For example, in recent years, many people were held harmless because the COLA increases were not large enough to cover the full amount of the increased Part B premium. This policy prevents an individual’s Social Security benefit from going down from one year to the next as a result of Medicare premium increases. If a beneficiary does not see enough of an increase in their Social Security benefit to cover the increase in the Medicare premium, a rule called the “hold harmless provision” kicks in.

The official premium numbers have not yet been announced. Based on estimates from the Medicare Trustees, the standard Part B premium is projected to go from $135.50 to approximately $144.30 per month, which would be an increase of $8.80 a month. The COLA will increase the average Social Security benefit by about $32 dollars a month. As the cost of living increases, so do Social Security benefits.įor 2020, the COLA increase is likely to be enough to cover the expected increase in the Medicare standard Part B premium. The COLA is the mechanism that keeps Social Security benefits in line with inflation. The Social Security Administration announced today that the cost-of-living adjustment (COLA) for 2020 will be 1.6%.

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