Legal Blogs

Social Security Benefits and Cost of Living Increase

Yes its true. There will be no Cost Of Living Increase (COLA) for 2010. COLA increases are tied to inflation and because the country is in a deep recession there has been little to no inflation.

Nothing has been said yet by the Congressional Budget Office whether there will be a COLA increase in 2011. There is a possibility it won't increase but if the job growth and GDP continues to rise there is a chance.

Unfortunately co-pays for Medicare go up every year because the cost of health care goes up every year. As a result, Medicare premiums rise 4% a year by law.

Unfortunately many people who receive Social Security Benefits will not see a COLA increase this year, but because of the poor economy and the lack of inflation, hopefully these individuals and their families will not be drastically affected. I wanted to clear the air and let people know what is going on. If you have a disability it is still valuable to file for Social Security Disability. If you or a family member has any questions regarding social security please feel free to contact me.

Sincerely,
Robert Gillikin, II
Social Security Attorney