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Historic Medicare premium decrease could restore buying power for seniors
Trevor Jennewine writes that the combination of a lower Medicare Part B premium and an 8.7% COLA in 2023 should restore some of the buying power Social Security benefits have lost over time. The standard Medicare Part B premium will fall 3% (or $5.20) to $164.90 per month next year, and the average Social Security benefit paid to retired workers will rise $146 to $1,827 per month. That means the average retiree on both Medicare and Social Security will effectively get an extra $151.20 each month in 2023. The 40-year high COLA and the decreased Medicare premium each in and of themselves are rare, but together they are historic. Full article here.