SOCIAL SECURITY and MEDICARE COST CHANGES FOR 2014

By Patricia L Johnson

SOCIAL SECURITY COLA [cost-of-living] increase for 2014 will be 1.5 percent for Social Security [SS] and Supplemental Security Income [SSI] beneficiaries.

Earnings subject to Social Security Tax will increase from $113,700 to $117,000. Although the estimated number of workers that will pay into Social Security for 2014 is 165 million, the increased tax only applies to about 10 million workers.

MEDICARE

Following are the changes for 2014

Detailed Medicare cost information for 2013 & 2014

· Part A (Hospital Insurance)

· Part B (Medical Insurance)

· Part C (Medicare Advantage)

· Part D (Medicare prescription drug coverage)

Data sources Social Security and Medicare websites

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