Feds Announce 2024 Social Security and SSI COLA, Medicare Cost Sharing Amounts
The U.S. Social Security Administration (SSA) recently announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 3.2 percent in 2024. The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on Dec. 29, 2023.
Implications for ACF and Assisted Living Residents
The State has not yet issued the SSI and SSI Maximum Benefit Levels Chart for 2024, but LeadingAge NY offers the below estimations for residents who receive the SSI and State Supplement Program (SSP) benefit who live in adult care facility (ACF) and assisted living settings.
The COLA applies only to the federal SSI benefit, which is $914 per month in 2023, and to the personal needs allowance (PNA), which is $241 per month in 2023. Applying the 3.2 percent COLA to both figures, we estimate that the federal SSI benefit will be $943 and the PNA $249 per month in 2023 for ACF and assisted living residents. Given that the State does not build a COLA into the State portion of the benefit (SSP), that figure will remain at $694 per month in 2024. Thus, we expect that the total monthly benefit will be $1,637 per month, and the ACF will receive $1,388 per month when the PNA is taken into account. This translates to $45.63 per day.
Again, we offer these estimates for planning purposes; however, we will inform members once the updated benefits chart is available and the Department of Health (DOH) issues its annual Dear Administrator Letter (DAL) to provide notice to residents.
The ACF rate for SSI/SSP-eligible residents remains woefully inadequate, and LeadingAge NY continues to pursue a lawsuit regarding this issue.
Medicare Cost Sharing Amounts
On Oct. 12th, the Centers for Medicare and Medicaid Services (CMS) published Medicare Parts A and B premium and deductible amounts for Calendar Year (CY) 2024. The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 over the 2023 premium. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 over 2023. The daily skilled nursing facility (SNF) co-insurance amount for days 21-100 will increase from $200 to $204. A CMS fact sheet with Medicare Parts A and B cost sharing information is available here.
Contact: Diane Darbyshire, ddarbyshire@leadingageny.org, 518-867-8828