We're In the Money: SSA Pays COLA for 2012
December 18, 2011
Author: Catherine M. Callery (Kate)| Louise M. Tarantino
The Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) for 2012, the first since 2009. Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase by 3.6 percent. This marks the first increase in the Consumer Price Index (CPI) since 2008; since the Social Security Act ties any increase in benefit levels to an increase in the CPI, a much needed cost-of-living adjustment will finally be implemented.
The new levels for 2012 are as follows:
The monthly SSI federal benefit rate for an individual will increase from the previous level of $674 to $698 and the monthly rate for a couple will increase from $1,011 to $1,048. The New York supplement will remain at $87 for individuals and $104 for couples living alone; the living with others supplement remains at $23 and $46, respectively. A 2012 New York State SSI benefit chart is available at:
http://www.empirejustice.org/assets/pdf/issue-areas/disability-benefits/2012-ssi-benefits-level-chart.pdf .
The Substantial Gainful Activity (SGA) threshold for Non-Blind has increased to $1,010 and for Blind has increased to $1,690. The Trial Work Period (TWP) threshold remains the same at $720.
The maximum taxable earnings for OASDI (old-age, survivors and disability insurance) purposes will increase to $110,100 in 2012. The quarter of coverage amount has also increased to $1,130.
Most beneficiaries will see an increase in Medicare Part B monthly premiums from $96.40 per month to $99.90 per month in 2012. Some higher earning beneficiaries will have higher premium rates. http://www.cms.gov/apps/media/press/factsheet.asp?Counter=4140
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