COVID-19

Resources

Webinar

Registration

Blog

  • Contact Us
  • Follow Us:

Stotler Hayes

Providing Legal assistance to Health Care Providers

  • Who We Are
  • Practice Areas
  • Employment
  • Resources

2023 COLA Increase to Social Security benefits: How to ensure minimum disruption in resident’s ongoing benefits

Jan 06 2023

Social Security (SS) and Supplemental Security (SSI) benefits will increase in 2023 by an 8.7% cost-of-living adjustment (COLA).  The increased SS benefits begin this month January 2023, while the increased payments to SSI beneficiaries began on December 30, 2022.  In 2023, the average Social Security retiree’s monthly income will be $1,827, a $146 increase from the average benefit of $1,681 in 2022. The 2023 income limit for Qualified Income Trust/Miller Trust purposes has increased to $2,742.

Of note, as a result of the ongoing Federal Covid-19 Public Health Emergency (PHE), which is expected to continue into mid-April 2023, many State Medicaid agencies are not increasing Patient Liability (PL), despite the SS and SSI increases. In those States, the 8.7% SS increase will lead to significant accrued income, which will ultimately cause a resource issue once the PHE expires. As a result, beneficiaries would be prudent to engage in a spend down of the SS/SSI overage before the PHE expires.

Providers would be wise to verify residents’ 2023 PL with Medicaid agencies, and specifically request updated 2023 calculations as soon as possible, but before the PHE possibly expires.  It is also recommended that providers discuss potential spend down options for the accruing income with their beneficiaries

As always, SHG is available and ready to assist with any PL, QIT/Miller Trust, and/or resource issues arising from the very significant COLA increase to Social Security benefits.

Sources:

https://www.fool.com/retirement/2022/12/03/you-may-be-shocked-by-the-average-social-security/#:~:text=This%20is%20the%20average%20monthly,benefit%20of%20%241%2C681%20in%202022.

https://www.ssa.gov/pubs/EN-05-11015.pdf

https://www.ssa.gov/cola/

Written by Stotler Hayes · Categorized: General Updates

Stotler Hayes Group, LLC is a national, boutique law firm focused on optimizing recovery for health care providers through Medicaid, Medicare, private collections, training and education. Our attorneys are licensed in, and represent clients before, federal and state courts and agencies in a majority of states around the country.

In the handful of states where Stotler Hayes Group, LLC does not employ a full-time attorney, referrals are made to local counsel, many of whom we have developed close working relationships with over the years. In those cases, our firm works with local counsel throughout the pendency of the case.

Stotler Hayes Group, LLC,

Principal Office: Pawley’s Island, SC, Phone: 843-235-9871; Fax: 888-497-7390; email: info@stotlerhayes.com

This website is for informational purposes only. Please remember that every case is different. Any result we achieve for one client in one matter does not necessarily indicate similar results can be obtained for other clients.

The attorney responsible for the content of this website is Andrea Kirksey, Esq., Executive Director and General Counsel for Stotler Hayes Group, LLC, 297 Willbrook Boulevard,  Pawley’s Island, South Carolina.

She may be contacted at (843) 235-9871, ext. 1002 or at akirksey@stotlerhayes.com.

Home                           Contact Us                    Disclaimer

 

Website Designed by Southern Tide Media