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Check-out the Online Benefit Screening Tool

There is a free online Benefit Eligibility Screening Tool (BEST) located at http://www.benefits.gov/ssa that can assist you in uncovering what benefits you could receive from Social Security. The BEST online eligibility tool screens for Medicare, Social Security Disability, Social Security Retirement, Social Security Survivors, Special Veterans, and Supplemental Security Income (SSI) benefits.  The BEST online tool will list the benefits for which you might be eligible for and indicates how you can claim those benefits.

It takes about five to ten minutes to answer the questions posed by the online screening tool.  You will have to answer all the questions. Based on your answers, BEST will tell you all the programs you qualify for. You will need to know you and your spouse’s dates of birth, date of marriage(s), and earnings information. You will be asked about your personal finances to determine if you could be eligible for SSI or qualify for help with your Medicare premium.  At the end of the questionnaire , you will have access to your results.  You are the only one who will see the results.

BEST is not an application for benefits and does not know any of your personal information, such as your name and Social Security Number. BEST will not access your personal Social Security records and will not give an estimate of benefit amounts. Additionally, BEST does not screen for help with Medicare prescription drug plan costs.

The following are a few items to keep in mind when using the BEST online screening tool:

•  If you are answering the questions for someone else. Answer the questions as they apply to that personal.  For example, if you are answering the questions on behalf of a child “you” applies to that person.
• If you answer that you already get benefits from one or more of the programs listed earlier, BEST will not screen those same benefits again. However, BEST will screen for other programs.
• BEST is a quick and easy online tool that indicates the options that are available to you. The BEST tool does not exam your individual circumstances but is useful in pointing out potential opportunities.

To apply for any of the benefits listed in your results, you must contact Social Security (www.ssa.gov) to file an application or to ask more questions telephone toll free 1-800-772-1213 (TTY 1-800-325-0778) Monday –Friday, 7:00 am-7:00 pm local time or contact your local Social Security office.

The Lowest COLA Increase Since 1975

Associated Press (AP) reports that the Cost-Of-Living (COLA) increase for this year will be about 1.5%. The amount of this increase is the same as last year and about the lowest automatic increase since 1975. The exact amount of next year’s increase will not be known until the U.S. Department of Labor releases their inflation report. In general, next year’s raise is small because consumer prices, as measured by the government, have not increased very much.   According to AP the average monthly Social Security benefit is $1,162. A 1.5 percent increase will be about $17.

People who retire early are especially hit by the small raise. Early retirees permanently receive a reduced benefit.  The decreased benefit affects the amount of the annual Cost-Of-Living Adjustment (COLA) increase.  For example, if the COLA is 1.5 percent and the monthly benefit is $1,000, the amount of the COLA increase is $1,000 X .015 = $15. In contrast, someone with a $750 benefit would  receive $22.50 ($750 X .015 = $11.25). The increased monthly payment amount becomes the new basis for the next COLA increase.

Note: In the past the COLA was often 3 percent or $30 a month increase for someone  with a $1,000 benefit.