Happy New Year! After another tumultuous year of supply chain disruptions, high inflation and grocery prices, retirees will welcome some financial relief with an increase in their social security checks.
Social Security Check Increase
Social Security beneficiaries will receive an incredible 8.7 percent increase in their monthly checks in 2023. This is the largest cost of living adjustment (COLA) since 1981. The Social Security Administration says this will add $146 to the average monthly benefit increasing it from about $1,681 to $1,827. This significant increase is critical for retirees on fixed incomes who have had to scrimp by and often do without as food, health and shelter costs have risen.
Increases will also be made to people collecting Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). These are payments Social Security makes to people largely unable to work. Veterans who receive disability benefits and retirement pay will also see an increase.
According to AARP, Social Security is the largest source of retirement income for most Americans as it provides nearly all income for 1 in 4 seniors.
More Good News
The Centers for Medicare & Medicaid Services (CMS) are also decreasing Medicare Part B premiums and deductibles. It will cause a $5.20 decrease in the premium from 2022. This is likely due to a decline in the price and lower usage for a new Alzheimer’s disease drug, Aduhelm. Part B premiums are usually deducted directly from a beneficiaries’ monthly Social Security payment.
AARP states the annual Part B deductible for 2023 is decreasing to $226, a $7 decline. Also, as of July 1, Medicare enrollees who take their insulin through a pump as part of the Part B durable medical equipment benefit will not have to pay a deductible. Under the new Inflation Reduction Act of 2022, cost sharing for insulin will be capped at $35 a month next year.
As you can see, there are some changes to be celebrated this year which will hopefully add some additional money to retirees’ wallets. Hurley Elder Care Law is here to guide your family regarding care options that will meet your loved one’s financial and legal needs. Call us today at 404-843-0121 for a complimentary phone consultation.
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