Sunday, September 24, 2023

COLA 2024 on Social Security Checks: How Could Medicare Part B Premiums Reduce the Monthly Amount You Receive?

The cost of Medicare Part B premiums deducted directly from your Social Security check of thousands of beneficiaries would further reduce the amount of COLA (Cost of living adjustment) estimated for 2024.

Medicare is a government health insurance program for people age 65 or older. and other special populations such as the disabled and people with end-stage renal disease.

Part B covers services necessary for medical reasons whether to diagnose or treat an illness; and preventive measures to prevent diseases or detect them early.

Beneficiaries enrolled in Part B who also receive Social Security funds must deduct them from their monthly check to cover the premium.

The Centers for Medicare and Medicaid Services (CMS) is responsible for disclosing annual premium costs.

The announcement is expected to be made in the fall; The data is usually published in November.

Due to inflation rates Millions of people in the United States will pay lower premiums this year to enroll in the program.

Most participants pay the standard premium, which applies to individuals earning up to $97,000 per year and couples earning no more than $194,000 per year. Higher-income beneficiaries pay more for Part B.

The CMS data currently available suggests this The standard monthly premium payment for individuals is currently $164.90. This represents a savings of $5.20 compared to the cost of $170.10 in 2022. In 2022, the monthly Medicare Part B premium increased by $21.60. the largest increase in the history of this health insurance.

The reduction in effect this year was equal to the COLA increase of 8.7%. the highest in 40 years.

This is expected by 2024 Part B premiums cost more and the COLA increase is smaller.

The current COLA estimate for 2024 is 3.2% with the latest calculation of inflation levels for August. The Social Security Administration (SSA) is expected to announce the official cost of living adjustment increase amount in mid-October.

Nation World News Desk
Nation World News Desk
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