On October 22, 2014, the Social Security Administration (SSA) announced that there will be a 1.7% COLA for Social Security benefits and SSI payments in the year 2015. The COLA actually takes effect on December 1, 2014, and will be seen by Social Security recipients starting with their benefits received in January 2015.
SSA also announced that the wage limit for the social security tax will increase to $118,500 in 2015, up $1,500 from the $117,000 taxable limit in effect for 2014.
A few days earlier, on October 9th, the Department of HHS announced that Medicare Part B premiums will remain unchanged for the year 2015. This is the second consecutive year the Part B premium has gone unchanged, so the basic premium will remain at $104.90 per month for the third year in a row. As has been the case since 2007, however, Medicare Part B premiums for people with higher incomes will be sharply higher. HHS also announced that the annual Part B deductible will remain unchanged in 2015 at $147.
SSA also announced that the wage limit for the social security tax will increase to $118,500 in 2015, up $1,500 from the $117,000 taxable limit in effect for 2014.
A few days earlier, on October 9th, the Department of HHS announced that Medicare Part B premiums will remain unchanged for the year 2015. This is the second consecutive year the Part B premium has gone unchanged, so the basic premium will remain at $104.90 per month for the third year in a row. As has been the case since 2007, however, Medicare Part B premiums for people with higher incomes will be sharply higher. HHS also announced that the annual Part B deductible will remain unchanged in 2015 at $147.
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