David Lerner Associates: 2015 Social Security and Medicare Figures

David Lerner Associates: 2015 Social Security and Medicare Figures

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2014-10-29

New figures announced

The Social Security Administration (SSA) has announced that Social Security and SSI beneficiaries will get a 1.7 % cost-of-living adjustment (COLA) for 2015. According to the SSA's announcement, after the COLA, the approximated average monthly retirement benefit payable in January 2015 will be $1,328.

The Centers for Medicare & Medicaid Services (CMS) has also announced next year's Medicare costs. The standard monthly Medicare Part B premium will be $104.90 in 2015, the same as in 2014. However, beneficiaries with greater incomes (individuals with taxable incomes of over $85,000 and couples with taxable incomes of over $170,000) will pay more than $104.90 per month because they must pay an income-related surcharge.

Other important Social Security and Medicare figures are listed below.

2015 Social Security figures

  • The amount of taxable earnings subject to the Social Security tax (called the maximum taxable earnings limit) will increase to $118,500 from $117,000 in 2014.
  • The annual retirement earnings test exempt amount for beneficiaries under full retirement age will increase to $15,720 from $15,480 in 2014. If a beneficiary has earnings that exceed the exempt amount, $1 in benefits will be withheld for each $2 in earnings above the exempt amount.
  • The annual retirement earnings test exempt amount that applies during the year a beneficiary reaches full retirement age will increase to $41,880 from $41,400 in 2014. If a beneficiary has earnings that exceed this amount, $1 in benefits will be withheld for each $3 in earnings above the exempt amount.
  • The amount of earnings required to earn one Social Security credit will increase to $1,220 from $1,200 in 2014.

2015 Medicare figures

  • The Medicare Part B deductible will be $147, the same as in 2014.
  • The monthly Medicare Part A premium for those who need to buy coverage will cost up to $407, down from $426 in 2014. However, most people don't pay a premium for Medicare Part A.
  • The Medicare Part A deductible for inpatient hospitalization will be $1,260, up from $1,216 in 2014. Beneficiaries will pay an additional daily co-insurance amount of $315 for days 61 through 90, up from $304 in 2014, and $630 for stays beyond 90 days, up from $608 in 2014.
  • Beneficiaries in skilled nursing facilities will pay a daily co-insurance amount of $157.50 for days 21 through 100 in a benefit period, up from $152 in 2014.

For more information on costs and benefits related to these programs, visit www.socialsecurity.gov and www.medicare.gov.

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Some of this material has been provided by Broadridge Investor Communications Solutions, Inc.

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Tags: social security, medicare, beneficiaries, retirement planning, David Lerner Associates

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About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Cal 516-921-4200 Visit our website: http://www.davidlerner.com

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