[NFBMO] Social Security /Medicare changes for 2023

[Daniel Garcia]

Hello, Gene:

Can you clarify one thing. Is the amount to earn a credit $1640? You have it as $16,640.

>From the message below:

"The only negative news for most of us is that to earn a quarter  of coverage toward being eligible for Disabillty benefits in 2023 you need to earn $16,640 which is up from $1,510."

Regards,

Daniel





From: NFBMO <nfbmo-bounces at nfbnet.org> On Behalf Of Eugene Coulter via NFBMO
Sent: Thursday, October 13, 2022 2:01 PM
To: 'NFB of Missouri Mailing List' <nfbmo at nfbnet.org>
Cc: mizzoufan1979 at gmail.com
Subject: [NFBMO] Social Security /Medicare changes for 2023

The centers for Medicare and Medicaid services and Social Security have released updates for 2023.
Good news for the first time in ten years there will not be an increase in the standard Medicare premium, in fact it will decrease.
Currently the premium is $170.10 in 2023 it will go down to $164.90 or a decrease  of $5.20.
Also, for those paying for  prescription  drug, Part D, in most cases the premium will also likely decrease
Social Security checks will increase by 8.7%.
SSI for individuals will go from $841 to $914 and couples from$1,261 up to $1,371.
SGA for blind recipients will go from $2,260 to $2,460 a month.
For non-blind SGA will go from $1,350 to $1,470.
Trial work period month will be counted for earnings exceeding 1,050.
The only negative news for most of us is that to earn a quarter  of coverage toward being eligible for Disabillty benefits in 2023 you need to earn $16,640 which is up from $1,510.

If you want to figure your 2023 check amount follow the steps below.
Note: due to Social Security rounding rules the amount you calculate maybe a couple of dollars different than what you figure.
Add your current check amount together with the current Medicare premium of $170.10
Then multiply that figure by 1.087
Next, subtract the new Medicare premium of $164.90
Finally discard any cents and you have a reasonable estimate of your new amount.
Here is an example.
Betty Lou's 2022 check is $1,201
Add her premium of $170.10 getting 1,371.10
Multiply $1,371.10 by 1.087 to get $1,490.38
>From 1,490.38 subtract $164.90 giving a result of $1,325.48Discarding the pennies gives Betty Lou an estimated check of $1,325.00

Hope this is informative

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