Medicare costs likely to erase Social Security increase It would be 3d straight year of flat payouts March 28, 2011|By Stephen Ohlemacher, Associated Press
WASHINGTON — Millions of retired and disabled people had better brace for another year with no increase in Social Security payments.
The government is projecting a cost-of-living adjustment for Social Security benefits next year, the first increase since 2009. But for most beneficiaries, rising Medicare premiums threaten to wipe out any increase in payments, leaving them without a raise for a third straight year.
About 45 million people receive both Medicare and Social Security. By law, beneficiaries have their Medicare Part B premiums, which cover doctor visits, deducted from their Social Security payments each month.
When Medicare premiums rise more than Social Security payments, millions of people living on fixed incomes do not get raises.
On the other hand, most do not get pay cuts, either, because a hold-harmless provision prevents higher Part B premiums from reducing Social Security payments for most people.
David Certner of AARP estimates that as many as three-fourths of beneficiaries will have their entire Social Security increase swallowed by rising Medicare premiums next year.
It is a tough development for retirees who lost much of their savings when the stock market collapsed, who lost value in their homes when the housing market crashed, and who cannot find work.
Medicare premiums are absorbing a growing share of Social Security benefits, leaving retired and disabled people with less money for other expenses, according to a report by the Congressional Research Service.
Social Security recipients spend, on average, 9 percent of their benefits on Medicare Part B premiums, plus 3 percent on premiums for the Medicare prescription drug program.
David Certner of AARP estimates that as many as three-fourths of beneficiaries will have their entire Social Security increase swallowed by rising Medicare premiums next year. The last 2 years Medicare went up and there was no increase in Social Security, this must be due to the savings from Obama's Health-care Bill.
I'm on SS disability and have gotten the same amount for two years $255 a month. I will not see an increase. You can probably guess I'm on a tight budget : ) I wish I had been able to work more than I did.
A. A COLA is an automatic adjustment in benefits that occurs annually. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA.
The COLA has nothing to do with HCR.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
A. A COLA is an automatic adjustment in benefits that occurs annually. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA.
The COLA has nothing to do with HCR.
Well, with a dollar that ain't worth sh*t, gas at $5 a gallon, and the resultant increase in everything else due to transportation costs, SS'ers should look "forward" to a big increase next year.
Thanks for the (loose) change Barry...but keep that US mint money machine printing.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Well, with a dollar that ain't worth sh*t, gas at $5 a gallon, and the resultant increase in everything else due to transportation costs, SS'ers should look "forward" to a big increase next year.
You must be confused again Tbird... The Retail price of gas is high, but it hasn't even equaled the ALL TIME HIGH of the George Worst Bush years.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The Medicare charge is affected by the Health-Care Bill and it's going up every year and is costing us more every year and the Social Security payment stays the same resulting in a net loss. The all time high for the price of gas was $4.11 per gallon and not to worry Obama will beat that this summer.
You must be confused again Tbird... The Retail price of gas is high, but it hasn't even equaled the ALL TIME HIGH of the George Worst Bush years.
How about the value of the dollar, Box?? Come up with a graph for that one... There is a big difference in the reasons for the high cost of gas. During the Bush admin, it was truly a supply situation, which was reacted to by OPEC INCREASING their output. With Obozo, it is a value of the dollar issue. There is plenty of oil on the market and predictably OPEC is NOT increasing production as it sees plenty of supply. Its the DOLLAR!! The feds stupid monetary policy and Obozo spending spree...
BTW, there will be a new all time high in about a month. I guess that's the change we wanted.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Our dollar is being devalued as we speak. Our dollar will NOT be the world currency for much longer. And when that day comes............watch out.....we ain't seen nothing yet.
And this is yet another example of another failed liberal government system. With this country, that offers NOTHING to the world (no industry etc), in the economic state it is in, it will be the first time that our children will NOT have a better life than those who came before them.
We can not afford the government programs that already exist, let alone create new ones. And since our wonderful politicians don't know how to cut spending, they will have no choice but to raise the debt ceiling which will lower our rating!!
The Dragon has woken up, the oil fields are control by those that hate us and those who govern us, both dems and reps are dimwits!!!
Ron Paul is the only hope left before the titanic sinks to the bottom! IMHO
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
LMAO! It's like a full blown Right Wing Panic Attack!!!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Not just them.. Standard and Poors, who rates the US as Negative. Or the Chinese, who have just devalued our currency 30%.
But you keep on drinking the DNC KoolAid, hoping for change and more gub'met checks.
BTW, I thought we were done in Libya? It seems Barry just authorized the use of Predator Drones..I guess that's Bush's fault too. Those predators must be cheap to operate, after all, he was going to cut the deficit in half...oh, nevermind....
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
SS WAS NEVER MEANT TO BE COMFORTABLE OR EVEN CLOSE TO IT.........it was a RESPECTIVE help....respecting a person for the choices they made in life and where they were.....when the government tells you what you have done isn't good enough it insidiously usurps a society's ability to survive.....GET IT?!
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Logged
