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Social Security Benefits: Several Key Information On COLA 2011
For the second year in a row people who depend on Social Security will not be receiving a cost of living raise. This is only the second time since the cost of living adjustment (COLA) was implemented that recipients have not received an increase.
The reason Social Security benefits wont be adjusted in 2011 is that inflation was too low. The whole premise behind the COLA is that benefits are revised for inflation therefore recipients can sustain rising prices. If there is no inflation, there's no need for cost of living increase. The most recent inflation numbers published by the Labor Department indicates that prices are lower than they were in 2009, the last time Social Security benefits were raised.
The COLA in 2009 was the largest seen in 27 years at 5.8%. The increase in 2009 was very large because of gas prices that sky-rocketed in the summer of 2008. When gas prices decreased, so did the overall inflation rate. While the government can not decrease Social Security benefits if there is deflation (when prices are dropping), they could choose to not give a cost of living adjustment increase, that has been the case for 2010 and looks to be for 2011.
Possible Bonus Payment to Aid Seniors Who Rely on Social Security Benefits
To help Seniors who depend on their Social Security benefits to help with living expenses, Congress will be voting on a $250 incentive payment for Social Security recipients to help make up for the fact that Social Security benefits will remain the same for the second year in a row. An update would be provided once the bill has been voted on.
No Social Security COLA Means No Increase in Medicare B Premiums
One silver lining to no cost of living raise is that Medicare Part B premiums will not increase for existing enrollees. A small percent of Medicare Part B participants will pay higher fees, including people who have Medicare Part B but who are not yet collecting Social Security benefits, people who're considered "high income" and people who are just now enrolling in Part B. But, a "hold-harmless" provision protects current participants from rate increases if their Social Security benefits do not increase, therefore no cost of living increase for Social Security recipients also means no Medicare Part B premium increase also.
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