The KnowHow Perspective – Social Security Answers!

Hey – “Why did Sarah get an increase in her Social Security check this month and I got nothing?”

  • If you receive Social Security, the cost for your Part B portion of Medicare (which pays for doctor and outpatient services) is automatically deducted from your monthly check.
  • For certain reasons, folks are charged different rates for Part B.
  • Two common rates in 2017 were either about $109 per month (70% of Medicare enrollees) or about $134 per month (those who have not started taking Social Security but have Medicare).
  • The standard premium for Part B in 2018 is $134 per month.
  • Those paying $109 in 2017 will go up to $134 or $25 more per month. For those already paying $134 there is no cost increase deducted from your check.
  • The Social Security COLA (Cost of Living Adjustment) for everyone in 2018 is 2%.
  • For those who were paying $109 AND if the 2% added to your monthly benefit check resulted in an increase that was less than $25, you saw NO INCREASE in your monthly check as it all went toward the $25 Part B increase. (If you didn’t have enough to cover the $25, you are not asked to make up the deficit because Social Security cannot reduce the amount of your check.)
  • For those who were already paying $134, you saw a net increase in your monthly check since no additional amount was due.

KnowHow is an embedded program within DVN and provides decision support / personal advocacy services that help members think through complex decisions in their lives. These can include: Social Security, Medicare, End of Life Planning, Financial Matters, Financial Fraud or other personal circumstances. You can reach KnowHow (David Critchlow) anytime to set up a meeting by phone or in-home by calling 704-892-0199 or emailing him at DCritchlow@knowhownc.com – “David looks forward to hearing from you.”

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