The Social Security COLA is out for 2020!

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!