The 2019 Social Security C.O.L.A. and Medicare Premium Increases Were Announced this Month...Submitted by Financial Planning Hawaii on December 11th, 2018
The 2019 Social Security C.O.L.A. and Medicare Premium Increases Were Announced this Month...
The 2.8% inflation adjustment for social security is the largest increase in years, while the Medicare premium increase was more modest than some had expected. Conversely, the 3.5% increase in the amount of employee wage income to $132,900 that is subject to social security tax is higher than CPI, and serves as a stealth tax to boost social security inflows.
Note: Medicare open enrollment period runs from October 15 to December 7. Medicare enrollees are advised to renew their plans annually.