Social Security & Medicare Announce Benefit Increases for 2007

Each year the Social Security Administration and Medicare announce the benefit increases for Social Security and Supplemental Security Income recipients. These benefits increase automatically each year based on the rise in the Bureau of Labor Statistics' Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), from the third quarter of the prior year to the corresponding period of the current year. 

For 2007, the Social Security Administration has announced benefits will increase 3.3%. The 3.3% Cost-of-Living Adjustment (COLA) will begin with benefits received in January 2007.  Increased payments to more than 7 million Supplemental Security Income beneficiaries will begin on December 29, 2006 .

The Medicare Part B premium amounts for 2007 are determined by the Department of Health and Human Services (HHS). The premiums paid by beneficiaries enrolled in Medicare Part B cover physician services, outpatient hospital services, certain home health services, durable medical equipment and other items. 

The standard Medicare Part B monthly premium will be $93.50 in 2007, an increase of $5.00 from the 2006 $88.50 premium. 

When calculating income eligibility for your applicants and residents who receive such benefits, you will need to factor in these new increases. 

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