Social Security cost-of-living adjustment will be 5.9% in 2022

[Klaralven]

The Social Security cost-of-living adjustment will be 5.9% in 2022, the Social Security Administration announced on Wednesday.

The 5.9% COLA will be the biggest boost to Social Security beneficiaries’ checks in about 40 years.

In 2021, the Social Security COLA was 1.3%.

More than 64 million Social Security beneficiaries will see the increases in their monthly checks starting in January. Meanwhile, about 8 million Supplemental Security Income, or SSI, beneficiaries will see the increase starting on Dec. 30.

...

Notably, the rate for Medicare Part B premiums for 2022 has not yet been announced. Payments toward those premiums are often deducted directly from Social Security benefit checks.

https://www.cnbc.com/2021/10/13/social-security-cost-of-living-adjustment-will-be-5point9percent-in-2022.html

[jimfields33]

1. Medicare is saying. How much can we have?

I thought it was going to be 6.1!

[captain queeg]

2. How much do they take out for basic Medicare?

I’m turning 65 next year and that’s when Medicare is taken out, right?

[padfun]

4. $144

But that might be going up too.

[Klaralven]

5. In 2021 it was between $148.50 and $504.90 / month depending on 2019 income.

And filing status.

https://www.medicare.gov/your-medicare-costs/part-b-costs

[Wounded Bear]

7. Nothing for Basic Medicare, Part A...

the prices you see quoted are for Part B. If you have other sources of med care, you might not need it.

[Klaralven]

8. Right - welcome, new retirees, to the wonderful world of Medicare Parts A, B, C, and D

Time to crack the books.

[Wounded Bear]

9. Just got my annual handbook in the mail this week...

I get most of my coverage from the VA, so I passed on Part B. Thus, no deduction from my SS.

It can be complicated, I know. It should be far easier.

[captain queeg]

11. Thanks those who responded. I have my retirement insurance from my old job

So maybe I won’t have to pay more and get supplemental insurance. I’ll have to talk to my current insurer. I am still covering my son on that insurance while he is in college.

[Timewas]

10. Basic medicare

There is no charge for basic medicare, it is part b which is optional that they charge for.

Most people don’t pay a Part A premium because they paid Medicare taxes while
working. If you don’t get premium-free Part A, you pay up to $471 each month.



Medicare Part A hospital insurance covers inpatient hospital care, skilled nursing facility, hospice, lab tests, surgery, home health care.

Part B covers certain doctors' services, outpatient care, medical supplies, and preventive services. , and some people need to sign up for Part B. Learn how and ...

[DrToast]

3. That's higher than the regular CPI

Everyone always mentions that Seniors get screwed, but this year it's higher than the regular CPI. So I figured it was worth mentioning.

[mitch96]

6. I loved it when ever we got a raise at work and the Bosses would go apoplectic when we called it

a "Cost of living adjustment"... IT'S NOT A COLA!!!!!
I wonder why...
m