Social Security rates rise in 2015

Posted on: October 27th, 2014 by Mark R. Friedman

The Social Security Administration (SSA) announced today that social security rates will rise by 1.7% in 2015, as a cost-of-living adjustment.

In addition to social security retirement benefits that most seniors get, this rate increase will also benefit people who receive Social Security Disability Insurance (SSD) and Supplemental Security Income (SSI).

The maximum federal SSI benefit will be raised from $721 (2014) to $733 (2015), although in New Jersey the rate will be slightly higher because of a modest state supplement.

This increase also benefits seniors and people with disabilities who seek Medicaid for long term care, in a nursing home or other facility or with home care aides.  The income limit for long term care Medicaid is three times the federal SSI rate, so in 2015 the income limit should be $2,199.  However, the income cap is somewhat less important than it was previously given that NJ Medicaid will soon allow the use of Miller trusts.

For more information on social security, disability benefits or Medicaid, call or email us today.

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