Social Security Announces 2.8% Benefit Increase for 2019
The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits will increase 2.8 percent in 2019. The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 31, 2018. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900 from $128,400.
Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. This year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through their “my Social Security account.” People may create or access their “my Social Security account” online at www.socialsecurity.gov/myaccount.
Information about Medicare changes for 2019 are available at available by clicking here. (https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance) The standard Part B premium amount will be $135.50 (or higher depending on family income).
Final 2019 benefit amounts will be communicated to beneficiaries in December 2018 through EIV, the mailed COLA notice, and my Social Security’s Message Center. If you have already completed January 2019 annual recertifications or February 2019 recertifications, there is no requirement to correct those certifications unless your residents request a change to allow for the Medicare expense.