Social Security’s Cost-of-Living Increase Will Be Largest in Four Decades
Retirees will learn the amount of the increase for 2023 on October 13th, and the current estimate is that it will be 8.7%
#BidenBoom
#COLA
archive.ph/cGyGM
Retirees will learn the amount of the increase for 2023 on October 13th, and the current estimate is that it will be 8.7%
#BidenBoom
#COLA
archive.ph/cGyGM
"Rising Medicare premiums often take a significant bite out of COLAs; the premium for Part B (which covers outpatient services, like doctors’ visits) 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.
Medicare officials have signaled that any premium increase would be modest because of the unusual circumstances surrounding Aduhelm,"
Medicare officials have signaled that any premium increase would be modest because of the unusual circumstances surrounding Aduhelm,"
"the costly new drug for treating Alzheimer’s disease.
FDA approved Aduhelm in June 2021 despite objections from agency’s own scientific advisory panel. The drug initially was to carry annual price tag of $56,000 per patient — a figure drug maker Biogen later reduced to $28,800"
FDA approved Aduhelm in June 2021 despite objections from agency’s own scientific advisory panel. The drug initially was to carry annual price tag of $56,000 per patient — a figure drug maker Biogen later reduced to $28,800"
"b/c Aduhelm is administered in outpatient settings, the cost would be borne by Part B, not Part D, the prescription drug plan. Medicare officials factored in anticipated Aduhelm costs when agency announced 14.5% increase in std monthly Part B premium for 2022, to $170.10."
"Medicare ultimately decided to sharply limit coverage of Aduhelm — but let stand the large Part B increase, citing administrative hurdles to a midyear rebate to tens of millions of Americans on Medicare. That means Part B enrollees are being overcharged"
"roughly $10 per month this year, and Medicare has stated that the 2023 premium will be adjusted accordingly.
'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, "
'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 Senior Citizens League"
I'm not close to being on Medicare yet, but I feel like I have Alzheimer's trying to understand the differences between the various Rx plans and price changes
I'm not close to being on Medicare yet, but I feel like I have Alzheimer's trying to understand the differences between the various Rx plans and price changes
"2023 COLA will give a significant boost to more than 70 million Americans — a group that includes 52.3 million people age 65+ along with a broader group (including survivors of beneficiaries & people receiving disability benefits & the low-income Supplemental Security Income"
"The COLA is calculated annually using a formula detailed in federal law. It uses one of the broadest government measures of inflation, known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or C.P.I.-W."
"Social Security averages together the C.P.I.-W. figures during Q3 of each year, & compares that w/previous year’s figure. e.g. 2023 COLA will be calculated by averaging together C.P.I.-W. figures for Q3 2022 and comparing that with the same averaged figures for 2021."
That's President Biden to you, Senator Scott
https://twitter.com/JoeBiden/status/1569891437780832256?s=20&t=Bmh03zCDOB34KgNPB7Iu8g
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