Social Security recipients to receive $4 monthly benefit increase
Next year will be the fifth time in a row that Social Security disability benefits receive only marginal increases.
This year did not experience any increase at all. The hike next year will be small because inflation is low this year. On Tuesday, October 18, the federal government informed the public of the cost-of-living adjustment, or COLA. The adjustment affects more than 70 million individuals or around one in five Americans. Unfortunately, the announced COLA will translate into an equivalent of less than $4 of increase to monthly Social Security benefits, which average $1,238.
However, Medicare Part B premiums, which usually come straight from Social Security payments, are set to rise next year and will likely wipe out the entire COLA increase. Under the law, the dollar increase in Medicare’s part B premium cannot be higher than a beneficiary’s cost-of-living raise.
Our Social Security disability lawyers at the Hankey Law Office provide legal services for our clients in Indianapolis and other areas in Indiana, and we help clients file for or appeal claims for federal disability benefits. Seek our legal assistance by calling our offices at (800) 520-3633 today.