U.S. - Social Security Announces 5.9 Percent Benefit Increase for 2022

[Pib]

 

Press Release

https://www.ssa.gov/news/press/releases/2021/#10-2021-2

 

Wednesday, October 13, 2021
For Immediate Release

Mark Hinkle, Press Officer
[email protected]

Social Security Announces 5.9 Percent Benefit Increase for 2022

 

Print Version

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022, the Social Security Administration announced today.

 

The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. (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 $147,000 from $142,800.

 

Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. Most people who receive Social Security payments will be able to view their COLA notice online through their personal my Social Security account. People may create or access their my Social Security account online at www.socialsecurity.gov/myaccount.

Information about Medicare changes for 2022, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2022 are announced. Final 2022 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security's Message Center.

 

The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.

NOTE TO CORRESPONDENTS: Here is a fact sheet showing the effect of the various automatic adjustments.

[cmarshall]

And since inflation in Thailand for the twelve months ending Sept. 30 was 1.68% while the dollar strengthened against the baht, we come out ahead this time.  

 

https://tradingeconomics.com/thailand/inflation-cpi

[Pib]

At the bottom is a partial quote of a SSA email I got today.  Talks the "when and how" a person's individual COLA Notice will arrive so they can see their specific amount right down to the penny.  The "when" will be in December as December is the first benefit month the COLA will be applied. 

 

And then your December benefit month is paid the following month (typically on the 3 Jan for folks with a foreign address such as Thailand) although you may see it arrive the last few days of December due to the New Year holidays.  

 

And yea, for those paying Medicare premiums we are still waiting to see what the 2022 Medicare premiums will be.  Supposedly a recent Medicare trustee report indicated the Part B premium increase will be approx $10.   See this Detroit Free Press link for more info.

 

 

***Partial Quote of Email from SSA***

 

View your new benefit amount Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. Cost-of-Living Adjustment (COLA) notices  We will mail Cost-of-Living Adjustment (COLA) notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. Want to know your new benefit amount before your notice arrives? Starting in early December, you will be able to securely view and save your Social Security COLA notice online via the Message Center inside my Social Security.   *Benefit amounts will not be available before December.   ***End of partial quote***

 

[gk10012001]

Yes good news for me that starts SSA next year.  Note that medicare premiums such as Supp B will likely increase, maybe the same percentage, but that's OK.  My social security will be a bit over $30,000 a year.  My Medicare Supp B with my MAGI will be about $3,000 a year.  So I get > $1500 more for SSA, and pay out $150 more to Medicare.  Things could be worse. 

Edited October 15, 2021 by gk10012001

[cmarshall]

We get to keep most of the SS COLA increase.

 

https://www.medicareplanning.com/medicare-part-b-costs-2022/

 

[Jingthing]

Pib, thanks for posting this news.

I was gonna a few days ago but figured someone else would. 

Definitely happy news to me as I will soon be enrolled in Medicare Part B.

On the other hand it's a symptom of high inflation in the U.S. so I figure most lower level check recipients in the US could handle a 50 percent increase.

[sirineou]

Impossible to log on to my Social security account because it wants to send me a text message which of course I cant receive because I am in Thailand.

So I call them and explain , they say no problem we will mail you a code to change your preference to E-mail. 

First time I never got the code at my US address, second time by the time it arrived it had expired . 

So I called back and they said  no problem , cancel this account and go start another one with the email option for notifications. 

So great let's do that, Account canceled, and  I go start a new account. 

But to have a new account validated you have to receive and email or a mailed code which I never recieved

 

So back to square one, but now without an account LOL

I will fix everything up when I am back in the US because I have no desire to talk to another SSI agent. 

[Jingthing]

I used email verification from the start. A good warning to others.

[Heng]

Anyone here not get those 'are you still alive' letters?   I see it mentioned from time to time but my folks don't seem to get those for some reason.  Both over 70.   Is it subjective somehow (for instance as long as you still file you're presumed alive)?

