This article was originally published on Oct 19, 2011 and has been carried over from our previous website. Some legal details, dollar figures, and program rules may have changed since then — please contact us for current guidance.
For the first time in three years, there will be a cost-of-living increase in checks issued by the Social Security Administration. It is expected that the agency will announce a 3.5% raise in payments to seniors.
The bad news? A good chunk of this raise is likely to be offset by a jump in the Medicare Part B premium for roughly 75% or so of Medicare beneficiaries who are not low-income "dual eligibles" or high-income beneficiaries that already pay an additional premium.
A good explanation of the more complex aspect of this issue can be found here.
