You may have already seen by now - Social Security released the 2017 Cost of Living Adjustment on Wednesday - the smallest increase in history, 0.3%. This means the average retired worker will receive an additional $4 per month.
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
In 2016, there was no COLA on Social Security. So most Medicare beneficiaries received no increase on their Part B Premiums of $104.90/month due to the "hold harmless" provision. You can read more here about the 2016 changes and the "hold harmless" provision.
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
Now, is the perfect time to be reviewing your Medigap and Part D Plans to ensure you have the most effective solution. This is your one opportunity (Oct 15 - Dec 7) each year to change your Part D Plan for 2017 and make sure you have the best Part D plan based on your specific list of drugs. If you would like a Free RX review and Part D recommendation, you can fill out our online form by November 15 for a free analysis and recommendation.
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
As I mentioned before - I am not a Social Security expert. But, I work closely with several Social Security experts and would highly recommend that you attend an educational workshop to ensure you understand ways 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.
See bio here