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Insider’s Report: Next year’s Social Security COLA may not go as far as you hope
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Don’t pop the champagne yet! As we’ve written to you about recently, next year’s Social Security Cost-of-Living Adjustment (COLA) will be 5.9% — the highest in decades. Yet, the extra $92 a month on average for Social Security beneficiaries will be quickly eaten up by the rising cost of gas, food, housing and more.
What’s worse, the Medicare Part B premium for 2022 jumped 14.5% — far higher than expected. The $21.60 increase in the Medicare premium — the largest ever — will take a huge bite out of the COLA, leaving little left for seniors.
The Part B premium is the monthly amount paid by individuals for health coverage in Medicare Part B — a voluntary program that covers physician services, hospital outpatient care, durable medical equipment and other services including some home health care. The vast majority (about 92%) of Medicare beneficiaries are enrolled in Part B. Most individuals have the premium for their Part B coverage deducted from their Social Security, Railroad Retirement, or Federal government retirement checks.
As we’ve seen year over year, Social Security benefits continue to erode as premiums, deductibles and out-of-pocket costs rise out of control. That’s why the National Committee is urging Congress to pass legislation that would strengthen Social Security by improving the COLA and boosting benefits.
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| Good Bills |
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After months of negotiations, the U.S. House of Representatives has passed the Build Back Better Act. This historic legislation expands Medicare benefits to include coverage for hearing aids and examinations, lowers prescription drug costs by allowing Medicare to negotiate the price of certain drugs and adds billions of new dollars for seniors to receive long-term care in their homes and communities — improvements supported by majorities of Americans across party lines. The Build Back Better Act now goes to the Senate where the National Committee is putting pressure on Senators Joe Manchin (WV) and Kyrsten Sinema (AZ) to keep this bill’s critical benefit improvements intact.
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| Ask Web |
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Our resident Social Security expert, Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — is here to answer your questions about Social Security.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
This week's question is: I am retired and receiving Social Security benefits and am planning on getting married. My fiancée is still employed. What effect will this have on my Social Security benefits? Also I am wondering if I should be having taxes taken from my benefits.
Click here to read the answer.
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| Take Our Poll |
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Do you know any older Americans who have either delayed retirement or gone back to work because their Social Security monthly benefit does not cover their cost of living?
Take our poll now!
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Ask Web
Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security. |
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Join Now
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Boost Social Security
Learn how we’re fighting to improve and expand Social Security benefits for current and future generations of Americans. |
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| Build Back Better plan is Historic Legislation for Seniors |
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“It isn’t everything we wanted, but it is one of the biggest expansions of the social safety net for seniors and their families in the last 50 years,” says Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare. (November 19, 2021, Jeff Santos Show, Radio Interview with NCPSSM President & CEO, Max Richtman)
Listen Here →
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| CBO: Democrats' package saves about $160B on drug prices |
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Provisions to lower prescription drug prices in President Biden's Build Back Better package would save the government about $160 billion over a decade, according to a Congressional Budget Office (CBO) estimate released Thursday. (November 18, 2021, The Hill, Peter Sullivan)
Read More →
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