| | Government Benefits
Social Security
| Social Security Cost-of-living adjustment (COLA) | 2019 | 2020 |
|---|
| For Social Security and Supplemental Security Income (SSI)
beneficiaries | 2.80% | 1.60% |
| Tax rate--employee | 2019 | 2020 |
|---|
| FICA tax -- Employee
| 7.65% | 7.65% | | Social Security (OASDI) portion of tax
| 6.20% | 6.20% | | Medicare (HI) portion of tax | 1.45%1 | 1.45%1 |
| Tax rate--self-employed | 2019 | 2020 |
|---|
| Self-Employed | 15.30% | 15.30% | | Social Security (OASDI) portion of tax
| 12.40% | 12.40% | | Medicare (HI) portion of tax | 2.90%1 | 2.90%1 |
1 An additional 0.9% Medicare/hospital
insurance tax (for a total employee contribution of 2.35%) is assessed on wages
exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000
for married individuals filing separate returns). An additional 0.9%
Medicare/hospital insurance tax (for a total Medicare portion of 3.8%) is
assessed on self-employment income exceeding $200,000 ($250,000 for married
couples filing joint returns, $125,000 for married individuals filing separate
returns).
| Maximum taxable earnings | 2019 | 2020 |
|---|
| Social Security (OASDI only) | $132,900
| $137,700 | | Medicare (HI only) | No limit | No limit |
| Quarter of coverage | 2019 | 2020 |
|---|
| Earnings required | $1,360 | $1,410 |
| Retirement earnings test--exempt amounts--Under full
retirement age--Benefits reduced by $1 for each $2 earned above: | 2019 | 2020 |
|---|
| Yearly figure | $17,640
| $18,240
| | Monthly figure | $1,470 | $1,520 |
| Retirement earnings test--exempt amounts--Year individual
reaches full retirement age--Benefits reduced by $1 for each $3 earned above
(applies only to earnings for months prior to attaining full retirement
age): | 2019 | 2020 |
|---|
| Yearly figure | $46,920
| $48,600
| | Monthly figure | $3,910 | $4,050 |
| Retirement earnings test--exempt amounts--Beginning the month
individual attains full retirement age | 2019 | 2020 |
|---|
| No limit on earnings | No limit on earnings |
| Social Security disability thresholds | 2019 | 2020 |
|---|
| Substantial gainful activity (SGA) for the sighted (monthly
figure) | $1,220
| $1,260
| | Substantial gainful activity for the blind (monthly
figure) | $2,040 | $2,110 | | Trial work period (TWP) (monthly figure) | $880 | $910
|
| SSI federal payment standard | 2019 | 2020 |
|---|
| Individual (monthly figure) | $771
| $783
| | Couple (monthly figure) | $1,157 | $1,175 |
| SSI resource limits | 2019 | 2020 |
|---|
| Individual | $2,000 | $2,000
| | Couple | $3,000 | $3,000 |
| SSI student exclusion limits | 2019 | 2020 |
|---|
| Monthly limit | $1,870
| $1,900
| | Annual limit | $7,550 | $7,670 |
| Maximum Social Security benefit | 2019 | 2020 |
|---|
| Worker retiring at full retirement age (monthly figure) | $2,861
| $3,011
|
| Formula for Monthly Primary Insurance Amount (PIA) | 2019 | 2020 |
|---|
| (90% of first X of AIME + 32% of the AIME over X and through
Y + 15% of AIME over Y) | X=$926 Y=$5,583 | X=$960 Y=$5,785 |
Medicare
| Medicare monthly premium amounts--Part A (hospital insurance)
premium | 2019 | 2020 |
|---|
| Individuals with 40 or more quarters of Medicare-covered
employment | $0 | $0
| | Individuals with less than 40 quarters of Medicare-covered
employment who are not otherwise eligible for premium-free hospital
insurance | Up to $437 | Up to $458 |
| Medicare monthly premium amounts--Part B (medical insurance)
monthly premium--for beneficiaries who file an individual income tax return
with income that is: | 2019 | 2020 |
|---|
| Less than or equal to $87,000
| $135.502 | $144.602 | | $87,001 - $109,000 | $189.60 | $202.40 | | $109,001 - $136,000
| $270.90 | $289.20 | | $136,001 - $163,000
| $352.20 | $376.00 | | $163,001 - $499,999 | $433.40 | $462.70 | | $500,000 and
above | $460.50 | $491.60 |
| Medicare monthly premium amounts--Part B (medical insurance)
monthly premium--for beneficiaries who file a joint income tax return with
income that is: | 2019 | 2020 |
|---|
| Less than or equal to $174,000 | $135.502 | $144.602 | | $174,001 - $218,000 | $189.60
| $202.40
| | $218,001 - $272,000 | $270.90 | $289.20 | | $272,001 - $326,000 | $352.20 | $376.00 | | $326,001 - $749,999
| $433.40 | $462.70 | | $750,000 and above |
$460.50 | $491.60 |
| Medicare monthly premium amounts--Part B (medical insurance)
monthly premium--for beneficiaries who are married, but file a separate tax
return from their spouse and lived with spouse at some time during the taxable
year with income that is: | 2019 | 2020 |
|---|
| Less than or equal to $87,000 | $135.502 | $144.602 | | $87,001 - $413,000
| $433.40 | $462.70 | | $413,000 and
above | $460.50 | $491.60 |
2 This is the standard Part B premium amount.
However, some people who get Social Security benefits will pay less than this
amount.
| Original Medicare plan deductible and coinsurance
amounts--Part A (hospital insurance) | 2019 | 2020 |
|---|
| Deductible per benefit period | $1,364
| $1,408 | | Coinsurance per day for 61st to 90th day of each benefit
period | $341
| $352 | | Coinsurance per day for 91st to 150th day for each lifetime
reserve day (total of 60 lifetime reserve days--nonrenewable) | $682 | $704 |
| Original Medicare plan deductible and coinsurance
amounts | 2019 | 2020 |
|---|
| Skilled nursing facility coinsurance per day for 21st to
100th day of each benefit period | $170.50 | $176 |
| Original Medicare plan deductible and coinsurance
amounts--Part B (medical insurance) annual deductible | 2019 | 2020 |
|---|
| Individual pays 20 percent of the Medicare-approved amount
for services after deductible is met | $185 | $198 |
Medicaid
| Income threshold | 2019 | 2020 |
|---|
| Monthly income threshold for income-cap states ("300 percent
cap limit") | $2,313 | $2,349 |
| Monthly maintenance needs allowance for at-home spouse | 2019 | 2020 |
|---|
| Minimum 3 | $2,057.50 | $2,113.75
| | Maximum | $3,160.50 | TBD |
| Community spousal resource allowance | 2019 | 2020 |
|---|
| Minimum | $25,284
| TBD
| | Maximum | $126,420 | TBD |
3 Amounts listed actually effective as of July
of prior year; different amounts apply to Alaska and Hawaii.
|
