COLA and the Medicare premium increase: Good news and bad news
Along with the “good news” announcement that Social Security recipients will be getting a 2.8% COLA increase in 2019, comes a “bad news” announcement that the Medicare Part B premium, which is deducted from the Social Security payment to about 70% of recipients, will increase. True, the Medicare premium increase is a relatively tiny 1.1% (to $135.50), but there are still some who are paying less than the current $134 for Medicare due to the infamous “hold harmless provision.” And what that means is that some of their Social Security COLA increase will go to cover the increased Part B premium amount. Todd Campbell explains in this Motley Fool article about how Medicare could cost you more than you think. Click here to read more.