Medicare premiums may devour increased 2018 Social Security benefit

Personal Finance

“Their Social Security won’t be reduced, but Part B would take every penny of their COLA,” said Mary Johnson, a policy consultant at The Senior Citizens League.

The mid-year Medicare trustees report projects premiums to remain at $134 in 2018 and 2019, although that could change. Exactly when the government will announce its 2018 Part B premiums this year is uncertain, as it varies under different administrations.

The amount of earnings subject to the Social Security tax is also changing next year, to $128,700 from $127,200. Of the estimated 175 million workers who will pay the tax next year, about 12 million will pay more because of this change, according to the federal agency.

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