2018 Changes for Social Security and Medicare
Social Security Changes include:
- Social Security recipients will receive a 2% increase in 2018, which amounts to approximately $27 per Social Security recipient. We won’t know until later this year, but this increase could be offset by rising Medicare Premiums.
- This increase may or may not effect Medicare Part B premiums
- In 2018, beneficiaries under full retirement age that are both working and collecting Social Security for the entire year would lose $1 in benefits for every $2 earned over $17,040 in 2018 compared to $16,920 in 2017.
- Some workers will pay higher payroll taxes next year as the maximum taxable wage base increases to $128,700 in 2018, up from this year’s maximum taxable wages of $127,200 in 2017.
Medicare Changes include:
- New Medicare cards that will improve beneficiaries identity protection by removing their Social Security numbers
- The recent announcement that the popular Medicare Supplement – Plan F – will close to new applicants in 2020.
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