Social Security cost-of-living adjustment may be 9.6% in 2023

New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023. The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released on Wednesday. That … Read more

Average premiums for Medicare Part D are set to dip next year

dusanpetkovic | iStock | Getty Images Medicare beneficiaries may see their premiums for prescription drug coverage dip in 2023, although their deductibles might rise. The average basic monthly premium for Medicare Part D is projected to be about $31.50 next year, down 58 cents, from $32.08 in 2022, according to the Centers for Medicare & … Read more

Senate reconciliation has ‘once in a generation’ prescription reform

FatCamera | E+ | Getty Images As individuals and families grapple with surging prices, there’s one category that has a history of rising faster than inflation: prescription drugs. Now, the new Senate reconciliation bill put forward by Senate Majority Leader Chuck Schumer, DN.Y., and Sen. Joe Manchin, DW.Va., aims to help give Americans relief from … Read more

Strategies can help you avoid paying extra for Medicare premiums

Morsa Images | DigitalVision | Getty Images For some retirees, there’s an extra cost associated with Medicare premiums that can ambush their household budgets. Most Medicare enrollees pay the standard premium amounts for Part B (outpatient care) and Part D (prescription drugs). Yet an estimated 7% of Medicare’s 64.3 million beneficiaries end up paying extra … Read more

A possible reduction for Medicare Part B premiums is still in play

Choreograph | iStock | Getty Images For Medicare beneficiaries wondering whether their Part B premiums could be reduced, the waiting continues. More than three months after Health and Human Services Secretary Xavier Becerra ordered a reassessment of this year’s $ 170.10 standard monthly premium – a bigger-than-expected jump from $ 148.50 in 2021 – it … Read more