Social Security recipients will soon find out what their cost-of-living adjustment is for 2024 – and the bump may be bigger than previously projected.
This year's 8.7% benefit increase has exceeded the actual rate of inflation every month so far in 2023 by about 2.6%, according to a previous analysis conducted by the group, or roughly $44.90 per month. That's the amount before taking into account the Medicare Part B premium, which is automatically deducted directly from Social Security checks.The standard Part B premium is, down from $170.10 in 2022.
The Senior Citizens League estimates that Medicare Part B will actually cost closer to $179.80 per month. "Altogether, most beneficiaries may see their Part B premium rise by almost $15 per month from 2023," Johnson said. "Other costs could drive Part B premiums even higher."The group has pushed Congress to adopt legislation that would index the adjustment to inflation specifically for seniors, such as the Consumer Price Index for the Elderly, or the CPI-E.
"An inflation measure that does not adequately measure and accurately accounts for the portion of income spent on healthcare tends to undercount the actual rate of inflation and shortchange the Social Security COLA," Johnson said.
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