Higher Medicare premiums could erase part of Social Security increase
That didn't last long. About 55 million Social Security recipients will get their first increase in benefits next year since 2009 — a 3.6% raise. But higher Medicare premiums could erase part of it. For some, higher Medicare Part B premiums could wipe out as much as a fourth of their raise from Social Security, according to projections by the trustees who oversee the programs. Medicare is expected to announce 2012 Part B premiums as early as next week. The premiums, which cover doctor visits, are deducted automatically from monthly Social Security payments. The Social Security Administration announced the pay increase Wednesday, offering a measure of comfort to millions of retirees and disabled people, many who have seen their retirement accounts dwindle, home values drop and out-of-pocket medical costs rise in the years since their last raise. Starting in January, 55 million Social Security recipients will get increases averaging $39 a month, or just over $467 for the year.
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