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Medicare increase eats away at COLA increase

Millions of Americans on Social Security and Medicare feel like the COLA increase was not enough after coverage costs rose.

Stethoscope and cash representing rise in Medicare

The 5.9% increase is to offset the cost of inflation. The increase in monthly payments is to help seniors.

Seniors were excited until they found that the increase would almost disappear once their health coverage costs went up.

Related: Medicare increases will impact low earners

People took to Twitter to share their frustration over the COLA increase and Medicare costs

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Related: Social Security Star Newsletter for January, 2021

COLA and Medicare 2022

The average check for people on Social Security will go up by $92 each month.

This brings checks from $1,565 in 2021 to $1,657 in 2022.

Medicare Part B will go up each month from $148.50 in 2021 to $170.10 in 2022.

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The $21.60 increase is large.

Part B is for doctors visits and outpatient services.

According to The Sun, officials in charge of Medicaid originally said the 14.5% increase would be covered the bigger checks. Seniors do not feel that it’s been fair.

Bill Sweeney, the senior vice president for AARP’s government affairs shared his thoughts. He said that seniors and taxpayers are the ones forced to pay the price for the poor behavior of drug companies.

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