Social Security Announces 2.0 Percent Benefit Increase for 2018

[American Legion Post TH01]

 

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018, the Social Security Administration announced today.

The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017. (Note: some people receive both Social Security and SSI benefits) The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,700 from $127,200. Of the estimated 175 million workers who will pay Social Security taxes in 2018, about 12 million will pay more because of the increase in the taxable maximum.

Information about Medicare changes for 2018, when announced, will be available at www.medicare.gov.

 

Source: https://www.ssa.gov/news/press/releases/#/post/10-2017-1

[wwest5829]

So, wait and see. The last time SS went up, the increase was, at the same time taken back due to Medicare premium going up the same amount.

[retarius]

9 minutes ago, wwest5829 said:

So, wait and see. The last time SS went up, the increase was, at the same time taken back due to Medicare premium going up the same amount.

Medicare doesn't cover you over here in Thailand....or anywhere outside the US. I don;t bother with it.

[malibukid]

i keep my Medicare viable just in case

[Suradit69]

6 hours ago, American Legion Post TH01 said:

The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

If I'm not wrong, the last increase was a couple of years ago and was even less (1.5% ??). 

 

One wonders if the Dept of Labor obtains its inflation data from an Amish community or if they exclude discretionary items like food and housing.

[Jingthing]

It's based on a set formula. I read that the latest larger increase was directly influenced by energy price changes caused by all the hurricanes.

[connda]

58 minutes ago, wwest5829 said:

So, wait and see. The last time SS went up, the increase was, at the same time taken back due to Medicare premium going up the same amount.

If you're living here, why are you paying for Medicare which you can't use outside of the US.

[ubonjoe]

12 minutes ago, Suradit69 said:

If I'm not wrong, the last increase was a couple of years ago and was even less (1.5% ??).

I was 0.3% last year and no raise for the 2 years before then. If memory serves me correctly before the 2 years of no raises it was 0.25%

[Jingthing]

11 minutes ago, connda said:

If you're living here, why are you paying for Medicare which you can't use outside of the US.

One reason is if you think you might repatriate. There would be a substantial penalty to start the Medicare PART D payment later. But there are apparently exceptions --

 

https://www.ncoa.org/wp-content/uploads/part-d-late-enrollment-penalty.pdf

Edited October 14, 2017 by Jingthing

[Suradit69]

10 minutes ago, Jingthing said:

It's based on a set formula. I read that the latest larger increase was directly influenced by energy price changes caused by all the hurricanes.

I can only hope that none of us goes wild spending the extra cash lining our pockets.

[Pib]

Here's the COLA history from the SSA website.   Since the just announced 2% COLA increase goes in effect on 1 Dec 17 (although most will not get paid until Jan 18)  it's listed below as the 2017 COLA. 

 

As shown in the chart the years there was no COLA increase for 2009, 2010, and 2015 but people probably refer to those years as 2010, 2011, and 2016 based on when they actually started seeing the money deposited to their account in January.   However, many SSI recipients will see that 2% COLA increase in late Dec since they actually get paid same month/end of the month.

 

https://www.ssa.gov/oact/cola/colaseries.html

[wwest5829]

2 hours ago, retarius said:

Medicare doesn't cover you over here in Thailand....or anywhere outside the US. I don;t bother with it.

Correct. The closest place for us would be Guam. I keep it as a Major Medical backup if needed.

[wwest5829]

2 hours ago, connda said:

If you're living here, why are you paying for Medicare which you can't use outside of the US.

Major Medical if needed. My pockets allow a comfortable living here but a major medical issue would threaten to upend all.

[Pib]

For person who is a military retiree living in Thailand (like me and many other U.S. folks in Thailand) his Tricare coverage (the medical plan that covers military folks) ends at age 65 "unless" they sign up for Medicare B.   Then they can continue to use Tricare Overeas/Standard anywhere in the world which provides 75% claim reimbursement...100% on a few things.   So, by paying for Medicare Part B a military retiree living in Thailand can continue their Tricare medical coverage.  You continue to forward you claims to Tricare when obtaining medical services outside the U.S.

 

And although you can not file for reimbursement from Medicare for overseas care, you can when you get medical service in the U.S. like when you go back to the U.S. to visit family/friends or want to go back for major medical care.  Then you must first file your claim with Medicare for their 80% reimbursement and then after Medicare finishes processing the claim they automatically forward it to Tricare to pickup the remaining 20%....so a person ends up getting 100% reimbursement of allowable charges when getting care in the U.S.

 

 

Edited October 14, 2017 by Pib

[Jingthing]

5 hours ago, wwest5829 said:

Major Medical if needed. My pockets allow a comfortable living here but a major medical issue would threaten to upend all.

