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Tuesday, October 16, 2012

Social Security, SSI, and VA Pension Benefits to Increase 1.7% in 2013; Medicare Premiums Set to Rise as Well

Social Security recipients will see their monthly payments go up by 1.7% next year.  The increase, which starts in January, is tied to a measure of inflation released Tuesday. It shows that inflation has been relatively low over the past year, resulting in one of the smallest increases in Social Security payments since automatic adjustments were adopted in 1975.  Compare that to the 3.6% increase in 2012.

This announcement means that many other government benefits will also increase.  People who receive Supplemental Security Income (SSI) will see their benefits increase by 1.7%.  Currently, the maximum SSI benefit for a single individual is $698 per month.  This means that, in 2013, the benefit will increase to around $709 per month. 

Those receiving the VA Improved Pension benefit, often referred to as Aid & Attendance, will also see their benefit amount increase by 1.7%.  A married wartime veteran receiving the maximum Improved Pension with the Special Monthly Enhancement for Aid & Attendance, currently $2,019 per month, will see that benefit increase to around $2,053 per month.

Announced in conjunction with the 1.7% increase in benefits is news that Medicare premiums will increase in 2013.  The Medicare Part B premium, which is deducted from Social Security payments, increased to $99.90 for most recipients in 2012.  It is expected to increase by about $7.00 in 2013.  Medicare is expected to announce the official increase in a couple of weeks.


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The attorneys of Elder Law of Louisville (formerly Walsh & Wilson, PLLC) assist clients in Louisville, Kentucky and surrounding counties of Jefferson, Oldham, Shelby, Spencer, and Bullitt. Our Office also serves Southern Indiana and the towns of New Albany, Jeffersonville, and Clarksville.



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