Why Some Retirees Could See Even Bigger Benefits Next Year
It looks like 2023 will be a good year for retirees. Not only are they receiving a big benefits boost because of the XXX percent Social Security cost-of-living adjustment (COLA), but they should get some extra money in their pockets because Medicare Part B premiums went down. According to Yahoo! Finance, the historically high COLA coupled with a Medicare decrease is extremely rare and it couldn’t have come at a better time for struggling seniors.
The Centers for Medicare & Medicaid Services announced that the standard monthly premium for Medicare Part B enrollees will be $164.90 in 2023, down from $170.10 in 2022. This is the first decline in 10 years. While it’s not much, every little bit helps these days as we continue to face high inflation.
Because retirees who claim both Social Security and Medicare typically see their Part B premiums taken out of their Social Security checks, the combined COLA increase and Medicare decrease should result in even higher Social Security benefits in 2023.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits.