There are multiple issues with your statement.

Enrolling in Medicaid is not the same thing as paying for Medicare Part D which is optional.

Also living in Thailand and relying on Medicare is a risky proposition. If you're very sick, you won't be able to fly in a regular airplane. 

Edited October 14, 2017 by Jingthing

[serpent32]

I don't know about my military retirement pay but if Social Security is going to get a COLA raise then that probably means that my VA Disability Pension might get a COLA raise as well that's normally how it works I think.  

[serpent32]

8 hours ago, retarius said:

Medicare doesn't cover you over here in Thailand....or anywhere outside the US. I don;t bother with it.

Are you sure?  Normally I pay out of pocket but I know that I can get a VA covered appointment over here if I ask the VA representatives at the Embassy.  Maybe Medicare has reps at the Embassy as well I don't know but it's probably worth looking into.  The VA is totally different so I don't know maybe not.  

[serpent32]

3 minutes ago, serpent32 said:

Are you sure?  Normally I pay out of pocket but I know that I can get a VA covered appointment over here if I ask the VA representatives at the Embassy.  Maybe Medicare has reps at the Embassy as well I don't know but it's probably worth looking into.  The VA is totally different so I don't know maybe not.  

I actually prefer medical care here because most things are cheaper and there's no waiting for appointments usually we just walk in and ask for whatever we need and get it without needing a referral from another doctor.  

Edited October 14, 2017 by serpent32

[Jingthing]

Medicare abroad. There is no there here.

 

 

Quote

 

BASIC RULES ON NON-COVERAGE ABROAD

In most cases, Medicare won't pay for health care or supplies you get outside the US.

 

 

 

https://www.americansabroad.org/medicare-healthcare/

[wwest5829]

8 hours ago, Jingthing said:

There are multiple issues with your statement.

Enrolling in Medicaid is not the same thing as paying for Medicare Part D which is optional.

Also living in Thailand and relying on Medicare is a risky proposition. If you're very sick, you won't be able to fly in a regular airplane. 

Let us revisit this. 1.) I did not address "Medicaid"  2. I did not address Medicare Part D (prescriptions). You are correct, when I had a heart attack in December 2015, there was no time to fly home to the US. Not sure about how the knee/hip replacement or cancer costs might shake out. Due to having had 5 by-passes, and at age 70 I cannot afford any kind of medical insurance here (did have a policy here upon retirement but they excluded any heart issues - my greatest risk). So, most medical costs are "self-insured". I am fortunate in having a provided (by the higher education institution I retired from) that will pay up to $5000.00 per year outside the U.S. (that offset the $11,000.00 heart attack bill).

[watcharacters]

13 hours ago, wwest5829 said:

Correct. The closest place for us would be Guam. I keep it as a Major Medical backup if needed.

 

I also thought Guam might be an option but that hope was dashed after I made calls to Guam hospitals.   Unless you're retired military it's  SOL.

[wwest5829]

26 minutes ago, watcharacters said:

 

I also thought Guam might be an option but that hope was dashed after I made calls to Guam hospitals.   Unless you're retired military it's  SOL.

Good for us all to know, thanks.

[SpokaneAl]

For person who is a military retiree living in Thailand (like me and many other U.S. folks in Thailand) his Tricare coverage (the medical plan that covers military folks) ends at age 65 "unless" they sign up for Medicare B.   Then they can continue to use Tricare Overeas/Standard anywhere in the world which provides 75% claim reimbursement...100% on a few things.   So, by paying for Medicare Part B a military retiree living in Thailand can continue their Tricare medical coverage.  You continue to forward you claims to Tricare when obtaining medical services outside the U.S.
 
And although you can not file for reimbursement from Medicare for overseas care, you can when you get medical service in the U.S. like when you go back to the U.S. to visit family/friends or want to go back for major medical care.  Then you must first file your claim with Medicare for their 80% reimbursement and then after Medicare finishes processing the claim they automatically forward it to Tricare to pickup the remaining 20%....so a person ends up getting 100% reimbursement of allowable charges when getting care in the U.S.
 
 

I think that you are referring to transitioning from Tricare Prime to Tricare for Life when you reach age 65. In order to transition to Tricare for Life one must enroll in Medicare Part B. At that point Medicare becomes the prime coverage and Tricare for Life is one’s secondary coverage. However, that does not apply when one is outside the US. Outside the US you continue to use Tricare Standard.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

[Pib]

10 hours ago, serpent32 said:

I don't know about my military retirement pay but if Social Security is going to get a COLA raise then that probably means that my VA Disability Pension might get a COLA raise as well that's normally how it works I think.  

