Will You Get The New Social Security Increase?

Here’s what we know.

In October, Seniors were thrilled to learn that they were going to get a 5.9% increase in their Social Security thanks to the cost-of-living adjustment (COLA). Sadly however, their happiness quickly faded after they learned that their Medicare standard Part B premium was going to increase as well from $148.50 in 2021 to $170.10 in 2022.

This resulted in the higher cost of their Medicare eating up the financial benefits of their new social security gains.

Now there is good news! According to Fox, there is chance that Medicare will not “impose such a substantial hike for Part B” this year. This will result in seniors being able to keep more of their social security benefits.

On January 10th, Health and Human Services Secretary Xavier Becerra ordered the Centers for Medicare & Medicaid Services to reconsider the 2022 standard Part B premium.

Why did the government raise the Medicare Part B premium cost? They initially raised the cost due to the pharmaceutical drug Aduhelm. Aduhelm is a medication that is intended to treat Alzheimer’s disease.

Luckily, Aduhelm has lowered it cost to treat patients $56,000 to $28,000 per year.