The Social Security Administration and Centers for Medicaid and Medicare Services have announced changes for their programs for 2021. These changes are summarized in the chart below.
| ITEM | 2020 | 2021 |
| Cost of Living Increase | 1.60% | 1.30% |
| Quarter of Coverage | $1,410 | $1,470 |
| Maximum FICA Wages | $137,700 | $142,800 |
| Maximum Social Security Benefit | $3,011 | $3,148 |
| Average Social Security Benefit | $1,503 | $1,543 |
| SSI Federal Payment – Individual | $783 | $794 |
| Medicare Part A Premium (Beneficiaries not insured for Social Security benefits) | $458 | $471 |
| Part A Hospital Co-Pays | ||
| Deductible | $1,408 | $1,484 |
| Coinsurance 1-60 | $0 | $0 |
| Coinsurance 61-90 | $352 | $371 |
| Lifetime Reserve | $704 | $742 |
| Beyond Reserve | All Costs | All Costs |
| Medicare Part B Premium | ||
| Individuals Income less than $85k | $144.60 | $148.50 |
| Couples Income less than $170k | $144.60 | $148.50 |
| Medicare Part B Deductible | $198 | $203 |
| Skilled Nursing Co-Pays | ||
| Days 1-20 | $0 | $0 |
| Days 21-100 | $176 | $186 |
| Days 101+ | All Costs | All Costs |
| Mental Health Inpatient | ||
| Deductible | $1,408 | $1,484 |
| Coinsurance 1-60 | $0 | $0 |
| Coinsurance 61-90 | $352 | $371 |
| Lifetime Reserve | $704 | $742 |
| Beyond Reserve | All Costs | All Costs |
| Part C Premium Range | $0.00-$296 | $0.00-$297 |
| Part D Premium Range | $13.10-$124 | $14-$112.10 |
| Individual SSI Benefit | $783 | $794 |
| Couple SSI Benefit | $1,175 | $1,191 |
Social Security and Supplemental Security Income (SSI) benefits will increase 1.3% in 2021 due to the Cost-of-Living Adjustment (COLA). Payments to SSI beneficiaries will begin on December 31, 2020, and Social Security beneficiaries in January 2021. Some people receive both Social Security and SSI benefits.
Starting in early December, Social Security and SSI beneficiaries are normally notified by mail about their new benefit amount. Most people who receive Social Security payments will also be able to view their COLA notice online through their my Social Security account, which can be accessed or created at
www.socialsecurity.gov/myaccount.