Military retirement and VA disability rates will increase 2%.

https://militarybenefits.info/cola-cost-of-living-adjustments/

https://militarybenefits.info/va-disability-rates/

 

[Pib]

14 minutes ago, SpokaneAl said:

 

I think that you are referring to transitioning from Tricare Prime to Tricare for Life when you reach age 65. In order to transition to Tricare for Life one must enroll in Medicare Part B. At that point Medicare becomes the prime coverage and Tricare for Life is one’s secondary coverage. However, that does not apply when one is outside the US. Outside the US you continue to use Tricare Standard.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

 

Yea, I didn't want to get into too much detail on all the numerous names tied to Tricare such as Tricare Prime, Tricare Standard, Tricare Extra, Tricare Overseas (which is really just Tricare Standard)...and when you turn 65 you must start paying Medicare Part B if you want to stay on Tricare Standard/Overseas and by paying Medicare Part B they call that the Tricare for Life program.

 

 Tricare for Life it just a general name given the the progam/law saying you can stay on Tricare Standard/Overseas regardless of where you live on planet Earth, the Moon, Mars, etc.

 

And come 1 Jan 18 those names of Tricare Standard/Extra/Overseas go away and change to Tricare Select and there will be certain "annual enrollment requirements" in certain cases as Tricare Select is phased in.  All due to a law change over the last year....thanks Congress.  But the Tricare for Life program remains as that is a separate law and will apply to the Tricare Select various names like Tricare Select Overseas.

 

https://tricare.mil/About/Changes/Select

 

Quote

 

TRICARE Select

Introducing TRICARE Select

Starting on January 1, 2018, TRICARE Select replaces TRICARE Standard and Extra. TRICARE Select is a self-managed, preferred provider network plan.

 

TRICARE Select Overseas

Starting on January 1, 2018, TRICARE Select replaces TRICARE Standard Overseas. TRICARE Select is a preferred provider organization-style plan that provides access to both network and non-network TRICARE authorized providers.

 

 

 

[Langsuan Man]

Anyone thinking about going to Guam for Medical treatment under Medicare had better take a look at the cost of flight to Guam from Bangkok

 

When I had to go to Guam for business several years ago the only way was via Manila on Continental, who knows who is flying the route now

 

Just because some place looks close on a map,  that doesn't translate to airline routes and fares rarely relate to distance  

Edited October 15, 2017 by Langsuan Man

[Mansell]

18 hours ago, Suradit69 said:

If I'm not wrong, the last increase was a couple of years ago and was even less (1.5% ??). 

 

One wonders if the Dept of Labor obtains its inflation data from an Amish community or if they exclude discretionary items like food and housing.

My understanding about the small increase was because the price of gasoline in the US went from around $5 to around $2 depending on where you live. The COLA was based upon that as it was a substantial decrease in price.

[Jingthing]

2 hours ago, wwest5829 said:

Let us revisit this. 1.) I did not address "Medicaid"  2. I did not address Medicare Part D (prescriptions). You are correct, when I had a heart attack in December 2015, there was no time to fly home to the US. Not sure about how the knee/hip replacement or cancer costs might shake out. Due to having had 5 by-passes, and at age 70 I cannot afford any kind of medical insurance here (did have a policy here upon retirement but they excluded any heart issues - my greatest risk). So, most medical costs are "self-insured". I am fortunate in having a provided (by the higher education institution I retired from) that will pay up to $5000.00 per year outside the U.S. (that offset the $11,000.00 heart attack bill).

I accidentally wrote Medicaid not Medicare. I meant Medicare. I didn't intend to comment on Medicaid at all. Thanks for catching my error. 

 

[Pib]

5 hours ago, Mansell said:

My understanding about the small increase was because the price of gasoline in the US went from around $5 to around $2 depending on where you live. The COLA was based upon that as it was a substantial decrease in price.

 

Well, while gas prices in high cost areas like Hawaii and Chicago did get close to $5 back in recent history like in 2012, the CPI COLA determination only goes back 1 year.   And actually the annual COLA amount is based on an average of the last three months of fiscal year of Jul, Aug, and Sep....those final 3 months of the fiscal year and the important months for COLA determination.   

 

Gasoline was not a driver of the COLA being low, it helped it to even reach the 2% as one of the many (hundreds) basket of  goods and services used to determine the COLA.

 

Looking at the U.S. govt Energy Information Administratioin website below is what the average retail price of all grades of gasoline has been in recent history.   For the last year the overall annual direction of gasoline prices has been up and not down.

 

And below is partial quote from a 13 Oct 17 release from the U.S. govt Bureau of Labor Statistics which determines the annual COLA, energy and gasoline prices went up significantly over the last year.

 

 

 

 

 

 

[Rhys]

when I'm 62