Your Social Security check could look different in 2019.
That’s because recipients will get a 2.8 percent cost-of-living adjustment in 2019. Meanwhile, Medicare Part B premiums will see a slight bump to $135.50 in 2019, up from $134 in 2018.
Those premiums are typically deducted from your Social Security check, provided you are receiving both Social Security benefits and are covered by Medicare.
You will not know officially how your Social Security checks will differ in 2019 until December, when you can review your online Social Security account or a paper statement in the mail.
In a fact sheet on the 2019 changes, the Social Security Administration lays out how the cost-of-living adjustment could change monthly benefits for beneficiaries.
In case you are wondering what you will pay for your Part B premium, Medicare.gov has also provided its own chart to help you figure that out.
Most people are subject to the standard rate of $135.50 in 2019. But if your modified adjusted gross income according to your tax return exceeds a certain amount, you will pay more.
What you pay for Medicare premiums in 2019 is determined by your 2017 tax return.
If your income from that year is above $85,000, you will pay more for your Medicare Part B premiums based on what is called an Income Related Monthly Adjustment Amount.
About 2 million Medicare beneficiaries will actually pay less than the $135.50 next year due to the “hold harmless” provision that protects certain Social Security beneficiaries from paying more for their Part B premiums.
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