Cost of Living Adjustment (COLA) for 2017 will be tiny
Those receiving Social Security benefits will get only a very small Cost of Living Adjustment for 2017 – 0.3%. For the average recipient, this will amount to only about a $4 increase, but don’t count on spending it. Medicare premiums are expected to rise next year and, for those already receiving Social Security, the COLA increase will probably be wiped out by an increase in their Medicare premium. Those already collecting benefits are protected by a “hold harmless” provision which states that their Medicare premium can’t increase by more than their COLA increase. But that’s not the case for new enrollees and higher income people, who would see a much higher Medicare premium. This AP article by Stephen Ohlemacher appeared in this mornings online Seattle Times. Click here to read the entire article.