What’s New With Social Security
How the 2010 Social Security figures compare to 2009
By Diane Lustenader
On October 15, 2009, the Social Security Administration (SSA) announced all of the 2010 figures. The Department of Health and Human Services has not yet announced the Medicare figures. The table below is a summary of the new 2010 Social Security figures compared to 2009. The Medicare Part D figures at the end of the table were released on April 6, 2009.
For the first time in history, there is no cost-of-living adjustment (COLA) in 2010. The full retirement age (FRA) is 66. Some of the following Social Security figures relate to when a person attains FRA.
Social Security |
2009 |
2010 Just Released |
| Cost-of-living Adjustment (COLA) for December 2009 (payable in January 2010) |
5.8% (12/08) |
0.0% (12/09) |
FICA tax rate remains 7.65% for both employees and employers:
• Social Security
• Medicare (Hospital Insurance) |
6.20%
1.45% |
6.20%
1.45% |
Maximum Social Security earnings for tax contributions and benefits
Medicare taxable earnings |
$106,800
no limit |
$106,800*
no limit |
| Earnings required to earn one credit (maximum of four credits per year) |
$1,090 |
$1,120 |
Retirement Earnings Test exempt amounts
• Under full retirement age (FRA), age 66, throughout 2010
• FRA in 2010 (period before the month FRA is attained)
• FRA and over |
$14,160
$37,680
no limit |
$14,160*
$37,680*
no limit |
| Maximum monthly retirement benefit at FRA |
$2,323 |
$2,346 |
*Since there is no COLA increase, by law these figures remain unchanged in 2010.
Original Medicare Plan |
2009 |
2010 |
| Part A inpatient deductible per benefit period |
$1,068 |
n/a yet* |
Part A daily coinsurance 61st through 90th days |
$267 |
n/a yet* |
Part A daily coinsurance for up to 60 "lifetime reserve" days
|
$534 |
n/a yet*
|
| Part A daily coinsurance 21st through 100th days in a skilled nursing facility |
$133.50 |
n/a yet* |
| Part B annual deductible |
$135 |
n/a yet* |
| Part D (Prescription Drug Coverage) monthly premium (estimate) |
$28.00 |
$32.00 |
| Part D deductible |
$295 |
$310 |
| Part D initial benefit limit |
$4,350 |
$4,550 |
Part D minimum cost-sharing for catastrophic coverage
Generic/Preferred:
Other: |
$2.40
$6.00 |
$2.50
$6.30 |
*The Medicare figures will be updated once they are released by the Department of Health and Human Services. |
