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Ssi increase 20225/25/2023 ![]() Many senior citizens depend heavily on Social Security. The combination of the large Social Security adjustment and the reduction in Medicare premiums for 2023 “will give seniors more peace of mind and breathing room,” said Kilolo Kijakazi, acting commissioner of the Social Security Administration. However, since then, Aduhelm’s manufacturer cut the price and CMS limited coverage of the drug.Īlso, spending was lower than projected on other Part B items and services, which resulted in much larger reserves in the Part B trust fund, allowing the agency to limit future premium increases.Ī surprisingly hard part of retirement: Spending what you worked so hard to save The reduction comes after a large spike in 2022 premiums, which raised the standard monthly premium to $170.10, up from $148.50 in 2021.Ī key driver of the 2022 hike was a projected jump in spending due to a costly new drug for Alzheimer’s disease, Aduhelm. The standard monthly premiums will be $164.90 in 2023, a decrease of $5.20 from 2022. ![]() “We have a historically high COLA, and at the same time, Part B premiums are going down next year.” “This is a once-in-a-retirement event,” said Johnson. It’s only the fourth time that premiums are set to decline since Medicare was created in 1965. Senior citizens will also see their Medicare Part B premiums drop in 2023, the first time in more than a decade that the tab will be lower than the year before, the Centers for Medicare and Medicaid Services announced last month. The adjustment is the highest that most current beneficiaries have ever seen, but that’s because it is based on an inflation metric from August through October, which is also around 40-year highs.Ī related metric, the Consumer Price Index, increased 8.2% in September, compared with a year ago, the Bureau of Labor Statistics announced Thursday. “It depends on what inflation is going to do from October onwards.” “Will the COLA be enough to keep up with inflation? It’s too early to say,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group. How much do I need to save for retirement? (Photo by Robert Alexander/Getty Images) Robert Alexander/Getty Images An elderly couple walk hand-in-hand in San Antonio, Texas. There are options for all major Affordable Housing programs. ![]() Looking for quality affordable housing occupancy training? Check out our Succeed at Qualifying Households series of courses. Regardless of the method selected, all recertifications effective after April 1, 2023, will incorporate the Social Security benefit including the COLA. Request third-party verification directly from SSA when the income in EIV does not agree with the income the tenant reports he/she is receiving. ![]() Determine the tenant’s income by applying the COLA increase percentage to the current verified benefit amount and document the tenant file with how the tenant’s income was determined or.Use the SSA benefit, award letter or Proof of Income Letter provided by the tenant that includes the COLA adjustment if the date of the letter is within 120 days from the date of receipt by the owner.Use the benefit information reported in EIV that does not include the COLA as third-party verification as long as the tenant confirms that the income data in EIV is what he/she is receiving.When processing certifications with an effective date of January 1, February 1, March 1, and April 1, in order to complete the Recertification Steps outlined in Chapter 7, Figure 7-3, and provide the tenant with the required 30-day notice of any increase in rent, the owner must use one of the methods below for determining the tenant’s income.
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