Good News And Bad News About Social Security

Social security recipients will receive a 2.6% increase in their social security checks in 2002, which translates into a $22 increase for the average social security recipient and raises the maximum monthly social security benefit to $1,660. However, those enrolled in Medicare Part B will receive only an $18 increase because the Medicare Part B monthly premium will also rise from $50 to $54. The Medicare Part A deductible for hospital stays for 2002 will be $812 per benefit period. Social security recipients who are under 65 and who continue to work will also be able to earn more in 2002, without losing social security benefits. The new earnings limit is $11,280 compared with $10,680 in 2001. If you are 65 and older, you can earn an unlimited amount without loss of social security benefits.

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