Social Security Checks To Rise An Average Of $20 A Month Next Year
Part of that increase, however, will go to pay for higher Medicare premiums. Also, it seems unlikely that President Donald Trump's plans to send Medicare beneficiaries a $200 card to help defray drug expenses can be completed before the election.
AP:
Retiree Checks To Rise 1.3% In 2021 Amid Coronavirus Fallout
Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people. The increase amounts to $20 a month for the average retired worker, according to estimates released Tuesday by the Social Security Administration. That’s a little less than this year’s 1.6% cost-of-living adjustment, or COLA. ... The economic fallout from the virus has reduced tax collections for Social Security and Medicare, likely worsening their long-term financial condition. (Alonso-Zaldivar and Taylor, 10/13)
The Wall Street Journal:
Social Security Benefits To Rise 1.3% In 2021
AARP Chief Executive Jo Ann Jenkins called the cost-of-living adjustment “modest,” but said the increase was crucial given the coronavirus pandemic’s health and economic consequences. Medicare’s trustees in April projected the standard 2021 monthly premium for Medicare Part B, which covers doctor visits and other types of outpatient care, would increase by $8.70 to $153.30 from $144.60 this year. The trustees, citing uncertainty around the Covid-19 outbreak, didn’t factor any potential impacts from the pandemic into their projections. However, such a rise in Part B standard premiums would consume about 43% of the increase in the average monthly Social Security retirement benefit. (Omeokwe, 10/13)
The Washington Post:
Federal Retirement And Social Security Benefits To Increase By 1.3 Percent In January
Federal retirement benefits will be increased by 1.3 percent in January, the same as the upcoming increase in Social Security benefits that was announced Tuesday. The cost-of-living adjustment, or COLA, will go to almost all of the nearly 2.2 million federal retirees plus about 500,000 survivor beneficiaries. The figure is about average for the past 10 years, when the boosts have ranged from zero to 3.6 percent; a 1.6 percent increase was paid at the start of this year. (Yoder, 10/13)
And Trump's drug-discount cards may not arrive before the election —
The Wall Street Journal:
Trump’s Drug-Discount Cards Expected To Reach Medicare Recipients After Election
President Trump’s plan to send 33 million Medicare beneficiaries a card that can be used to help pay for as much as $200 in prescription drug costs won’t be completed until after the election, according to a person familiar with the plan. The cards will be mailed in phases, with some likely going out later in October but most not until after the Nov. 3 presidential election, the person said. The Centers for Medicare and Medicaid Services is spending an estimated $20 million for administrative costs to print and send letters to Medicare beneficiaries informing them that they will be getting cards, the person said. (Armour, 10/13)
The Hill:
Top Democrats Call For Watchdog To Review Trump Medicare Drug Cards
Top-ranking Democrats want an independent watchdog to expedite a review of the Trump administration's plans to send $200 Medicare prescription drug discount cards to seniors. The lawmakers said they don't think the administration has the legislative authority to enact the plan, and they're concerned it is an improper attempt to influence the election. (Weixel, 10/13)
