NCPSSM — Three pieces of legislation have been introduced...

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Three pieces of legislation have been introduced in the 116th Congress that would implement the CPI-E for calculating Social Security COLAs: Social Security 2100 Act, Social Security Expansion Act, and CPI-E Act.
via Will Medicare Premiums Eat Up Seniors’ 2020 COLAs?
Source: bit.ly
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Rising Medicare costs leave many U.S. seniors with a flat COLA

Millicent Graves will get araise from Social Security next year, but her household budgetwill get worse, not better.

The 2 percent cost-of-living adjustment (COLA) announced by Social Security for 2018 last month will boost Graves’ monthly benefit by $20.70. But in reality, that increase will be wiped out by a higher Medicare Part B premium, which will be deducted from her Social Security benefit.

The federal government announced last Friday that the standard Part B premium will be $134 per month next year, unchanged from 2017. That sounds like good news at first blush. But for roughly 70 percent of seniors, Social Security benefit amounts will stay flat due to the relationship between the premium and the Social Security cost-of-living adjustment.

via Reuters.

Related Reading:

2018 Social Security COLA Won’t Meet Seniors’ Needs.

  • The just-announced 2.0% cost-of-living increase (COLA) for Social Security beneficiaries is woefully inadequate.
  • The 2018 COLA translates into a paltry $27 a month for the average recipient, barely enough for a prescription co-pay, a tank of gas, or a bag of groceries.
  • For many seniors, the COLA increase will be completely negated by the increase in Medicare premiums for 2018 (about 23%).
Source: bit.ly politics p2 COLA social security medicare health care healthcare older americans elderly retirement retirees retirement crisis entitlements entitlement reform cost of living adjustment seniors
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No Social Security COLA Increase + Massive Medicare Hike for Millions

No social security COLA increase in 2016 means Medicare premiums will skyrocket for millions of Americans.

Today’s announcement that there will be no Social Security cost-of-living adjustment (COLA) increase next year, for only the third time in 40 years, means that millions of seniors who rely on their Social Security to get by will once again find their expenses outpacing their Social Security benefit.

via Entitled to Know.

Source: ncpssm.org social security COLA politics medicare health care retirement retirees retirement crisis entitlements entitlement reform seniors elderly cost of living adjustment
“Millions of seniors will soon be notified that Medicare premiums for physicians’ services are rising and likely to consume most of the cost-of-living adjustment they’ll receive next year from Social Security. Higher 2018 premiums for Medicare Part B...

Millions of seniors will soon be notified that Medicare premiums for physicians’ services are rising and likely to consume most of the cost-of-living adjustment they’ll receive next year from Social Security.

Higher 2018 premiums for Medicare Part B will hit older adults who’ve been shielded from significant cost increases for several years, including large numbers of low-income individuals who struggle to make ends meet.

via Kaiser Health News.

2018 Social Security COLA Won’t Meet Seniors’ Needs.

  • The 2018 COLA translates into a paltry $27 a month for the average recipient, barely enough for a prescription co-pay, a tank of gas, or a bag of groceries. 

2018 cost of living adjustment shortchanges America’s retirees.

  • What’s more, average beneficiaries will see their COLAs almost completely wiped out by rising Medicare Part B premiums. Those premiums will likely go up by $25 per month in 2018, making the math pretty simple. Many retirees will net only $2 extra per month, which might buy a cup of coffee but not much else. 
Source: bit.ly politics social security medicare healthcare COLA cost of living adjustment health care p2 older americans elderly retirement retirees retirement crisis entitlements entitlement reform earned benefits social insurance seniors
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2020 Medicare Premium Hike Could Wipe Out Social Security COLA for Many Retirees

The Senior Citizens League is forecasting a 6.5% jump in the 2020 Medicare Part B premium.

If The Senior Citizens League is correct in its forecasts — and it has a strong record of that — roughly half of the Social Security cost-of-living adjustment (COLA) for 2020 for the average retiree will be wiped out by the increase in Medicare Part B premiums that year.

The league, along with the Alliance for Retired Americans and the National Committee to Preserve Social Security and Medicare, supports changing the basis used to calculate the annual Social Security COLA from the CPI-W to the Consumer Price Index for Elderly Consumers (CPI-E). Pending legislation in the House, including the Fair COLA for Seniors and the Social Security 2100 Act, would link the COLA to the CPI-E.

via Think Advisor.

Stay on top of the issues by signing up for our free newsletter, Your Morning Read, by clicking here.

