Americans on Social Security benefits will see a 5.9% increase, but that increase isn’t enough to cover Medicare Part B.
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%.
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.
COLA is based on the consumer price index, while Medicare Part B is entirely unrelated to COLA.
This makes what seniors get 50% less than the COLA increase.
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