IRS Reminding People With Disabilities About New ABLE Account Rules

A great article By Michelle Diament at Disabilityscoop.com on new ABLE account rules.

With a change taking effect this year, individuals with disabilities can save more money than ever before without losing out on Social Security, Medicaid and other government benefits.

The Internal Revenue Service is reminding people with disabilities who are employed that for the first time they can deposit extra money into their ABLE accounts….

 

Please find more of this article at: https://www.disabilityscoop.com/2018/12/13/irs-reminding-able-account-rules/25812/

CMS has announced new premium for Medicare Part B

CMS has announced that the standard monthly premium for Medicare Part B enrollees will be $135.50 for 2019, an increase of $1.50 from $134 in 2018. An estimated 2 million Medicare beneficiaries (about 3.5%) will pay less than the full Part B standard monthly premium amount in 2019 due to the statutory hold harmless provision, which limits certain beneficiaries’ increase in their Part B premium to be no greater than the increase in their Social Security benefits.

The annual deductible for all Medicare Part B beneficiaries is $185 in 2019, an increase of $2 from the annual deductible $183 in 2018. Premiums and deductibles for Medicare Advantage and Medicare Prescription Drug plans are already finalized and are unaffected by this announcement.

You can read more about the updated Medicare figures at CMS’s website here:

 

https://www.cms.gov/newsroom/fact-sheets/2019-medicare-parts-b-premiums-and-deductibles?eType=EmailBlastContent&eId=c12035ce-560a-4fe0-8854-272b481e6544

Social Security Announces 2.8 Percent Benefit Increase for 2019

**Re-post From SSA.Gov

Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019, the Social Security Administration announced today.

The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900 from $128,400.

Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. This year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through their my Social Security account. People may create or access their my Social Securityaccount online at www.socialsecurity.gov/myaccount.

Information about Medicare changes for 2019, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2019 are announced. Final 2019 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and mySocial Security Message Center.

The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.

New Online Wage Reporting Tool for SSI Recipients!

The Social Security Administration announced that they are expanding our my Social Security online wage reporting service to Supplemental Security Income (SSI) recipients, as well as their spouses, parents, sponsors, and representative payees.

Individuals receiving both Social Security Disability Insurance (SSDI) and SSI, as well as their representative payees, can also report wages online. This service is available through our existing mySocial Security portal. Check the website to learn more about my Social Security features and how to sign up.

 

Here is the article from SSA.gov.  https://www.ssa.gov/thirdparty/whatsnew.html

ABLE Account Limit Set To Rise in 2018.

The amount of money that people with disabilities can deposit in their ABLE accounts each year without jeopardizing eligibility for government benefits is about to increase.

The Internal Revenue Service said that the federal gift tax exclusion will climb from $14,000 to $15,000 in 2018 thanks to inflation. Since the annual deposit limit on ABLE accounts is directly tied to that benchmark, that cap will grow to $15,000 as well.

https://www.disabilityscoop.com/2017/11/03/able-account-limit-set-to-rise/24389/

Social Security Administration launches: New Wage Reporting Application

On September 23, 2017, we released a new wage reporting application behind the my Social Security portal. Now, people who receive Social Security Disability Insurance (SSDI) benefits and their representative payees can report wages securely online.

It’s faster and easier than ever before for SSDI beneficiaries and their representative payees to report wages; they can avoid visiting a field office to report their wages in person and they can print or save a receipt of their report.

When you sign up or log in to your my Social Security account, you’ll have access to this application on your desktop, laptop, and mobile device. After you report your wages online, you can save or print a copy of your receipt.

This service will be available for Supplemental Security Income (SSI) recipients in the future. SSI recipients should continue to report wages through SSI Mobile Wage Reporting, SSI Telephone Wage Reporting, or by visiting a local field office.

We’re constantly expanding and improving our services to put you in control of your time by providing them when, where, and how you need them. You can learn more about this new wage reporting service here.

Retrieved from https://blog.ssa.gov/new-wage-reporting-application/