Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday.
The adjustment is the highest that most current beneficiaries have ever seen, but that’s because it is based on an inflation metric from August through October, which is also around 40-year highs.
Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022.
The attached sheet is hot off the presses, with the announcement just minutes ago.
The Federal Benefit Amount for SSI will increase from $841.00 to $914.00.
All of these changes will take place January 1, 2023.
For more information or if you have questions about working and receiving Social Security Disability benefits contact MD-WIN Phone: 240-638-0071;
Email: mmorrison@innow.org or check out our Website: https://www.innow.org/md-win/
