There are a lot of articles already published on this Social Security increase, and frankly Social Security is not my area of expertise (Medicare is my expertise) so I won't provide too much commentary on the increase. I do recommend you speak to a Social Security expert and/or attend a workshop (see Recommendation #2 below) if you have any questions about Social Security.
Impacts on Medicare Part B Premiums
This small increase in COLA will likely result in a Part B Premium increase for everyone. The 2017 Part B premiums have not been made official yet. There are several articles speculating an increase to $149/month; but last year there were also projections of Part B increases up to 50% and the end result was only 16%. Last year, the changes were not finalized until the second week of November so we may have to wait a few more weeks to get the final 2017 numbers.
Recommendation #1: Review Your Medicare Plans
Do you still have a Plan F Medigap Plan?
You should definitely be aware of the impacts to Plan F in 2020 (just about 3 years away), and the potential savings with a Plan G Medigap Plan. We represent all the major insurance companies in the country and can let you know the best rates for each carrier based on your current age & situation. We can also let you know if you would qualify for a Plan G with a short 5 minute phone call.
We are saving individuals an average of $600 per year and couples an average of $1300 per year switching from a Plan F to a Plan G supplement.
Give us a call now or you can request a quote from our online form.
(1-908-272-1970) Cranford Office
(1-856-866-8900) Moorestown Office
Recommendation #2: See an Expert to Maximize your Social Security Benefits
There are two workshops coming up in Red Bank, NJ on November 5 Workshop and November 10 Workshop . The AFEA presenter, Greg Dillon is a colleague of mine and an excellent Social Security resource. I highly recommend you attend if you have any questions about Social Security benefits.