Social Security’s cost-of-living increase largest in four decades, estimate says (via nytimes)
Rising Medicare premiums often take a significant bite out of COLAs. The premium for Part B typically is deducted from Social Security benefits. Large increases in Part B can sharply reduce, or even eliminate, a COLA. But next year, most experts expect the standard Part B premium to rise very modestly, or even stay flat at the current $170.10 per month.
“Seniors are so accustomed to the Part B premium consuming so much of the COLA — I think they’re in for a pleasant surprise this year,” said Mary Johnson, a policy analyst for the league. The 2023 COLA will give a significant boost to more than 70 million Americans — a group that includes 52.3 million people older than 65, along with a broader group that includes survivors of beneficiaries and people receiving disability benefits and Supplemental Security Income, the program for very low-income people.
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