Big Uptick For Social Security Cost Of Living Predicted For 2023
Media outlets report on how the roughly 70 million Americans who rely on Social Security could see payments jump 8.7% for 2023, the biggest leap since 1982, against a background of high inflation. The figures are estimates, and factors between now and then — including Medicare premiums — could influence the adjustment.
USA Today:
COLA 2023: Social Security Cost-Of-Living Bump Could Hit 8.7%
The roughly 70 million people – retirees, disabled people and others – who rely on Social Security could receive an 8.7% cost-of-living adjustment, or COLA, next year, according to an estimate by Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group. That would be the largest increase since 1982. (Davidson, 9/13)
CNBC:
There Could Be A Record High Social Security Cost-Of-Living Adjustment In 2023, But It’s Not Set In Stone: 3 Things To Watch
The estimate comes from The Senior Citizens League, a nonpartisan senior group, which found that increase would boost the $1,656 average monthly retirement benefit by $144.10. Such an annual increase in benefits would be the highest COLA ever received by most of Social Security’s current beneficiaries, according to The Senior Citizens League. ... The official cost-of-living adjustment is typically announced by the Social Security Administration in October. Between now and then, there are several factors that could affect next year’s increase and how much of that money makes it to retirees’ checks. Here are three to watch. (Konish, 9/13)
The New York Times:
Social Security’s Cost-Of-Living Increase Will Be Largest In Four Decades, An Estimate Says
Rising Medicare premiums often take a significant bite out of COLAs; the premium for Part B (which covers outpatient services, like doctors’ visits) typically is deducted from Social Security benefits. Large increases in Part B can sharply reduce, or even eliminate, a COLA. But next year, most experts expect the standard Part B premium to rise very modestly, or even stay flat at the current $170.10 per month. (Miller, 9/14)
In Medicare news —
Reuters:
Explainer: How The U.S. Drug Pricing Law Affects Medicare And Its Members
U.S. President Joe Biden last month signed the $430 billion Inflation Reduction Act, authorizing the federal government to negotiate prices on some prescription drugs and cap costs for the government's Medicare health program. Here is how the law may affect some of the 63 million Americans aged 65 or over or with disabilities who receive Medicare health benefits. (Aboulenein, 9/13)
Modern Healthcare:
Medicare Telehealth Flexibilities: Senate Urged To Extend
A group of 375 trade groups, health systems and other companies said in a letter to Senate Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) that uncertainty around the continuation of telehealth flexibilities has started to affect innovation. "Virtual care is now a fundamental part of the U.S. healthcare system, and it will improve patient access to high quality care and strengthen continuity of care well beyond the COVID-19 pandemic," the letter said. (Goldman, 9/13)
Fierce Healthcare:
Study Examines Spending On Low-Value Care In Medicare
More money is wasted in caring for beneficiaries in traditional Medicare than in Medicare Advantage (MA) plans, according to a study that examined data from nearly 2.5 million Humana members. (Diamond, 9/13)
