Projected Medicare Hike

Could Reduce Social Security Payouts for Some

September 12, 2016

Good Afternoon,

We are writing to make you aware of a report recently published by the Medicare Board of Trustees calling for a premium increase affecting some Social Security (SS) payouts in 2017.

Medicare premium increases of as much as 22 percent would reduce SS benefits for some recipients, according to The Wall Street Journal. The difference would be deducted from SS payouts, and it would mostly affect high earners.

Those prone to the premium hike are Part B participants with income-adjusted premiums and anyone who becomes eligible for Medicare Part B in 2016, according to The Social Security Administration.

This would happen despite the projected .2 percent increase in SS benefits due to a Cost of Living Adjustment set for 2017, according to AARP.

To learn more about how this might affect your Social Security benefit, please reach out to your financial advisor: (614) 471-2211. As always, we are here for you.

Best Regards,

Wm Eric Bishoff CFP®
President & CEO