The Massive Raise Ever for Social Security, SSDI, SSI Benefits

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The Massive Raise Ever for Social Security, SSDI, SSI Benefits
The Massive Raise Ever for Social Security, SSDI, SSI Benefits
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The biggest raise for Social Security, including retirement disability SSDI survivors SSI and VA Beneficiaries. I have all the details and what you need to know right here in the topic, All right, based on some new information that was just released, we are now looking at the biggest dollar-for-dollar raise ever for all the millions of beneficiaries I just mentioned a few seconds ago. Well, that’s exactly what I want to focus on right here in the topic and break it all down for you and let you know what is actually going on right now and why this is going to be the biggest dollar-for-dollar raise for about 70 plus million beneficiaries. Let’s get into it and discuss all the exciting details.

As I am you’re one and only daily advocate and I am very much dedicated to you and this community to continue doing anything I possibly can to help you out in this community by bringing you the latest updates. Just like what we’re going to talk about right here in this topic as well as everything else that continues to hit the wire every single day as there are a lot of things that are changing right now. And I want to keep you posted with anything coming out right now in regards to these announcements out of the administration, the President, lawmakers, Congress, and all of these new bills, packages, proposals, amendments, reforms to these very important programs, and anything else in regards to money, benefits, raises to benefits, or anything else right now that we can possibly get our hands on.

Let’s get into it and talk about a historic raise for about 70 plus million beneficiaries coming soon to a bank account with your name on it, right? You like that? I sure do. I just thought of that on the fly, by the way.

So let’s keep rolling here and talk about this big raise. So here’s what it all comes down to. As we all know right now, with everything going on right now, we’re looking at a very big raise that is currently on the books for all these millions of beneficiaries. We know this right now, but why is this going to be a historic raise and like I said, the biggest dollar-for-dollar raise here’s? Why there’s actually one contributing factor here that is going to be coming into play, which actually may not be implemented this year, which is a huge impact on the raise that everybody gets to their monthly benefit.

What am I talking about? Well, that’s exactly what I want to jump into a little bit further in this topic because this is actually going to play a major key role in this race that we’re talking about in this topic. So as we all know, yes, obviously I’m talking about the annual cost of living adjustment. So that’s what I’m talking about here. However, I want to break this down for you because what we’re seeing play out right now, this year, in 2022 is going to be something we may not have seen ever before in the parameters that’s actually going to be laid out right now.

So obviously, as of this recording, we do not know what the annual cost of living adjustment is going to be as of right now. This is going to be released in mid October and of course, I’ll bring that information to you. However, based on the current information that we’re seeing right now, based on inflation and the data releases out of inflation, things like this, right now we’re looking at a realistic raise to benefits. Realistically, anywhere between about eight and 9%, possibly a tiny bit more than that, but around the 8% is very realistic as of right now, even though over the last few months here we’ve seen estimates all across the board, 7% range, 8% range, 9% even up to over 11% range. Realistically, it’s probably going to settle around anywhere between the eight to 9% range.

And again, hopefully it’s higher than that. But at the end of the day, that’s what I think is kind of a realistic approach right now is between the eight to 9%. But again, the official announcement will be out of Social Security in the month of October. However, there’s a lot of other factors that come into play with this. So let me ask you this and I think we’re all going to come up with the same old answer, right?

But let me just ask you just for fun on this one. When we get our annual cost of living adjustment, what is the first thing that comes out and takes away the vast majority of it? If you’re saying Medicare Part B premiums, you’re right, yes, 100%. We are all very aware that the Medicare Part B premium usually comes in and takes away all, if not the vast majority of the raise every single year. So with that being said, let’s talk about the details about this a little bit further because something may be happening this year.

Well, what I should say is going into 2023, as in this year with the announcement, we’ll be getting out of CMS Centers for Medicare and Medicaid Services in November, which is typically when they announce that as far as how much the annual premium for Medicare Part B is going to be, and when we get that announcement, it may just be music to our ears. I know, right? Doesn’t seem normal like that we could possibly enjoy the announcement out of CMS in the month of November when they come out with that announcement, but this year may be different. I know, sounds hard to believe, I know. I’m just as skeptical as you are.

But the fact of the matter is, according to what I’ve been reading on this and some latest reports coming out on this, it may actually be a really good situation here. Here’s what we’re playing with. We’re looking at a potential historic raise to benefits. Now, again, this is not going to be the biggest race to Social Security benefits. The biggest race was back in the early eighty s fourteen plus percent.

The second biggest raise was 11.2% again in 1981. And there was another one. This could be the third biggest raise that we’ve seen in the history of the program. So here’s what we’re looking at. We’re potentially looking at a huge, huge race, possibly the third biggest race that we’ve ever seen in the program history for all these benefits I mentioned earlier.

So that’s pretty cool. A really big raise. Now here’s what we’re also looking at. Medicare Part B premiums, according to everything that I’m reading on this and what they’re announcing about this right now, are likely going to stay the same, possibly be reduced. Yes, you heard that correctly.

Possibly reduced. Now don’t get me wrong, I am just as skeptical as you are on that one, because what gets reduced these days, other than our benefits and any other types of money that you’re getting, does anything else get reduced these days? Usually not, right? I mean, let’s just be real with ourselves. They usually don’t reduce this stuff.

