Call 630-398-3329 to speak with an agent.

Call 630-398-3329 to speak with an agent.

Social Security is Giving You a Raise in 2018!

Posted by David Cheatham, December 20, 2017

For most retirees, Social Security comprises an important part of your income. Your benefits are relatively fixed, depending upon your earnings history, as well as the age at which you first filed your claim. It’s great to have supplemental income upon which you can depend, but inflation can impact your purchasing power over the years.

However, the Social Security Administration does routinely issue Cost of Living Adjustments (COLAs), based upon the inflation rate. During recent years, these adjustments have been historically small or even non-existent, so you might be pleased to learn that your checks will be increasing by 2 percent next year.

Two percent still isn’t a lot, amounting to about 27 dollars for the average retiree. Your own increase might be larger or smaller than that, depending upon your individual benefit amount.

Some of you might not notice this increase in your benefits, however. If you pay Medicare Part B premiums straight from your Social Security checks, a provision called the “hold harmless” rule has prevented your Medicare Part B premiums from rising faster than your Social Security COLAs. Essentially, you cannot be charged higher Medicare premiums if those higher charges would result in a smaller Social Security check. The standard premium is now 134 dollars per month, but you might have been “held harmless” against increases during recent years in which you did not receive a COLA.

But since your Social Security checks will now rise, beginning in January, the higher Medicare premiums can now kick in. So, you might not notice much of a difference in your checks, depending upon how much you receive.

This is a highly individual situation, so watch your mail for notices from Social Security and Medicare. They will explain your benefit and premium amounts to you, so that you know what to expect in January.

Need more information on your insurance options?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size

Default

Line Height

Default

Content Scaling

Default

Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments
Desaturate
Monochrome
Contrast

Default

Saturation

Default

Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.

Close