[Pib]

16 minutes ago, Heng said:

Anyone here not get those 'are you still alive' letters?   I see it mentioned from time to time but my folks don't seem to get those for some reason.  Both over 70.   Is it subjective somehow (for instance as long as you still file you're presumed alive)?

Apparently they are not being mailed this year due to COVID impacts.....just like they were not mailed last year due to COVID impacts.   

 

Basically the SSA has suspended the mailing of dead or alive letters until further notice....will resume at a later date when conditions have changed.

[ubonjoe]

44 minutes ago, Heng said:

Anyone here not get those 'are you still alive' letters?   I see it mentioned from time to time but my folks don't seem to get those for some reason.

If they live in states or are using a US address for the SSA they would not get them. It is mostly for those living outside the US.

[Pib]

1 hour ago, Jingthing said:

I used email verification from the start. A good warning to others.

Ditto for me.  

[Heng]

43 minutes ago, ubonjoe said:

If they live in states or are using a US address for the SSA they would not get them. It is mostly for those living outside the US.

Okay, then it's this.   Thanks for the info.   

[konaboy]

I have been trying to get a call through to Manila SS office from Thailand. No luck?

I googled the # no luck. Any info is appreciated.

Anyone cancelled part B and just pay for meds in Thailand?

[Jingthing]

2 hours ago, konaboy said:

I have been trying to get a call through to Manila SS office from Thailand. No luck?

I googled the # no luck. Any info is appreciated.

Anyone cancelled part B and just pay for meds in Thailand?

Try email.

 

https://ph.usembassy.gov/u-s-citizen-services/social-security/contact/

 

I'm in the process of enrolling in Part B that way.

 

I tried calling the foreign service office in Baltimore directly over the course of several days and they literally never answered the phone or even put me on hold. Our tax dollars at work. 

 

 

You may speed up their response by including this in your initial email:

 

 

So that we can locate your records and assist you with your inquiry, please provide the identifying information listed below.  Providing this information is optional; however, we may not be able to assist you accurately without referring to your records.

 

-      Complete Name (first name, middle name, last name):

-      Other Names Used:

-      Date of Birth:

-      Last four digits of Social Security Number (SSN):

-      Address:

-      Contact Number:

___

 

Social Security Administration – Federal Benefits Unit

Address: 1201 Roxas Boulevard, Ermita 0930 Manila, Philippines

Inquiry Line: (+63 2) 5301-2000, Option 9

Telephone Hours: Tuesdays and Thursdays - 8:00 AM to 11:00 AM (Manila Time), except U.S. and Philippine Holidays

In-Office Appointments: Wednesdays and Fridays - 8:00 AM  to 11:30 AM, except U.S. and Philippine Holidays. To request an appointment, please email [email protected] and we will contact you to schedule the appointment.

Edited October 15, 2021 by Jingthing

[JimGant]

Wow, the $10 projected increase for Medicare premiums sure missed the mark.....

Quote

The Biden administration announced Friday that the monthly premium for Medicare Part B, which covers services like doctors office visits, will increase by $21.60, from $148.50 in 2021 to $170.10 in 2022. Officials said that is one of the largest increases in recent years. 

https://thehill.com/policy/healthcare/581379-medicare-premiums-to-jump-in-part-due-to-pricey-alzheimers-drug

 

 

[Pib]

And many of our elected representatives in Congress continue not allow/support Medicare to negotiate drug prices due to drug companies lobbying.  But I sure hope  the current administration's efforts to allow Medicare to negotiate prices on some drugs passes Congress---but the drug companies are fighting tooth and nail against it.

[Pib]

This $21.60 Part B increase means those on Part B and drawing around  $370 or less SS pension will not see any increase in their net monthly pension as the Part B increase ate up all of their pension COLA increase. 

