Social Security updates – COLA raise & Medicare Decrease

Social security graphic

One silver lining of the high inflation we are all facing is a substantial COLA increase for all social security recipients.  2023 SOCIAL SECURITY CHANGES Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2021 through the third quarter of 2022, Social Security and Supplemental Security Income (SSI) beneficiaries will receive an 8.7 percent COLA for 2023.

Additionally, for the first time in 10 years the Medicare premiums will be going down.  It’s not a huge amount, but at least it is going in the right direction.

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.