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Annual Benefits Review

Your yearly guide to reviewing Social Security, Medicare, and all your benefits.

Built by a former SSA District Manager
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Let's start here

What brings you here?

Choose an option that best describes your current need.

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Why an Annual Review Matters

Benefits change EVERY year. COLA adjusts SS benefits. Medicare premiums/deductibles change. Drug formularies change (your meds may cost more). Income limits adjust. Missing changes = losing money or overpaying. Set a calendar reminder for October (Medicare OE) and January (new amounts).

Insider Tip from Dr. Ed
Most people just auto-renew everything without checking. This costs the average beneficiary hundreds of dollars per year in unnecessary premiums or missed savings.
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Key Changes for 2026

  • 1

    Social Security

    COLA: 2.8% increase.

  • 2

    Medicare

    Part B: $202.90/mo, Part A deductible: $1,676, Part B deductible: $257/year.

  • 3

    Part D

    Out-of-pocket cap: $2,100 (NEW — Inflation Reduction Act).

  • 4

    Other Benefits

    SSI: $994/mo. SGA: $1,690/mo. Earnings limit under FRA: $24,480/year.

Insider Tip from Dr. Ed
The 2.8% COLA sounds good, but if your Medicare Part B premium increased, your net raise may be smaller than expected. Check your January benefit amount carefully.
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Medicare Open Enrollment

October 15 - December 7. What to review: Has your drug formulary changed? Are your doctors still in-network? Have premiums changed? Check star ratings.

Insider Tip from Dr. Ed
Drug formularies change EVERY year. Your medication might cost significantly more on the same plan next year. Always check, even if you're happy with your current plan.
1
Compare plans: Use medicare.gov plan finder or call 1-800-MEDICARE.
2
Free help: SHIP counselors at shiphelp.org.
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Annual Checklist by Month

  • 1

    JANUARY

    Check new benefit amount (COLA applied), verify Medicare premium deduction, review SSA-1099 for taxes.

  • 2

    SPRING

    Check earnings record at ssa.gov/myaccount, review beneficiary designations, update contact info.

  • 3

    SUMMER

    Mid-year benefits review, check if income changes affect IRMAA.

  • 4

    OCTOBER-DECEMBER

    Medicare Open Enrollment, compare drug plans, check for Extra Help eligibility.

  • 5

    YEAR-ROUND

    Report any changes to SSA within 10 days, keep records organized.

Insider Tip from Dr. Ed
Print this checklist and put it on your refrigerator. Set phone reminders for October 15 (Medicare OE starts) and December 7 (deadline).
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Stay Updated

Get the Latest Benefits Information

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Common Questions

Frequently Asked Questions

Medicare Open Enrollment is from October 15 to December 7 every year.
COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Generally, changes are limited outside Open Enrollment unless you qualify for a Special Enrollment Period.
Missing a deadline can affect your benefits. It's crucial to stay on top of them to avoid potential penalties or missed coverage.
You can apply or check your eligibility for Extra Help through the Social Security Administration.
IRMAA stands for Income-Related Monthly Adjustment Amount. It's an extra charge added to your Medicare Part B and D premiums if your income is above a certain level.

Need to start over?

Go back to the beginning and choose a different path.

Annual Benefits Review — a free tool from 24help.org
Built by Dr. Ed Weir, former SSA District Manager
Educational resource only. Not legal advice. Always verify with SSA at 1-800-772-1213.