Social Security cost-of-living increase won’t keep up with Medicare premium hike
Nearly 62 million seniors and disabled Americans will receive a 1.7% increase in their Social Security benefits next year but the cost-of-living adjustment may not keep up with the pending increase in Medicare premiums.
With the 1.7% COLA increase, the average monthly Social Security payment for a retired worker will increase from $1,240 to $1,261. The average monthly payment for a disabled worker will increase from $1,113 to $1,132.
However, seniors are facing hikes in their 2013 Medicare premiums – soon-to-be announced on Medicare.gov – which will likely negate the modest Social Security benefits bump.
“For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums,” according to the Social Security Administration.
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Category: Analysis, Current Events, Economy, Government, Health care, News, Social Services, Tax Dollars at Work, U.S. · Tags: American workers, COLA, cost of living adjustment, disability, economic recovery, economy, health care, health insurance, inflation, insurance premiums, Medicare, payroll tax, retirement, Social Security