Advocate PDF 2016

Pre 2012 Archives

Social Security and Medicare: Facts and Figures

By Robby Stern, adapted from the Alliance for Retired Americans

Social Security

Nearly 168 million workers contribute to Social Security through payroll taxes.  Nearly 59 million people receive monthly benefits including:

Average 2015 monthly Social Security Benefit:

Social Security Cost of Living Adjustment for 2015 – 1.7%

Cap in 2015 – $118,500. Workers and employers each pay 6.2% up to when the worker reaches the cap.

Medicare contribution – 1.45% for worker and employer

2015 Social Security Eligibility :

Applying for Social Security: You should apply for Social Security three months before the date you want your benefits to start. You can apply by:

Medicare

Nearly 168 million workers contribute to Medicare through the payroll tax. Approximately 53.6 million receive Medicare benefits including:

2015 Medicare Part D (Prescription Drug Coverage)

Monthly Premium: Varies by plan (higher income consumers may pay more).

Applying for Medicare

Generally, Medicare is available for people 65 and older, younger people with disabilities, and people with end-stage Renal Disease. If you already receive Social Security, you are automatically enrolled in Medicare Parts A and B, provided you are 65. To apply for Medicare, you can call 1-800-772- 1213 or visit their website, http://www. socialsecurity.gov/medicareonly. Thanks to the Alliance for Retired Americans for providing this helpful information!

Key websites:

https://secure.ssa.gov/iClaim/rib

http://www.socialsecurity.gov/medicareonly

http://www.psara.org http://www.retiredamericans.org

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