2015 Cost of Living Adjustment (COLA) for Social Security Recipients and Medicare Costs
December 3, 2014
By Gabriela Raful, Esq.
In January 2015, those receiving Social Security Benefits will see a 1.7 percent increase in their checks due to the Cost of Living Adjustment (COLA). The purpose of this increase is to ensure that the purchasing power of Social Security Benefits is not eroded by inflation. In other words, the main purpose of COLA is to maintain the purchasing power of the benefits.
Social Security is the largest social program in the United States. The Social Security Administration (SSA) administers several programs. In addition to the most well known program, Old Age, Retirement and Survivors’ benefits, Social Security administers two types of disability benefits: Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). Those receiving SSDI and SSI benefits will also see an increase in their checks.
Medicare Costs will remain the same in 2015. For example, Part B premium will remain the same, which is $104.90 for most people. Part B deductible will be $147 per year. Most people do not buy a Part A Medicare Premium, but if you do, you will see a reduction in the monthly cost. In 2014, Part A premium had a cost of $426 each month. This amount was reduced to $407 for the year 2015.
Therefore, as of January 1, 2015, those entitled to SSDI, retirement, and survivors’ benefits will see an increase in their checks by 1.7 percent. As it relates to SSI benefits, the monthly maximum Federal amount for 2015 is $733 for an eligible individual. Philadelphia personal injury lawyers at Galfand Berger, LLP keep current on changes to ensure that Pennsylvania and New Jersey residents have the most current information regarding their benefits.
Philadelphia Personal Injury Lawyers at Galfand Berger Assist with Social Security Disability Claims
For more information regarding the upcoming changes to Social Security and Medicare, contact the personal injury lawyers in Philadelphia at Galfand Berger, LLP. Our offices are located in Philadelphia, Reading, and Bethlehem, Pennsylvania. Call us at 1-800-222-8792 or contact us online to schedule a free consultation.