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Small Medicare premium increase is good news

Though garnering considerably less attention than the 2.8% raise most will see in their Social Security check, the news that the Medicare Part B premium will increase a relatively small amount is good news indeed for those whose Part B premium is withheld from their Social Security benefit. Thanks to something called the “hold harmless” provision, Social Security benefits can’t decrease because of an increase in Medicare premiums which, for many, held premiums artificially low as the premium increased in past years. That was fairly transparent to those on Social Security, until COLA adjustments were given over the past few years and the benefit increase was applied to bring the recipient’s Medicare premiums up to, or closer to, the standard amount. That should not be the fate of the COLA increase this year, since most have caught up to and are already paying the standard Part B premium, as explained in this article by Heather Stauffer appearing at Lancaster (PA) Online. Click here to read more.

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