Optimism on 2024 COLA dampened by expected increase in Medicare Part B premium - USA Today

The Senior Citizens League (SCL) regularly monitors how current inflation might translate to a Cost of Living Adjustment (COLA) in the forthcoming year and, for a while now, has been predicting a modest 2.7% bump in Social Security benefits for 2024. As inflation has continued to cool a bit, the SCL now suggests that next year’s COLA may be a little higher – perhaps 3%. And, of course, every little bit helps seniors struggling to make ends meet in these inflationary times. But there is another ominous item on the horizon creating a black cloud hanging over a 2024 COLA increase – Medicare’s trustees are suggesting that next year’s Medicare Part B premium will likely go up about $10 per month. So since most Social Security beneficiaries have their Part B premium automatically deducted from their Social Security benefit, it’s very likely that much, and in some cases all, of next year’s COLA increase will be offset by an increase in Medicare’s Part B monthly premium. Thus, COLA optimism is dampened by a probable sizable bump in the Medicare premium, as explained in this USA Today article by Medora Lee.

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