Posted on 12/11/2022 6:17:46 AM PST by Oldeconomybuyer
* Social Security beneficiaries will soon see bigger checks to help them cope with record high inflation.
* As Social Security statements roll in, you should troubleshoot for errors that can cost you.
* Also keep in mind that higher income this year may affect your income taxes and Medicare premium surcharges in the future.
As inflation has kept prices high in 2022, Social Security beneficiaries may look forward to a record high cost-of-living adjustment in 2023.
“Your Social Security benefits will increase by 8.7% in 2023 because of a rise in cost of living,” the Social Security Administration states in the annual statements it is currently sending to beneficiaries.
The 8.7% increase will be the highest in 40 years. It is also a significant bump from the 5.9% cost-of-living increase beneficiaries saw in 2022.
The increase is “kind of a double-edged sword,” according to Jim Blair, a former Social Security administrator and co-founder and lead consultant at Premier Social Security Consulting, which educates consumer and financial advisors on the program’s benefits.
“It’s good for people on Social Security,” Blair said. “It’s not so good for the economy with inflation.”
Social Security benefit checks will reflect the increase starting in January.
The average retiree benefit will go up by $146 per month, to $1,827 in 2023 from $1,681 in 2022, according to the Social Security Administration The average disability benefit will increase by $119 per month, to $1,483 in 2023 from $1,364 in 2022.
What’s more, standard Medicare Part B premiums will go down by about 3% next year to $164.90, a $5.20 decrease from 2022. Medicare Part B covers outpatient medical care including doctors’ visits.
(Excerpt) Read more at cnbc.com ...
Has anyone found a doctor who is willing to accept what Medicare Part B pays for an out patient visit, as there complete fee? My Medicare payment gets me in the front door, that’s it.
I turned 60 last month and out of curiosity I looked up what I would be getting from SS when I hit 67 and I was saying hmmmm, a free cup of coffee courtesy of the US government. And I heard the checks are now taxed thanks to the Clinton criminal cabal. A lifetime of having my money stolen and then they steal more of it when a very tiny percentage of it is returned.
> “It’s good for people on Social Security,” Blair said. “It’s not so good for the economy with inflation.” <
Well, duh. But maybe Mr. Blair should concentrate on the root cause of inflation. The Social Security adjustment is just a response to that root cause.
Hint to Mr. Blair: That root cause goes by the nickname “Brandon”.
“The average retiree benefit will go up by $146 per month, to $1,827 in 2023”
Is that before taxes? If it’s before you could get more money collecting cans from the street. Thank you FDR for the scam of the century, well 2nd biggest scam. The top scam of the century will always be the 2020 Joe Biden 81 million vote win.
Unless you made “too much” money the previous year, then IRMAA will get you.
Exactly. The increase is the response, not a part of the cause.
Cart, get back behind the horse!
And that is what makes my jaws get tight. Clinton instituted a tax on Social Security benefits. Going to be a good day when his assorted venereal diseases catch up with him.
Unfortunately, the Medicare enrollment window for the 2023 year ended on 12/7/22. For next year's enrollment, let me suggest you compare all the Medicare Advantage plans offered to your zip code. You can check them here: https://www.medicareresources.org/enrollment-options/
What things to compare between the different plans offered? Monthly premium; annual deductible; co-pays; co-insurance; max out-of-pocket per year; HMO or PPO plan; network of doctors and hospitals that are in a given plan.
different century
so they both win
I have Medicare Part B and a supplemental Plan F. My visits don’t cost anything. The Plan F insurance is expensive, however, but I’ve been in the hospital ICU three times and haven’t had to pay anything yet.
The only thing I do is when I make an appointment I specifically ask them if they take Medicare assignment and my particular Plan F insurance. So far, all of them have.
Actual inflation is closer to 12%. It’s yet another government cook the book scam.
Notice the lack of MSM coverage on our record inflation.
To communists, EVERY event is there for political spin.
Sign up for Aetna Medicare advantage. It has no monthly premium and is fantastic health insurance. So is United Healthcare.
It's only 12% if you eat food and use fuel. /s
“ Clinton instituted a tax on Social Security benefits. Going to be a good day when his assorted venereal diseases catch up with him.”
Have you seen him lately?
Looks like he’s there.
Thanks for the advice! I turn 64 next March and it’s time to look at this stuff seriously.
bfl
LOL! That’s right. I keep forgetting the 20th is gone. Time is moving at light speed. What the hell happened, it seems like last week people were whining about Y2K “Oh Y2K is coming! Y2K is coming! It’s Armageddon!”
I spent some years explaining health insurance options to employees. It can be very confusing. If you're not familiar with all the above: (Monthly premium; annual deductible; co-pays; co-insurance; max out-of-pocket per year; HMO or PPO plan; network of doctors and hospitals) - let me suggest you thoroughly research the terms. Also, let me suggest that you request and review the "details" of coverage for any plan you consider. You will generally learn that 'annual deductible' applies to select service; co-pays apply to select services; co-insurance applies to select services.
The devil is in the details. Study them well before you make a final decision! Good hunting!
That same 8.7% will be applied to VA pensions as well.
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