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Medicare increases will impact low earners

Americans on Social Security benefits will see a 5.9% increase, but that increase isn’t enough to cover Medicare Part B.

Doctor signs Medicare form

Beginning in Jan. 2022, Social Security recipients will see an increase of 5.9%, or $92 in their checks.

Inflation has since reached over 6%, yet the COLA increase was only 5.9%.

Related: Social Security: How to save if payments aren’t enough

Medicare Part B

Medicare Part B will rise $21.60.

This means that once you subtract Medicare Part B premiums with the increase, COLA is no longer 5.9%.

It may result in your Social Security check being much less than before.

Related: 5 increases that could lower COLA increase for Social Security payments

COLA is based on the consumer price index, while Medicare Part B is entirely unrelated to COLA.

After Medicare Part B is subtracted from the average check, the total is $888.90 per month.

This makes what seniors get 50% less than the COLA increase.

Related: 5 biggest changes in 2022 for Social Security benefits

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