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TrackPro News
2002 Social Security increase announced
| The 2002 Social Security increase was announced October 20, 2001. The 2.6% increase will be effective January 2002. In addition to the 2.6% increase, Medicare premiums will increase from $50 per month to $54 per month. |
| Until December 2001, printouts from Social Security will not reflect this increase. |
| Following is an example of how to calculate in the increase: |
John Smith receives GROSS Social Security benefits of $895 per month. After Medicare is deducted ($50), John receives a NET Social Security benefit of $845 per month. John's recertification is due on November 1, 2001.
$895/mo x 2 months (Nov & Dec) - $1,790
$845 x 2.6% = $21.97
$845 + $21.97 = $866.97
$866.97 x 10 months (Jan - Oct) = $8669.70
$54/mo x 10 months (Jan - Oct) = $540
$1,790 + $8669.70 + $540 = $10,999.70
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| If the resident/applicant does not have a Medicare deduction, simply multiply the Gross (same as the NET) benefit amount by 2.6%. |
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