The Social Security Administration has announced an 8.7% increase in social security payments. More than 65 million people will get the increase of about $140 more per month that will start in the new year. Medicare has jumped on the bandwagon of saving beneficiaries money too. They will reduce premiums that are deducted for Medicare insurance and that will also put money back into your social security check. Martha Khlopin, Managing Director, Get2insurance.com, joined us with more on what this could mean for you.
Martha says, “This is one of those times you don’t need to do anything and this should show up in your check. The only thing you have to do is be a person who’s collecting Social Security benefits.”
Martha goes on to say, “It could be for retirement and sometimes dependents also collect Social Security, [as well as] disabled people. A lot of folks collect these payments. So about $140 per month is what everybody should see starting in January… So that could be a game changer for a lot of folks, I think. So people can start planning to have a little bit more money.”
For more information, and to find out if you qualify, call the Medicare Savings Program at 1-800-772-1213. You can call Martha and Get2insurance.com directly at 808-230-3379 or email email@example.com.