[NFBMO] Social Security /Medicare changes for 2023

[The wolf]

what is sga?

thanks

Hank


On 10/13/2022 12:01 PM, Eugene Coulter via NFBMO wrote:
>
> 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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