Five Expenses May Offset Social Security Payment Increases - AMAC & Fox Business
Kelsey Ramirez of Fox Business notes the highest cost of living adjustment (COLA) in 40 years for Social Security recipients, at 5.9%, still has a downside. Increases are designed to protect buying power, but as she notes, many seniors are still falling behind after paying for necessities. She cites five categories in particular: food, rent, owner housing, home heating, and drug prices. The last of the items may be the hardest hit, as the author notes. Insurers appear to be gearing up for a surge in prescription drug prices in 2022. The Centers for Medicare and Medicaid Services estimate that prescription drug plan premiums will increase almost 5% in 2022, and the out-of-pocket threshold before reaching the catastrophic phase of coverage is growing by 7.6%, from $6,550 in 2021 to $7,050 in 2022. Read tghe full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.