Skip to content

Social Security & Medicare: How premiums cancel out increase

Social Security benefits saw a historical rise due to inflation, but with inflation and COLA increases comes higher Medicare costs.

medicare money with a stethoscope

This means that despite seniors seeing potentially larger monthly benefit payments, they may not actually see that money.

Seneca Co Chamber hosting Medicare Info session

Medicare benefits have increased in cost by about 8.6%.

Last year there was an increase of 14.5% in Medicare premiums.

This makes it so your Social Security benefit boost is basically cancelled out thanks go inflation also impacting Medicare costs.

The best thing to do is re-evaluate your current Medicare plan to make sure you’re getting what you’re getting the best coverage.

It’s important to know you have a plan that covers your specific needs, so you aren’t paying for too much of something you won’t use.

Medicare premiums have not been shared for the next increase, but they will likely be high.

Categories: News