benefit Specialist

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 recently.

The 1.5 percent cost-ofliving 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 Dec. 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.

More 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 Costs at a glance

Part B premium: Most people pay $104.90 each month. (This amount will not change in 2014.)

Part B deductible: $147 per year (This amount will not change in 2014.)

Part A premium: Most people do not pay a monthly premium for Part A. If you buy Part A, you will pay up to $441 each month. ($426 in 2014)

Part A hospital inpatient deductible:

You will pay:

• $1,216 deductible for each benefit period

• Days 1-60: $0 coinsurance for each benefit period

• Days 61-90: $304 coinsurance per day of each benefit period

• Days 91 and beyond: $608 coinsurance per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime)

• Beyond lifetime reserve days: all costs

If you have any additional questions, you may call Pat Hafermann, elderly benefits specialist with the Aging and Disability Resource Center, at (920) 467-4076.


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