2021: Social Security and Original Medicare Changes

by | Dec 30, 2020 | Blog, Medicare, Social Security

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.

ITEM20202021
Cost of Living Increase1.60%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 ReserveAll CostsAll 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 CostsAll Costs
Mental Health Inpatient
Deductible$1,408$1,484
Coinsurance 1-60$0$0
Coinsurance 61-90$352$371
Lifetime Reserve$704$742
Beyond ReserveAll CostsAll 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.

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