 

But for folks drawing more than approximately a $370 pension the 5.9% pension COLA will be putting more money in their pockets...like a person drawing say a $1000 pension would see a $59 pension increase before the Part B increase of almost $22 which would then  lower money hitting your pockets down to $37 which nets out to a 3.7% increase when all the COLA and premium dust settles.  For a $2000 pension the 5.9% COLA would result in a $118 pension increase before being Part B reduced $22 netting out to $96 or 4.8% pension increase.

 

Fortunately the large pension COLA increase this year pretty much mutes the large Part B increase.

[meechai]

22 hours ago, Pib said:

This $21.60 Part B increase means those on Part B and drawing around  $370 or less SS pension will not see any increase in their net monthly pension as the Part B increase ate up all of their pension COLA increase. 

 

But for folks drawing more than approximately a $370 pension the 5.9% pension COLA will be putting more money in their pockets...like a person drawing say a $1000 pension would see a $59 pension increase before the Part B increase of almost $22 which would then  lower money hitting your pockets down to $37 which nets out to a 3.7% increase when all the COLA and premium dust settles.  For a $2000 pension the 5.9% COLA would result in a $118 pension increase before being Part B reduced $22 netting out to $96 or 4.8% pension increase.

 

Fortunately the large pension COLA increase this year pretty much mutes the large Part B increase.

Actually I do not think those retired with only $370 SS will need to worry as anyone making less than FPL gets free Medicare Part B

or more clearly gets part B paid for by their State (Medicare Savings Program)

 

https://www.nolo.com/legal-encyclopedia/federal-poverty-level-eligibility-medicare-medicaid-benefits.html

Quote

 

If your income is under 100% of the FPL, your state must pay for Medicare on your behalf, through the Qualifying Medicare Beneficiary (QMB) program. This is a Medicare Savings Program that you may be eligible for if you qualify for Medicare because you are 65 or older or are disabled.

Also, many states use 100% FPL as the income limit for qualifying for Medicaid for adults.

 

 

Edited November 14, 2021 by meechai

[Pib]

If you have a SSA Online acct your official COLA notice/increase letter should be in your online message inbox.  The wife and I got ours today.  We first got emails to check our online acct inbox for a new message.  When logging on and checking the message inbox the COLA notice/letter was there.   The letter shows the exact amounts to the penny like your new monthly gross amount, new Medicare Part B deduction/premium, tax, and net amount to be paid monthly.

 

 

[racyrick]

On 11/21/2021 at 8:31 PM, Pib said:

If you have a SSA Online acct your official COLA notice/increase letter should be in your online message inbox.  The wife and I got ours today.  We first got emails to check our online acct inbox for a new message.  When logging on and checking the message inbox the COLA notice/letter was there.   The letter shows the exact amounts to the penny like your new monthly gross amount, new Medicare Part B deduction/premium, tax, and net amount to be paid monthly.

 

 

I know you just said that your COLA notice was on your myssa account online.

 

My question is, do you still also get a COLA adjustment letter in the mail here in Thailand?

Thanks

[Pib]

5 minutes ago, racyrick said:

I know you just said that your COLA notice was on your myssa account online.

 

My question is, do you still also get a COLA adjustment letter in the mail here in Thailand?

Thanks

Well, if you have an online acct, it will depend on how you have your communications preferences setup.  I have mine set to get a paper and online copy.  But I could have it set for online copy only.   See settings snapshot at bottom.

 

If you don't have an online acct then it's mailed to you.....mailed to whatever address you have onfile with the SSA.....Thailand, U.S., etc.    As posted earlier I got my online copy already and my paper copy will arrive my Thailand address I have onfile with the SSA within a few weeks based on past mailings. 

