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Social Security: Two potential, and helpful, financial changes

Seniors have been one of the hardest hit populations during inflation due to living on a fixed income from Social Security.

stethoscope and cash representing social security and medicare costs

Some changes coming in 2022 could prove to be helpful for seniors.

Inflation only continues to soar.

The average check has increased by around $92 in 2022, bringing the average monthly total to $1,657.

This is thanks to the COLA increase, which was aimed at helping seniors handle inflation.

Social Security: Increased payments sent today

There are a couple of things changing that may help seniors in 2022

There might be even bigger Social Security checks this year

The biggest change this year for Social Security was the 5.9% COLA boost.

It’s possible there might be another boost.

The data used to determine the COLA increase was from Oct. 2020 through Oct. 2021.

Unfortunately, inflation continued to rise beyond that point.

In Dec. the rate of inflation was announced to be 7%.

Depending on various factors, it may change so there is another increase before the end of 2022 to make up for that difference.

Social Security: 2022 monthly payment schedule

Potentially lowered Medicare premiums

Another increase in 2022 was the cost of Medicare Part B premiums.

These jumped 14.5% due to the cost of Alzheimer’s medication through the company Biogen.

The cost of the medicine dropped by 50% in June.

Medicare stated that the reason for the massive increase was because of that price, but now that price has drastically dropped.

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