The Social Security Administration announced Friday that next year’s Social Security cost of living adjustment (COLA) will be 2.0%. That means an increase of $25 per month for the average beneficiary.
According to the nonpartisan Kaiser Foundation, however, this will not be enough to offset the rise in Medicare Part B premium costs for 2018.
Coverage for Medicare Part B is optional, but 91 percent of Medicare beneficiaries are signed up for it. The program covers physicians’ care, outpatient care, certain medical equipment, laboratory tests, some health home services, and other care for patients. According to a Senior Citizens League study, retirees have lost one-third of their buying power since 2000 because COLA increases haven’t been able to catch up with skyrocketing health care and housing costs. Researchers expect Part B premiums to increase an average of 5.4 percent each year between 2017 and 2024.
Read the entire ARA Friday Alert
2018 Social Security Changes
Source: Alliance for Retired Americans
One thought on “2018 SS COLA will be 2.0%: Not Enough to Offset Medicare Part B Premiums”
Union and NAME of Local/Branch
APWU - Philadelphia, PA Retiree Chapter
Office held, if any
Retiree Activist and Advocate
“Researchers expect Part B premiums to increase an average of 5.4 percent each year between 2017 and 2024.”
– APWU officials and lobbyists should demand that Medicare Part B only be an option for postal annuitants in any substantive postal reform legislation. Members should keep the pressure up on their congressional representatives to oppose any postal reform legislation that includes forced Medicare Part B.