 

Normally any online acct I have (i.e., banks, whatever) I will set the communication preferences for online correspondence only since normally they normally just offer e-correspondence "or" snail mail....they don't offer "and/both".     But the SSA offers both (i.e., get it online and by snail mail if desired).  This  setting only applies to correspondence they will send online as certain correspondence like the annual Are You Dead or Alive Letter only goes out by snail mail.     Since the SSA sends so little correspondence that is offered online (I think the annual COLA letter is about it and as mentioned the annual Are You Dead or Alive Letter only goes out by Snail Mail) I don't feel bad asking the SSA to mail me stuff and also give me an online copy....gives me a Plan B if I ever get locked out of my online acct.

 

SSA Online Communication Preferences Setting

 

[racyrick]

6 minutes ago, Pib said:

Well, if you have an online acct, it will depend on how you have your communications preferences setup.  I have mine set to get a paper and online copy.  But I could have it set for online copy only.   See settings snapshot at bottom.

 

If you don't have an online acct then it's mailed to you.....mailed to whatever address you have onfile with the SSA.....Thailand, U.S., etc.    As posted earlier I got my online copy already and my paper copy will arrive my Thailand address I have onfile with the SSA within a few weeks based on past mailings. 

 

Normally any online acct I have (i.e., banks, whatever) I will set the communication preferences for online correspondence only since normally they normally just offer e-correspondence "or" snail mail....they don't offer "and/both".     But the SSA offers both (i.e., get it online and by snail mail if desired).  This  setting only applies to correspondence they will send online as certain correspondence like the annual Are You Dead or Alive Letter only goes out by snail mail.     Since the SSA sends so little correspondence that is offered online (I think the annual COLA letter is about it and as mentioned the annual Are You Dead or Alive Letter only goes out by Snail Mail) I don't feel bad asking the SSA to mail me stuff and also give me an online copy....gives me a Plan B if I ever get locked out of my online acct.

 

SSA Online Communication Preferences Setting

 

Thanks so much Pib!!! Your help and time is greatly appreciated!!!

[konaboy]

$10.00??

[mtls2005]

My new net payment amount shows on myssa now, as "Your next payment is:" Due on January 3, 2022.

 

<I think that December 31 is a (2022) holiday, and January 3 is not.>

 

On myssa I can view/DL my Benefit Verification letter detailing the new 2022 benefit amount. 

 

 

[ubonjoe]

18 minutes ago, mtls2005 said:

My new net payment amount shows on myssa now, as "Your next payment is:" Due on January 3, 2022.

<I think that December 31 is a (2022) holiday, and January 3 is not.>

I looked at a US holiday list that shows the 3rd as a Federal holiday since the 1st is on Saturday.

If getting it into a bank here you will not have it until the 4th since the 31st and 1st  is a Thai bank holiday.

In the states it will be paid on the 31st.

[mtls2005]

24 minutes ago, ubonjoe said:

I looked at a US holiday list that shows the 3rd as a Federal holiday since the 1st is on Saturday.

Could be.

 

I was using this: https://www.opm.gov/policy-data-oversight/pay-leave/federal-holidays/#url=2022

 

2022 Holiday Schedule
Date    Holiday
Friday, December 31, 2021*    New Year's Day

 

*If a holiday falls on a Saturday, for most Federal employees, the preceding Friday will be treated as a holiday for pay and leave purposes. (See 5 U.S.C. 6103(b).)

 

 

I too just assumed the Jan 3 was the holiday.

 

 

[ubonjoe]

3 hours ago, mtls2005 said:

Could be.

I looked again and another site that said the 31st.

I does not matter much if you are getting it direct to here. The 31st and the 3rd are both bank holidays.

[Pib]

1 hour ago, ubonjoe said:

I looked again and another site that said the 31st.

I does not matter much if you are getting it direct to here. The 31st and the 3rd are both bank holidays.

This means at least one person will post an urgent new topic on the afternoon of 3 Jan wondering where their money is....figuring something has horribly went wrong....their payment is lost...the U.S. has finally went broke...wanting to know if others have been paid...etc....etc....etc.  ????

[racyrick]

I just looked on the Social Security Payment Calendar for 2022 and it says the January 3, 2022 will be paid on January 3rd.

Case closed!????