Millions of people will get new Social Security payments for $1,657 starting on January 19. The recipients who were born between the 11th and the 20th will get their checks on the third Wednesday of each month.
Supplemental Security Income (SSI) beneficiaries will receive an $821 raise in their next payments. Because of the holiday schedule, SSI claimants received two payments in December reflecting the new cost-of-living adjustment (COLA), and another one will arrive on February 1.
There's SSI boost for seniors in February
The monthly limit for SSI is now $841 per month for an individual in 2022, up from $794 in 2021, according to the Social Security Administration (SSA). According to a July SSA study, more than 7.8 million Americans received SSI payments. Social Security and Supplemental Security Income (SSI) benefits are available to seniors. The COLA raised Social Security income by 5.9% for almost 70 million senior Americans, the highest increase in 40 years.
Monthly payments are determined by an individual's work history and the age at which they first apply for benefits. COLA letters were distributed to retirees, survivors, and disability recipients throughout December. Americans who have yet to receive their modified checks should expect to receive them soon, according to The Sun.
Since January 13, payments for the Social Security COLA have been distributed. Beneficiaries have begun to get them in order to address the COVID-19 pandemic crisis. COLA payments should be mailed to all those born during the first ten days of any month (or have already received them).
COLA payments are expected to increase by 5.9% over 2021 beginning in 2022 as a result of the inflation adjustment. This is the most significant change since 1982. The monthly payout for workers will increase from $1,565 to $1,657 per month. Keep in mind that pay raises are connected to increases in the consumer price index, or inflation, as measured by the US Bureau of Labor Statistics, as per Marca.
Social Security beneficiaries may receive increased payment this year
Many retirees rely on Social Security for the majority of their income in retirement. In recent years, such benefits have done a terrible job of helping consumers keep their purchasing power despite rising prices. And one of the main reasons for this is that the expense of healthcare, particularly Medicare, has grown significantly over time, and at a higher rate than Social Security COLAs.
Seniors, on the other hand, maybe in luck this year. The Centers for Medicare & Medicaid Services, according to Secretary of Health and Human Services Xavier Becerra, will examine this year's annual Part B price increase.
Higher expenditures associated with Aduhelm, a medicine used to treat Alzheimer's disease, are a major contributor to this year's massive increase. However, the drug's expected annual cost per patient has been slashed in half from $56,000 to $28,000. Because Medicare's Part B premium rise was predicated on that higher estimate, it's simple to argue that Medicare's costs shouldn't be rising so quickly.
A reduced increase in Medicare Part B premiums in 2022 might help many seniors stay financially afloat. Social Security benefits are being increased significantly this year; the reason for this is that the overall cost of living has risen dramatically in recent months. And so seniors getting a 5.9% COLA may not be banking that money so much as using it to cover higher food, gas, and utility costs among others.
Though making retroactive revisions to Part B increases may not be something that Medicare typically does, it is a move that might make sense this year and benefit a lot of seniors financially, according to Fox Business.
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