Government: No benefit hike for Social Security next year
Thanks to decreasing gas costs, the annual cost of living adjustment (COLA) in 2016 will be zero. However this may be even worse for some Medicare beneficiaries. A little known exemption (waiver) means current medicare recipients will not have any increase. The waiver also extends to several other groups. The impact will affect those who begin receiving Medicare benefits in 2016. The monthly premium increase will be about $ 60.00. This increase occurs despite the fact that Medicare's reimbursements have decreased over the past several years due to many factors.
Normally the COLA offsets any Medicare premium increases annually.
Since 2010 there have been three years where there was no COLA.
Social Security benefits are complex. The age at which you apply, your marriage status and other factors will affect your monthly benefits.
Some seniors may benefit from applying for Medicare early, before January 2016. Advice from Health Train Express "Check with your social security office.
Thursday, October 15, 2015
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