XCR1250 Posted October 3, 2021 Share Posted October 3, 2021 Social Security COLA increase announced, won’t matter for many with Medicare increases OCTOBER 2, 2021 @ 4:58 PM | UPDATED: 5:52 PM FL1 News Have a tip for the newsroom, press release, local event listing or digital content to share? Send it here. Support our mission by visiting patreon.com/fl1 and becoming a monthly subscriber. Senior citizens collecting social security may see their payments increase more than they ever have in 2022. The increase is around 6%, the highest since 1985, which saw a 7.4% increase. However, the extra cash may never be seen as higher prices and increased healthcare premiums happen at the same time. They will likely eat up the excess funds. The COLA increase is around 6-6.1%, but the increase for Medicare Part B monthly premiums is expected to rise 6.2%, making it so that increase will never be seen. Consumer prices are continuously rising as well, and the entire reason the COLA increase is happening is to help seniors keep up with those prices. While the increases are being given, they simply aren’t helping and social security recipients find themselves still struggling. One big reason is whenever a hike is given, Medicare takes it. Congress is looking into using a different formula to calculate increases, so they better align with the actual cost of living as prices rise. The way it’s usually determined is by taking into account the prior three months before announcing the increase in October, and then the increase goes into effect that January. In 2021 the increase was only 1.3%. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 29, 2021 Share Posted October 29, 2021 WHy would they expect to get more it's to keep up with cost increasing not a raise to have more to spend. As far as Medicare part B lets do the math. Lets use simple math 1000 SS less 100 for meidcare 900 to recepient 1060 SS less 107 for medicare $1053 to recepient So they are still getting 5%+ Better than a lot of contributors Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted October 30, 2021 Share Posted October 30, 2021 Told you a mo ago the raise was a pathetic joke with the hyper inflation that we can all clearly see around us . Quote Link to comment Share on other sites More sharing options...
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