COLA is tied directly to annual inflation.

So what they are actually doing is predicting 10.5% annual inflation at the end of the fiscal year.

Trying to put lipstick on a pig, as the midterm election draws closer.

Since it's tied to the previous year, it's going to be less than the current inflation. Plus, they'll take an even bigger chunk of it right back again for Moldycare.

Social security just about pays the taxes on our home.

2023 Social Security COLA

Social security increase 10.5% -- Medicare increase 10.5%. Insert Yawn here.

June 01, 2022

Medicare beneficiaries who saw a double-digit-percentage increase in their Part B premiums for 2022 are in line for relief next year, according to a recent statement from the head of the Department of Health and Human Services (HHS).



High expected costs connected to Aduhelm, a new Alzhemer’s drug, played a part in a 14.5% jump in premiums from 2021 to 2022 for most Part B users; an HHS statement issued May 27 calls those expectations “an overestimate” and says “the reduction in premium costs attributable to Aduhelm will be incorporated into Medicare premiums for 2023 to lower Part B premiums paid by Medicare beneficiaries.”



[MOAA PUBLICATION: Aging Into Medicare and TRICARE For Life (Premium/Life Member Login Required)]



Discussions of a potential rate cut took place as early as January. At the time, HHS Secretary Xavier Becerra said changes could come later in the year; in the recent statement, he made clear the 2022 rates would remain in place.



“We had hoped to achieve this sooner, but CMS [Centers for Medicare and Medicaid Services] explains that the options to accomplish this would not be feasible,” Becerra said in the statement, referencing a CMS report on the issue.



[RELATED: Your Medicare Part B Rates Will Spike in 2022. Here’s What You’ll Pay]



Medicare officially announced in April its decision to cover Aduhlem only in cases where the patient participates in an official clinical trial. This will significantly reduce the number of Medicare beneficiaries eligible for the drug, which reportedly had been priced as high as $56,000 for a year’s worth of treatments – a figure that’s since been cut in half.



Neither HHS nor CMS provided any indications of an expected Part B premium for 2023, nor did they clarify whether any planned rate reduction would equate to a lower premium or simply a lower-than-expected increase, given recent inflation trends.



CMS released information on the 2022 premiums – including income brackets determining premium adjustments – in November 2021.

SocSec increase is the CPI (Consumer Price Index).

The CPI for 2022 was 5.9%.
Inflation at the time, inflation was 8.3%.
That left SocSec recipients 2.4% in the hole.
Current CPI is 10.5%....but I inflation is currently up around 11.5%. That still leaves SocSec recipients 1% down.

A stupid, useless circle.

Two straight years under Obama, SocSec recipients received exactly 0% ... nothing ... nada ... zilch ... zero!!!!
For TWO years!
One year, the SocSec increase was like, .8%.

Yeppers, I know WAY more than I want to!

Health insurance raises nearly always eat up any gains.

Gee,with the Tabor refund in Colorado and the increase in SS payments, I might be able to fill up half my truck tank.

Gee,with the Tabor refund in Colorado and the increase in SS payments, I might be able to fill up half my truck tank.

I wish they would do way with the penalty for those of us that have pensions. That 500.00 a month would help.

I have a pension and get my full social security. What are you referring to?

I have teachers retirement, our SS gets penisalized.

I have teachers retirement, our SS gets penisalized.

How is this going to effect the financial status of SS? Before Biden it was going to be in the red in 10 years.

I have teachers retirement, our SS gets penisalized.

same with Military retirement and VA disability...projected big increases.

sounds painful!!!

Anyone on Medicare with branded prescriptions, if you’re in the donut hole find out if your doc has vouchers for a free month of medication.

And don’t be shy to ask for samples to tide you over.




P

Isn't that because you paid into STRS, in lieu of paying into Social Security?

That's not .gov, that was negotiated by .edu.

I wish they would do way with the penalty for those of us that have pensions. That 500.00 a month would help.

My company, Shell, will reduce my pension (not dollar for dollar) when I begin receiving Social Security.

My company, Shell, will reduce my pension (not dollar for dollar) when I begin receiving Social Security.

Strange.

Is that a part of ECP (Executive Compensation Plan) strategy?

They aren’t 1/1 money wise comparisons.

COLA is tied directly to annual inflation.

So what they are actually doing is predicting 10.5% annual inflation at the end of the fiscal year.

Trying to put lipstick on a pig, as the midterm election draws closer.

Could you translate that, please?

sounds painful!!!

Maybe the right spelling considering what's happening. Without KY no less.

This past year they took away my entire prescription benefit because the measly COLA increase to my SS put me in another bracket.

Yes and no. There is a penalty for having a government pension. Government Pension Offset
I was a self employed contractor for 13 years before I took a municipal government job. For those 13 years I paid the full Social Security cost on myself, both sides, employer portion as well as employee portion.
My wife was a Financial Planner so I knew in advance that I was going to get screwed on my S.S. but the gov. pension was worth the penalty.
Social Security is touted as insurance; how would you like to receive only about half of the insurance payout that you purchased?