Source: bit.ly politics medicare cpi-e COLA cost of living adjustment health care healthcare seniors p2 entitlements entitlement reform retirement retirees retirement crisis
According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.2%. That’s an increase of about $17.50 in monthly benefits for the average claimant. The same projection...

According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.2%. That’s an increase of about $17.50 in monthly benefits for the average claimant. 

The same projection says that the Medicare Part B premium will likely rise by $8.80 per month next year. If both estimates prove accurate, the average beneficiary will only receive a net increase of $8.70 per month, which doesn’t buy much these days.

Read more from our new blog post by clicking here.

Source: bit.ly politics medicare COLA cost of living adjustment seniors retirement health care healthcare elderly retirees retirement crisis entitlements entitlement reform earned benefits p2 social security social insurance
According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.8%. That’s an increase of about $26 in monthly benefits for the average claimant. The same projection...

According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.8%. That’s an increase of about $26 in monthly benefits for the average claimant. The same projection says that the Medicare Part B premium will likely rise by $8.80 per month next year. If both estimates prove accurate, the average beneficiary will only receive a net increase of $17.50 per month, which doesn’t buy much these days. As Bernice Napach reports in ThinkAdvisor:

“For recipients collecting $735 or less in benefits, the Medicare Part B premium increase would wipe out their entire COLA. They would have no additional funds to pay for rising costs for health care, housing or other necessities, which is an issue for a growing number of retirees.” – ThinkAdvisor, 5/1/19

Read more from this post by clicking here.

Source: bit.ly politics COLA social security cost of living adjustment seniors elderly older americans medicare earned benefits social insurance healthcare health care retirement retirees retirement crisis
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2020 Medicare Premium Hike Could Wipe Out Social Security COLA for Many Retirees

The Senior Citizens League is forecasting a 6.5% jump in the 2020 Medicare Part B premium.
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If The Senior Citizens League is correct in its forecasts — and it has a strong record of that — roughly half of the Social Security cost-of-living adjustment (COLA) for 2020 for the average retiree will be wiped out by the increase in Medicare Part B premiums that year.

The league, along with the Alliance for Retired Americans and the National Committee to Preserve Social Security and Medicare, supports changing the basis used to calculate the annual Social Security COLA from the CPI-W to the Consumer Price Index for Elderly Consumers (CPI-E). Pending legislation in the House, including the Fair COLA for Seniors and the Social Security 2100 Act, would link the COLA to the CPI-E.

via Think Advisor.

Stay on top of the issues by signing up for our free newsletter, Your Morning Read, by clicking here.

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Updated Reading:

Will Medicare Premiums Eat Up Seniors’ 2020 COLAs?

According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.2%. That’s an increase of about $17.50 in monthly benefits for the average claimant. The same projection says that the Medicare Part B premium will likely rise by $8.80 per month next year.  

If both estimates prove accurate, the average beneficiary will only receive a net increase of $8.70 per month, which doesn’t buy much these days. 

Source: bit.ly COLA social security cost of living adjustment seniors social insurance earned benefits elderly older americans p2 cpi-e medicare healthcare health care
ncpssm.org

Letter Endorsing Fair COLA for Seniors Act of 2016

The absence of a COLA this year will force many seniors to choose between paying for food, prescription medication and/or heating bills. Over half of Medicare beneficiaries had incomes below $23,500 per year in 2013, and they are already paying 23 percent of their average Social Security check for out-of-pocket health care costs. In addition, this year all Medicare beneficiaries will pay a 13.6 percent increase in the Part B deductible and 30 percent of beneficiaries will shoulder a 17 percent increase in their Part B premiums. The emergency benefit provided in H.R. 5342 would help millions of seniors absorb these mounting costs.

via NCPSSM.

Source: bit.ly social security COLA seniors politics p2 retirement retirees retirement crisis entitlements entitlement reform social insurance elderly cost of living adjustment medicare healthcare health care
If the 2020 COLA is, in fact, 1.2%, it would be the smallest benefit increase since 2017. (At 2.8%, the 2019 COLA was one of the highest of the past ten years.) For three of those years, the COLA was zero.
via Will Medicare Premiums Eat Up Seniors’ 2020 COLAs?
Source: bit.ly politics earned benefits COLA cost of living adjustment seniors retirement retirees retirement crisis entitlements entitlement reform p2 elderly older americans healthcare health care social security social insurance medicare
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