We are closing in on the time of year when Medicare and Social Security will be making changes to the benefit amounts and the costs to the over 50 million recipients of the programs, which include both retirees and the disabled. Right now, there’s potential for a real financial heartache and what will scare you is what is currently being considered for 2017. The official announcements for the Social Security Board of Trustees (SSBOT) and the Medicare Board of Trustees (MBOT) will come in just a few weeks in October 2016. In fact, the MBOT just met this month to gauge the need to increase Medicare costs to its covered users.
Any adjustment in the COLA (Cost of Living Adjustment) or Medicare premiums will be announced in October by the SSBOT. I’m sure it will be debated and discussed as it has been done over the years, since two of the past three years have seen no increase to benefits as they made the decision that inflation was at zero. These decisions have been highly controversial because many recipients feel that there is significant inflation in many basics like food, healthcare, and prescription medicines while SSBOT uses a “basket of items” to make their decision. The significant fall of the price of gasoline has had a big impact on cost of living, despite the fact that it isn’t the big influence on seniors and disabled people that it is on younger, healthier active ones who work, commute, and even travel more often that SS recipients.Continue reading“Scary Medicare Costs In 2017 Will Affect Millions”