SURE:

If your current SS monthly check is $1,000
And your current monthly Medicare bill is $100

Given a 10% Increase on the SSIncome and a 10% increase on Medicare cost....

Results in an overall IN-POCKET increase of $90


Mathman - check me please.....

Who thinks any SS recipient will see any benefit from this?

This goverment COLA raise just doesnt give SS a raise. The raise is tied to other pensions (military), annuities (retired fed gov employees) and VA disability benefits.

My dad died 3 months before he could retire.
My mother got his "survivor benefit".
Mom worked outside the home for something like 50 years.
When she turned 65 and attempted to draw SocSec, she was informed she could continue with dad's benefits OR draw SocSec! NOT BOTH!
Since dad's benefits paid quite a bit more, it only made since to continue with dad's!

Mom died in Feb 2020 at 98 years of age.
For 40+ years of paying into SocSec, she drew not ONE RED CENT!!!!!
Dad paid into a private retirement fund for over 40 years.
Mom paid into SocSec for over 40 years.
Doesn't matter if you deposit into a checking account or a savings account, ALL the money is still yours!

Yeah, I'm bitter! My.mother struggled the last 33 years of her life. Even with 3 kids pitching in to help where we could.
No, I'll never forget!
No, it won't make 10 cents worth of difference....to anyone!

I know we'd never see it and it would be a waste of time, money and energy, but I think us three kids should receive her SocSec contributions.
Yeah, I know it will never happen.

Who took it away, your former company or the government?...

Not sure about that, Snowwolfe.

I believe that those affairs are handled separately from SS and are decreed by Congress on an annual basis or as directed by the president.

I could be wrong but I’ve not yet read from any source that says that the 2 entities move in lock step together, dollar for dollar increases.

I can tell you based on past years including the last COLA raise in Dec 2021 that everything I mentioned received the same % raise. There are a lot of people here receiving military pensions, fed gov annuities, and VA disability. If what I posted was incorrect they would of said something.

My healthcare is through the Veterans Administration; they took away my prescription benefit because the small COLA increase bumped me into a higher bracket.

My healthcare is through the Veterans Administration; they took away my prescription benefit because the small COLA increase bumped me into a higher bracket.

Through TriCare?

100% of your Prescription Benefit Pal?

Social Security!🤣🤣🤣🤣🤣🤣


The American Sacred Cow.

Welfare for the worked!



Pensions, 401, savings.........
COLA, COLA, COLA, COLA,
"My Medicare ate my COLA!"

Wealthiest demographic in the country!


Retired, time on their hands while employers are begging for help.
HINT!


Meanwhile, 30 year olds are saving to buy a house, raise kids,
(all stuff the old folks did, admittedly) with real estate sky rocketing,
gas (necessary work fuel) $4.50/gal, and they might get
A 3% raise.

They damn sure won't get COLA.
The geezers did back in the day. Still do on SS.

It's long gone for working folks.
Someone mentioned COLA at work yesterday, most
didn't know what it meant. 50 and younger have never
benefited from it. We get little raises and stuff just gets harder to buy.


"These young kids today", the ones readers whine about, they be
the ones feeding the COLA.

Funny, no one seems to talk about them.


Wanna talk Medicare costs.

Let's compare my payroll deductions, deductibles, out of pocket,
prescription costs.....


Not ignoring the plight of some seniors. Personally know several
who are stuck squeezing the nickel. Used to buy heating oil
for one as a Christmas present. Most who are crying, aren't
denying themselves anything of substance to pay rent.

I have teachers retirement, our SS gets penisalized.

I receive both a Civil Service and SS benefit....... the COLA will 'attack' both....

Sounds like someone needs some cheese with their whine....

30 years olds buying a house - same as what was going on since 1945.
COLA, Don't know what it means. Really!! Sounds like a bunch of dumbasses, or youngsters, are working with your outfit.
You get little raises? Go work somewhere else or realize that lots of us did not get raises every year. And, yes we could have gone elsewhere or whined about it. Most generally do not whine about it though.
Feeding COLA - damn it has been this way for a long time. Perhaps profits and increased sales feed the COLA.
And, damn, lets talk about your payroll deductions, deductible, out of pocket, prescription costs like none of us have been thru that [bleep].

Tell you what, take all of your Social Security deductions and employer social security match and post them to a spreadsheet with an interest rate of your choice. You will be damned surprised to see what that adds up to for 50+ years of contributions. Then let us know if you believe you will get it all back in Social Security Benefits. Odd are you won't and you will not think of it as "Welfare for the worked" anymore.

Houston 2, your last sentence re means tested, I’ve expected that for a long time. I think that will happen eventually.

What they're doing is trying to buy our senior vote with this petty insignificant COLA.

If they tripled mine I'd still vote against 90% of the rat bastards.

They just recently gave themselves HUGE raises.

Since it's tied to the previous year, it's going to be less than the current inflation. Plus, they'll take an even bigger chunk of it right back again for Moldycare.