New figures announced

The Social Secu­ri­ty Admin­is­tra­tion (SSA) has announced that Social Secu­ri­ty and SSI ben­e­fi­cia­ries will receive a 1.7% cost-of-liv­ing adjust­ment (COLA) for 2015. Accord­ing to the SSA’s announce­ment, after the COLA, the esti­mat­ed aver­age month­ly retire­ment ben­e­fit payable in Jan­u­ary 2015 will be $1,328.

The Cen­ters for Medicare & Med­ic­aid Ser­vices (CMS) has also announced next year’s Medicare costs. The stan­dard month­ly Medicare Part B pre­mi­um will be $104.90 in 2015, the same as in 2014. How­ev­er, ben­e­fi­cia­ries with high­er incomes (indi­vid­u­als with tax­able incomes of more than $85,000 and cou­ples with tax­able incomes of more than $170,000) will pay more than $104.90 per month because they must pay an income-relat­ed sur­charge.

Oth­er impor­tant Social Secu­ri­ty and Medicare fig­ures are list­ed below.

2015 Social Security figures

  • The amount of tax­able earn­ings sub­ject to the Social Secu­ri­ty tax (called the max­i­mum tax­able earn­ings lim­it) will increase to $118,500 from $117,000 in 2014.
  • The annu­al retire­ment earn­ings test exempt amount for ben­e­fi­cia­ries under full retire­ment age will increase to $15,720 from $15,480 in 2014. If a ben­e­fi­cia­ry has earn­ings that exceed the exempt amount, $1 in ben­e­fits will be with­held for every $2 in earn­ings above the exempt amount.
  • The annu­al retire­ment earn­ings test exempt amount that applies dur­ing the year a ben­e­fi­cia­ry reach­es full retire­ment age will increase to $41,880 from $41,400 in 2014. If a ben­e­fi­cia­ry has earn­ings that exceed this amount, $1 in ben­e­fits will be with­held for every $3 in earn­ings above the exempt amount.
  • The amount of earn­ings need­ed to earn one Social Secu­ri­ty cred­it will increase to $1,220 from $1,200 in 2014.

2015 Medicare figures

  • The Medicare Part B deductible will be $147, the same as in 2014.
  • The month­ly Medicare Part A pre­mi­um for those who need to buy cov­er­age will cost up to $407, down from $426 in 2014. How­ev­er, most peo­ple don’t pay a pre­mi­um for Medicare Part A.
  • The Medicare Part A deductible for inpa­tient hos­pi­tal­iza­tion will be $1,260, up from $1,216 in 2014. Ben­e­fi­cia­ries will pay an addi­tion­al dai­ly co-insur­ance amount of $315 for days 61 through 90, up from $304 in 2014, and $630 for stays beyond 90 days, up from $608 in 2014.
  • Ben­e­fi­cia­ries in skilled nurs­ing facil­i­ties will pay a dai­ly co-insur­ance amount of $157.50 for days 21 through 100 in a ben­e­fit peri­od, up from $152 in 2014.