Social Security: Cost of Living Increase for 2014
The Social Security Administration has announced that the cost of living adjustment (COLA) will be 1.5% for Social Security and Supplemental Security Income (SSI) benefits in 2014. The Medicare Part B premium will remain unchanged from 2013 at $104.90 per month for most people.
The cost of living adjustments are not available from SSA for uploading into EIV until the end of the year. When processing recertifications effective January through April 2014, use one of the methods described in Section 9-6 B1e of the 4350.3 REV-1 CHG-4 listed below:
- Use the benefit information reported in EIV that does not include the COLA as third party verification as long as the tenant confirms that the income data in EIV is what he/she is receiving;
- Use the SSA benefit, award letter or Proof of Income Letter provided by the tenant that includes the COLA adjustment if the date of the letter is within 120 days from the date of receipt by the owner;
- Determine the tenant’s income by applying the COLA increase percentage to the current verified benefit amount and document the tenant file with how the tenant’s income was determined; or
- Request third party verification directly from SSA when the income in EIV does not agree with the income the tenant reports he/she is receiving (See Paragraph 9-15)