topic Re: Social Security raise in Community Chat

Social Security raise

catter70 — Tue, 07 Jan 2025 13:44:50 GMT

Since it's that time again, I got out the info from last year to compare what I'll get for this year. By the time I pay the difference in my medicare, part D and supplemental, I'll get to keep $2.50. I guess I'm glad at least I get to keep that, though tt certainly won't buy a dozen eggs or a loaf of bread, or much else.

Re: Social Security raise

Estellee — Tue, 07 Jan 2025 13:52:59 GMT

I agree, at least we are getting to keep something however small it is

Re: Social Security raise

Isobel Archer — Tue, 07 Jan 2025 13:55:11 GMT

I will be getting a significant raise (considering that I am now getting nothing) since the SS Fairness Act was passed and signed.

For those subject to the Offset and Windfall provisions, things are looking bright indeed.

Re: Social Security raise

Estellee — Tue, 07 Jan 2025 13:58:13 GMT

@Isobel Archer That's great!

Re: Social Security raise

Jo1313 — Tue, 07 Jan 2025 23:08:30 GMT

and all my bills went up 10-20% a month.

thank goodness I have other sources of income.

Don't know how some live on SS alone..especially if you need meds.

Re: Social Security raise

gidgetgh — Tue, 07 Jan 2025 14:06:03 GMT

I got my increase notice on 12/31. I am thrilled with my net increase.

Re: Social Security raise

CelticCrafter — Tue, 07 Jan 2025 14:18:24 GMT

@catter70 that's about all I'm getting but I guess it's better than being in the red.

Re: Social Security raise

Rockycoast — Tue, 07 Jan 2025 14:34:50 GMT

Very happy with the 2.5% increase combined for myself and hubby. No complaints from me.

Re: Social Security raise

SouthernBee — Tue, 07 Jan 2025 14:39:33 GMT

@gidgetgh : We we surprised and thankful.

Re: Social Security raise

wagirl — Tue, 07 Jan 2025 14:48:52 GMT

My $33 increase will pay for the part B and my supplement increases--with maybe $10 leftover--better than a burnt stick in the eye ! But really great for the teachers/government folks to get theirs!! I was shocked when I heard that wasn't a thing until Biden signed it into law--hopefully it will not be done away with--hopefully!!!

Re: Social Security raise

Effie54 — Tue, 07 Jan 2025 14:56:17 GMT

I also got a small increase, but my Medicare (Medigap) went up so much that I net $1.25. So..........not much to celebrate.

Re: Social Security raise

Isobel Archer — Tue, 07 Jan 2025 14:58:42 GMT

@wagirl wrote:
My $33 increase will pay for the part B and my supplement increases--with maybe $10 leftover--better than a burnt stick in the eye ! But really great for the teachers/government folks to get theirs!! I was shocked when I heard that wasn't a thing until Biden signed it into law--hopefully it will not be done away with--hopefully!!!

It was bipartisan and the new Prez supports it too so I don't think there will be a problem.

It always did seem unfair to me. If they had wanted to means test originally, they should have applied the offset and windfall provisions to everyone who had a pension not just some people.

Re: Social Security raise

Venezia — Tue, 07 Jan 2025 15:14:01 GMT

@Isobel Archer - I didn't know about this issue with SS until quite a few years ago, when a friend told me that she and her DH were affected by this.

Both have worked in private and public sectors. I've been watching it closely and am so glad for them and you, that this has finally been addressed.

An unfair policy finally put to rights. Better late than never!

Re: Social Security raise

Carmie — Tue, 07 Jan 2025 15:15:03 GMT

The increase did nothing for me. It amounted to a few dollars. $2

Since the Medicare Part B preminum went up $10.20 a month and the Part B deductible went up $17 and for most people with supplements, their prices went up as well....especially the RX coverage. Some people will be lucky to break even.

Re: Social Security raise

Carmie — Tue, 07 Jan 2025 15:19:23 GMT

@Isobel Archer wrote:
I will be getting a significant raise (considering that I am now getting nothing) since the SS Fairness Act was passed and signed.

For those subject to the Offset and Windfall provisions, things are looking bright indeed.

It's about time. Even though it doesn't apply to me, I never thought this was fair.

I am happy for you and for others. You deserve it.

For those who never paid into SS for at least 10 years, I understand they will not be able to collect anything.

Only those who have paid into SS for 10 years or more and are receiving reduced SS will receive their full amount due without a reduction.

Re: Social Security raise

Jacie — Tue, 07 Jan 2025 15:21:11 GMT

I too received the increase. Peanuts.

Re: Social Security raise

Still Raining — Tue, 07 Jan 2025 15:43:04 GMT

Merging the underlying Social Security increase with three other different changes can obscure the components.

Part B changes are set by Medicare. Part D and supplements are set by insurance companies.

Re: Social Security raise

Effie54 — Tue, 07 Jan 2025 15:45:52 GMT

@Carmie wrote:
The increase did nothing for me. It amounted to a few dollars. $2

Since the Medicare Part B preminum went up $10.20 a month and the Part B deductible went up $17 and for most people with supplements, their prices went up as well....especially the RX coverage. Some people will be lucky to break even.

@Carmie That's right. I forgot about how much the part D went up. I paid $17.00 in 2024 and in 2025 it went up to over $150.00 for the same not-so-good coverage.

Re: Social Security raise

Carmie — Tue, 07 Jan 2025 15:56:09 GMT

@Still Raining wrote:
Merging the underlying Social Security increase with three other different changes can obscure the components.

Part B changes are set by Medicare. Part D and supplements are set by insurance companies.

Agreed, but at the end of the day, you can't get ahead.

Federal Law has now capped the RX coverage out of pocket at $2000 and they have added some previously uncovered drugs that are expensive.

This has made the Part D prices go up a lot for everyone...even those who don't need or use RX drugs.

The bottom line for many people celebrating a small increase is going to be disappointing when they find they are short on monthly income compared to last year.

Re: Social Security raise

CelticCrafter — Tue, 07 Jan 2025 17:33:18 GMT

@Carmie wrote:
@Still Raining wrote:
Merging the underlying Social Security increase with three other different changes can obscure the components.

Part B changes are set by Medicare. Part D and supplements are set by insurance companies.

Agreed, but at the end of the day, you can't get ahead.

Federal Law has now capped the RX coverage out of pocket at $2000 and they have added some previously uncovered drugs that are expensive.

This has made the Part D prices go up a lot for everyone...even those who don't need or use RX drugs.

The bottom line for many people celebrating a small increase is going to be disappointing when they find they are short on monthly income compared to last year.

People that aren't taking prescription drugs have the option to buy the absolute cheapest plan available in their area.

I take nothing so why would I pay a ridiculous price for something I'm not using? If that changes in the future I have the option to make a change in October.

You should be aware of that, you have extensive knowledge in the insurance business.