For seniors, a boost in Social Security benefits can also indicate an unfortunate reality—a hike in Medicare premiums. However, according to Fox Business, a reassessment of Medicare Part B premiums could be coming.
While seniors received a 5.9 percent cost-of-living adjustment (COLA) this year, many Social Security recipients also face a $21.60 raise each month to the cost of their Medicare Part B premiums. This hike could eat away at this year’s COLA. But as Fox Business reports, the U.S. Health and Human Services Secretary Xavier Becerr is asking for a reassessment of that premium.
Why the change?
Recently, the producers of Aduhelm, a medication used to treat Alzheimer’s disease, lowered their prices by 50 percent. A case can be made that with the lower cost of this expensive yet effective medication, Medicare doesn’t need to be quite as costly.
The Centers for Medicare & Medicaid Services will take time to deliberate. But it’s possible that seniors could keep more of this year’s COLA.
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