The Part B premium is now $148.50 a month, and the Medicare trustees report estimated a $10 increase for 2022.Įconomist Marilyn Moon, who also served as public trustee for Social Security and Medicare, said she believes the current spurt of inflation will be temporary, due to highly unusual economic circumstances. It’s usually an increase, so at least some of any Social Security raise gets eaten up by health care. An announcement about Medicare’s Part B premium they pay for outpatient care is expected soon. The COLA is only one part of the annual financial equation for seniors. “In a midterm election, this is a very important constituency.” “In town halls and tele-town halls they’re saying, ‘We are really happy with what you did on the child tax credit, but what about us?’” Larson added. “This one-time shot of COLA is not the antidote,” he said.Īlthough Biden’s domestic package includes a major expansion of Medicare to cover dental, hearing and vision care, Larson said he hears from constituents that seniors are feeling neglected by the Democrats. Larson said he intends to press ahead next year. His bill would raise payroll taxes while also changing the COLA formula to give more weight to health care expenses and other costs that weigh more heavily on the elderly.
#2022 SOCIAL SECURITY INCREASE FULL#
John Larson, D-Conn., chairman of the House Social Security subcommittee and author of legislation to tackle shortfalls that would leave the program unable to pay full benefits in less than 15 years. Social Security’s turn will come, said Rep. Social Security cannot be addressed through the budget reconciliation process Democrats are attempting to use to deliver Biden’s promises. But there’s little talk about fixes in Congress, with lawmakers’ consumed by President Joe Biden’s massive domestic legislation and partisan machinations over the national debt. This year’s Social Security trustees report amplified warnings about the long-range financial stability of the program. We are talking the necessities of living in many cases.” “What people are able to purchase is very profoundly affected by the number that comes out. “You never want to minimize the importance of the COLA,” said retirement policy expert Charles Blahous, a former public trustee helping to oversee Social Security and Medicare finances. About half of seniors live in households where Social Security provides at least 50% of their income, and one-quarter rely on their monthly payment for all or nearly all their income. Policymakers say the adjustment is a safeguard to protect Social Security benefits against the loss of purchasing power, and not a pay bump for retirees. Ruderman says she times her grocery shopping to take advantage of midweek senior citizen discounts, but even so price hikes have been “extreme.” She says she doesn’t think she can afford a medication that her doctor has recommended.ĪARP CEO Jo Ann Jenkins called the government payout increase “crucial for Social Security beneficiaries and their families as they try to keep up with rising costs.” “This year, thank goodness, it will make a difference.” “We wait to hear every year what the increase is going to be, and every year it’s been so insignificant,” she said. Among them is Kitty Ruderman of Queens in New York City, who retired from a career as an executive assistant and has been collecting Social Security for about 10 years.
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