Social Security, Social Security Disability and Supplemental Security Income benefits will increase in 2015 due to a 1.7% Cost of Living Adjustment. This translates to a monthly increase of approximately $12-19 for SSI and SSDI recipients. Individuals collecting SSI will see the increase begin on December 31, 2014 while other Social Security recipients will see the increase in their January 2015 checks.
Medicare deductibles and premiums for Part B, which provides medical insurance that covers physicians’ services and outpatient hospital services, among other things, will not change in 2015. This means that for the first time in several years, Social Security recipients will be able to keep more of their monthly income. In preceding years, the COLA increases were reduced or effectively eliminated by concurrent increases in Medicare.
Additionally, disabled individuals will also be able to earn about $20 more per month as the threshold for Substantial Gainful Activity will also increase with this cost of living adjustment. The disability threshold will be $1090/month. The resource limits for SSI will remain unchanged at $2000 for a single individual and $3000 for a couple.
Attorney Jennifer J. Allen is an associate attorney with Alan C. Olson & Associates, S.C. If you have any questions about Social Security Disability, please contact her at [email protected].