SOME COLA social security recipients are furious, claiming that Medicare costs are “rising” in 2022 and will “wipe out” their adjusted monthly payments.
Social Security recipients will receive 5.9% of their monthly checks due to cost of living adjustment (COLA).
The increase in payments means that a retired worker will now see, on average, their monthly check increase from $1,565 to $1,657 a month.
However, some retirees don’t think the pay rise will cut when accounting for inflation and the rising costs of Medicare.
“Founded a few days ago that the cost of Medicare will increase to about $40 a month by 2022,” a user wrote on Twitter.
“That wipes out that COLA increase. And I think the cost of feed and gas is to get it all.”
Medicare Part B monthly premium for 2022 will increase from $148.50 to $170.10.
The $21.60 increase was the largest price increase in the history of the program.
Part B covers doctor visits and other outpatient services such as screenings.
At the time the price increase was announced, Centers for Medicare & Medicaid Services (CMS) officials emphasized that a 14.5% increase would be covered by this year’s COLA for social security beneficiaries.
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However, not everyone agrees that retirees and others on social security are getting a fair deal.
“Once again, American seniors and taxpayers will pay the price for the overpricing behavior of major pharmaceutical companies.” Bill Sweeney says, AARP Senior Vice President of Government Affairs.
The Centers for Medicare & Medicaid Services did not immediately return The Sun’s request for comment on this story.
https://www.the-sun.com/money/4398269/cola-recipients-furious-surging-medicare-costs/ Some Cola Social Security recipients are furious as Medicare costs ‘soar in 2022 and WIPE OUT’s $1,657 bonus’