January 21, 2016

Social Security & Medicare Current Facts & Figures 2016

The Many Faces of Social Security

  • Nearly 165 million workers contribute to Social Security through payroll taxes.
  • Nearly 59 million people receive monthly Social Security benefits, including:
    • 42.5 million receive retirement benefits
    • 6.1 million receive survivors’ benefits
    • 11 million receive disability benefits.
Average 2016 Monthly Social Security Benefit

  • A retired worker: $1,341
  • A retired couple: $2,212
  • Disabled worker: $1,166
  • Disabled worker with spouse and child: $1,983
  • Widow or widower: $1,285
  • Young widow or widower with two children: $2,680
  • Maximum Monthly Social Security Benefit: $2,639 (for worker retiring at Full Retirement Age).
Did you know?
Social Security is an extremely efficient program, with administrative costs of only 0.8% of total expenditures!

Social Security Cost of Living Adjustment (COLA) for 2016: 0% 

2016 Social Security & Medicare Contribution Amounts 

  • Social Security: 6.2% for both workers and employers.  This contribution is paid on earnings up to $118,500.
  • Medicare: 1.45% for both workers and employers on all wages. 

2016 Social Security Eligibility: 

  • Full Retirement Age: 66.
  • Early Retirement Age: 62. Taking early retirement can reduce Social Security benefits up to 30 percent. 

Social Security:  When & How to Apply for Benefits

  • You should apply for Social Security benefits three months before the date you want your benefits to start.  You can apply in one of the following ways:
    • Visit your local Social Security office. Call 1-800-772-1213 to find the office nearest your location.
    • Call Social Security at 1-800-772-1213. If you are deaf or hard of hearing, you can call Social Security at TTY 1-800-325-0778.
    • Go Online: https://secure.ssa.gov/iClaim/rib 

The Many Faces of Medicare

  • Nearly 165 million workers contribute to Medicare through payroll taxes.
  • Approximately 57 million people receive Medicare benefits, including:
    • 47.9 million individuals 65
    • 9.1 million disabled individuals.

2016 Medicare Part A (Hospital Coverage)

  • Deductible: $1,288 (first 60 days of Medicare-covered inpatient hospital care)
  • Coinsurance: $0 (Days 1-60), $322 per day (Days 61-90)

2016 Medicare Part B (Physician Coverage)

Individual’s Income Couple’s Income Your 2016 Part B Monthly Premium
$85,000 or less $170,000 or less $104.90*
$85,001-$107,000 $170,001-$214,000 $170.50
$107,001-$160,000 $214,001-$320,000 $243.60
$160,001-$214,000 $320,001-$428,000 $316.70
Above $214,000 Above $428,000 $389.80
For ALL Beneficiaries:
Part B deductible is $166 and the Part B
co-payment is 20%.

*New beneficiaries and public sector retirees in this income category will pay $121.80.  

 2016 Medicare Part D (Prescription Drug Coverage) 

  • Monthly Premium: Varies by plan (higher-income consumers may pay more).
  • Deductible: Varies by plan, $360 maximum.
  • Doughnut Hole: $3,310 – $7,062.50. Beneficiaries in the doughnut hole will receive a 55% discount for brand named drugs and a 42% discount on generics.
  • Cap on Out-of-pocket Costs: 4,850 (prior to catastrophic and excluding plan)
  • In addition to a monthly plan premium, high-income individuals will pay an income-related monthly adjustment amount as noted below:
Individual’s Income Couple’s Income Income-related monthly adjustment amount
$85,000 or below $170,000 or below $0.00
$85,001-$107,000 $170,001-$214,000 $12.70
$107,001-$160,000 $214,001-$320,000 $32.80
$160,001-$214,000 $320,001-$428,000 $52.80
Above $214,000 Above $428,000 $72.90

Medicare:  When & How to Apply for Benefits

Generally, Medicare is available for people age 65 or older, younger people with disabilities and people with End Stage Renal Disease.  If you are already receiving Social Security retirement benefits, you will be automatically enrolled in Medicare Parts A and B.  If you want to apply for Medicare, call (1-800-772-1213) or visit their website:  http://www.socialsecurity.gov/medicareonly.

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5 Comments

5 thoughts on “Social Security & Medicare Current Facts & Figures 2016”

  1. You have accounted for only 17 million recipients of SS retirement benefits. I would like to use your info sheet, but that seems very wrong.

  2. The next administration could easily keep social security going far into the future by passing an amendment to “scrap the cap” on social security deductions, which had been publicly campaigned by Senator Bernie Sanders.

  3. Receiving less than $800 a month been disabled since 1994 my spine from my injury has been deteriorating slow just wanted to let someone know because I do not receive that much income if it wasn’t for my wife even though I never knew her when I got injured I probably be in the streets I wish that Social Security could help people like myself to receive more benefits so they can lift more comfortable and not have to worry how to pay the bills my entry happen at work it was not my fault injured my back also my neck C 4 5 6 & 7 ventral so much this is just part of everything that’s happened to me and none of it was my fault hope you can help the American people who have been disabled because of injuries thank you very much sincerely yours Jose Velez

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