Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 1.6 percent in 2020.
The1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2020.
Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2019
This increase must be factored into the annual certified income for those who receive Social Security, SSD, and/or SSI payments. The current rate should be counted for November and December, and the COLA rate for the balance of the certification year.
Example: A resident’s effective date for recertiification is 11/1/2019. His current social security payment is $1284.30 per month. The COLA rate is 1.6%, so his new payment will be ($1284.30 x 1.6% = $20.55) $1284.30 + 20.55 = $1304.85.
Count $1284.30 x 2 (for November and December), and $1304.85 x 10 (for the rest of the certification year).
For any questions, contact your Compliance Specialist!