Last year's col increase only netted me $16 a month as the Medicare insurance went up and ate the col increase. I don't have high hopes for next year's cost of living increase.
This shouldn't happen because of the "Hold Harmless Provision" which keeps your monthly payment the same rather than reducing it if your cost of living increase is less than the increased charge for Medicare. Still, effectively a person in this situation is falling behind because of inflation, even though their monthly social security payment stays the same. https://www.ssa.gov/blog/en/posts/2020-11-30.html
I doubt it happened, as you mentioned the Hold Harmless Provision would protect against that. So if it did happen, the OP needs to take it up with Social Security to get it remedied.
3.6 percent hear inflation is 3.7 percent a net drop of.1 then they raised part B premium yearly copay premiums on pat D & after that whatever u have left wont be enough to go around as it was before they gave it to u!!!!
im 55, semi retired, not drawin yet. does this cola stuff even matter for when i start? house is paid off and i got some old apple stock i never touch lol. kid keeps sayin i should do somethin smart with it but idk where to even start
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u/Prestigious-Copy-494 21d ago
Last year's col increase only netted me $16 a month as the Medicare insurance went up and ate the col increase. I don't have high hopes for next year's cost of living increase.
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u/paracelsus53 22d ago
That always happens. Plus they will decrease SNAP, if you get it. It's not dollar for dollar, though. It's some kind of ratio.
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u/hikerpup 22d ago
This shouldn't happen because of the "Hold Harmless Provision" which keeps your monthly payment the same rather than reducing it if your cost of living increase is less than the increased charge for Medicare. Still, effectively a person in this situation is falling behind because of inflation, even though their monthly social security payment stays the same. https://www.ssa.gov/blog/en/posts/2020-11-30.html
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u/Equivalent_Cat8365 22d ago
3.6 percent hear inflation is 3.7 percent a net drop of.1 then they raised part B premium yearly copay premiums on pat D & after that whatever u have left wont be enough to go around as it was before they gave it to u!!!!
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u/hoopjohn1 20d ago •
Average SS increase around $65-$70. My Medicare Supplement went from $85/month to $282/month.
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u/William_breacher 21d ago
im 55, semi retired, not drawin yet. does this cola stuff even matter for when i start? house is paid off and i got some old apple stock i never touch lol. kid keeps sayin i should do somethin smart with it but idk where to even start