It only has one path, and it usually just goes up and up and up every single year. However, according to the reports and everything that’s being mentioned right now, medicare Part B premiums may be flat, as in they’re just going to stay the same, or they could potentially be reduced a very small amount. Okay, well, let’s lay the situation out here, because we could be looking at a really nice situation playing out right before our very eyes. Here’s what it’s coming out to be. We could be looking at the third largest raise in the history of the program, Social Security, which again includes retirement, SSDI, survivors SSI, and VA benefits.

It includes all these beneficiaries. That’s what the annual raise includes. So we could be looking at a huge historic raise to benefits and no reduction to benefits as a result of the Medicare Part B premium because it will likely stay the same for 2023 as what it is right now. Now all this comes back to the massive raise that we all dealt with in 2020, 214.5%. They’re not shy, as my dad would say.

Gee, they’re not shy at all, are they? I think all of us can probably agree. No, they’re not shy. They love to take our money, right? So the fact of the matter is, in 2022, we actually experienced a 14.5% increase to the Medicare Part B premium, which actually calculated out to over $21.

It was actually $21.60 is how much they raised the premium for 2022 over last year. In fact, last year in 2021, the Medicare Part B premium was $148.50. This year, $170.10. Wow. Seriously, that’s a lot of money going up every single month, right?

On an annualized basis, that’s over $250 more per year. Twenty one point sixty cents per month over twelve months is over $250 for the course of the entire year. More than we’re paying for the same thing. How do you like that for inflation, right? Anyway, so here’s what it comes down to.

About half of that raise that we’re paying right now in 2022 is for that very expensive Alzheimer’s prescription that we’ve talked about here on the channel previously. So as a result of that, we’ve known that here over the last several months. They’ve come out and said the people that are going to be eligible for that are the people who are in clinical trials, things like this. So it’s going to significantly reduce the amount of money that Medicare needs to pay on this. Long story short, the premium that we’re all paying right now, that extra $11 or so may just be prepayment for next year’s raise anyway, 2023.

So as a result of it, the massive raise that we’re all paying right now, right, the extra $21.0.60 or $170.10 per month, we might actually be prepaying next year’s premium right now in this year. So yes, at the end of the day, it’s not like they’re doing us a great favor and saying, oh, just kidding, we’re not going to raise benefits, sorry, premiums, they’ve already raised them on us. But the fact of the matter is, they might be collecting that money today for next year. Makes sense. So they might be able to keep the premium at the same or possibly even reduce it a little tiny bit.

So again, the best situation on why I said why this is possibly going to be the biggest raise, dollar for dollar in the history of all of this is here’s why. Because as it comes down to it, we might be getting a huge, huge raise, 8% to 9%. Again, according to my estimates and everything that I’m looking at, being realistic again with the numbers, hoping that number is higher than that, but again, I’m just being realistic with what I’m seeing and projecting with these numbers. So a raise of anywhere, eight, nine, something like this, percent based on what I’m seeing. And then no Medicare Part B premium increase, guess what happens then you get to keep your entire cost of living adjustment.

Is that ever heard of has that ever been heard of in the history of these programs? No. Right. Because every single year the same old things comes out, right? We get the raise and then sure enough, Medicare Part B premium comes in, jacks it all up, takes away the entire raise, and then we all sit here with the same old thing, maybe an extra dollar if we’re lucky, right?

So there goes the big raise, as we all say every year. This year might be different. I know it’s hard to believe because here’s the thing, does history ever change? Well, the calendar changes, the years zip on right on by, but for the most part, history pretty much just repeats itself over and over. So again, like I’ve said a couple of times throughout this topic, I am just as skeptical about this as you are because we know how this plays out, right?

At this point, I think all of us are probably thinking, yeah, right, we’ll believe it when we see it. And I totally agree we will believe it when we see it. But the fact of the matter is we are not that far out from getting these official announcements out of Social Security as far as how much the race is going to be and out of CMS in early November when they come out to say Medicare Part B premiums are going to do and hopefully they say reduce by a little bit even if they stay flat. I mean, seriously, I’m not sure about you, but even if they just stayed flat, I’d be totally happy with that. Just stop taking our money, you know what I mean?

So that’s all I have to say about that. But anyway, this might be a little bit of like a Goldilock situation where we’re getting all the pieces coming together and we might actually get something working out in our favor for once, right? So anyway, I want to share with you the latest reports on this. What is being mentioned about this. Let’s cross our fingers that hopefully they’ll do the right thing and just say, you know what, we’ve collected all this money from all the beneficiaries during a very high inflationary time, 2022, and let’s just do the right thing.

Let’s just leave premiums where they are. Or even better, let’s reduce them a little bit and let everybody keep the entire cost of living adjustment amazing. It could be a really good thing here going forward. Anyway, we will get those official announcements in just a matter of a short time from now. As I do get those details, of course, I’ll be right here for you, breaking it all down, letting you know what’s going on and how it’s going to impact you, your money, your benefit, your lifestyle, your bank account, and how much you get every single month.

So again, hope this topic helps you out. Please share this topic with your friends, family, and on social media.

 

 

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