Projected 2024 Social Security COLA & Rise In Medicare Premiums

OneEyedDiva

OneEyedDiva

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Location
New Jersey
I read in USA today that we are likely to get a 3.2% COLA. It was bumped up from 3% due to the inflation rate in August. The basic Medicare premium is projected to rise to $174.90, $10 more than the current premium. This article also highlights the struggles seniors on SS still face, even after this year's healthy COLA (which still didn't keep pace with real inflation).
Social Security COLA 2024 prediction rises with latest CPI report, inflation data
 

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Thanks for sharing! I have been taking Social Security since I turned 63 and appreciated last year's significant bump. I'll take whatever increase I can get for 2024.

I chose not to go on Medicare Part B when I turned 65 because my partner's health insurance plan was less expensive. It has been a big hassle. I had a complete physical with lab tests in June and the lab immediately billed Medicare, who is not my provider. (Because I am 65, the billing always defaults to Medicare.) I received a bill for $815 from LabCorp!

I called my healthcare provider, UHC, today and they told me they would straighten it out and the bill is on "hold". I will most likely just go with Medicare for 2024, even if they are raising the premium, to lessen the confusion and give my partner a break on his health insurance withholdings.

Again, thanks for sharing and I appreciate that you are always on top of all things financial!
 
seadoug said:
Thanks for sharing! I have been taking Social Security since I turned 63 and appreciated last year's significant bump. I'll take whatever increase I can get for 2024.

I chose not to go on Medicare Part B when I turned 65 because my partner's health insurance plan was less expensive. It has been a big hassle. I had a complete physical with lab tests in June and the lab immediately billed Medicare, who is not my provider. (Because I am 65, the billing always defaults to Medicare.) I received a bill for $815 from LabCorp!

I called my healthcare provider, UHC, today and they told me they would straighten it out and the bill is on "hold". I will most likely just go with Medicare for 2024, even if they are raising the premium, to lessen the confusion and give my partner a break on his health insurance withholdings.

Again, thanks for sharing and I appreciate that you are always on top of all things financial!
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Thank you for the compliment, my friend❣️ You're welcome, of course. I was under the impression that everyone 65 and older had to enroll in Medicare. It's too bad that enrolling in your partner's plan has become such a big hassle. $815 for lab work!! Wouch! If they charged that for simple lab work...what would they charge for cat scans and other imaging?! I hope you find that signing up for Medicare on your own will be much easier and more cost effective in the long run.
 

This increase will get a lot of chatter, as it will come in under the headline CPI-U, both monthly and quarterly. Last year, it came in above.

Compounding the issue, will be the likelihood of the r-cpi-e being at about 4% quarterly year over year. The r-cpi-e is tracked since inception and was an experimental index for ages 65 and above.
 
Tomorrow will bring the official. Given today's PPI surprise to the upside, it is conceivable, the CPI-W mark of 302.704 will be exceeded. Which would result in 3.3%, instead of 3.2%.

cpi and cola projections.jpg

In any case, the CPI-U (headline) is forecast at 3.6%.
I guess we will find out in 12 1/2 hours. ;)
 
I checked on my bank account online and discovered that that Social Security gave me a one time payment for $18. Why? I don't know. But I'll take it. My regular payment is later in the month.
 
OneEyedDiva said:
Thank you for the compliment, my friend❣️ You're welcome, of course. I was under the impression that everyone 65 and older had to enroll in Medicare. It's too bad that enrolling in your partner's plan has become such a big hassle. $815 for lab work!! Wouch! If they charged that for simple lab work...what would they charge for cat scans and other imaging?! I hope you find that signing up for Medicare on your own will be much easier and more cost effective in the long run.
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Keep in mind that you have a limited time to enroll in Medicare when you reach 65. If you don’t, and enroll later, you pay a higher monthly fee for the rest of your life for part B. And a smaller penalty for Part A. Don’t be penny wise and pound foolish.

The Consequences of Delaying Medicare
 
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Brookswood said:
Keep in mind that you have a limited time to enroll in Medicare when you reach 65. If you don’t, and enroll later, you pay a higher monthly fee for the rest of your life for part B. And a smaller penalty for Part A. Don’t be penny wise and pound foolish.

The Consequences of Delaying Medicare
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Also keep in mind if you don't enroll in Part D ( at 65 or when you apply for medicare I am not sure which) your charged a penalty for the rest of your life.They have to make it so complicated for seniors.
 
Brookswood said:
Keep in mind that you have a limited time to enroll in Medicare when you reach 65. If you don’t, and enroll later, you pay a higher monthly fee for the rest of your life for part B. And a smaller penalty for Part A. Don’t be penny wise and pound foolish.

The Consequences of Delaying Medicare
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Why are you addressing this to me? I've had an excellent Medicare plan (Aetna HMO then PPO) for 11 years via my state retiree benefits. I simply mentioned to @seadoug what I thought is the case.
And pennywise pound foolish is something I've never been.
 
OneEyedDiva said:
Why are you addressing this to me? I've had an excellent Medicare plan (Aetna HMO then PPO) for 11 years via my state retiree benefits. I simply mentioned to @seadoug what I thought is the case.
And pennywise pound foolish is something I've never been.
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It was just a reminder to any reader that if one delays Medicare enrollment too long, there are cost consequences some of which go on for the remainder of one’s life. It was not aimed at you in particular. My apologies for not making that clear.
 
Brookswood said:
It was just a reminder to any reader that if one delays Medicare enrollment too long, there are cost consequences some of which go on for the remainder of one’s life. It was not aimed at you in particular. My apologies for not making that clear.
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Apology accepted and thank you for clearing that up. That you responded directly to my reply, then added the line about the pennywise pound foolish made it seem personal.
 
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Jace said:
Give it to the one hand...
and
take it out of the other.

ya lose..in the end!😉
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Hopefully what I read about the projected medicare increase before the COLA was finalized will hold Jace. It's projected to only be a $10 increase (for the basic rate). If that's the case, I will net about $31 more a month.
 
I got a few such payments when I started SS. Some were for Medicare adjustments. I trust most were done to correct an error. I’m glad SS is paying attention to these things. If it was an insurance company paying out on an annuity, LTC policy or even a life insurance policy, they would be holding on to every cent and telling you to PROVE IT to their satisfaction.
 
Unfortunately, I am locked into a traditional Mediocre-care Part A & B insurance plan, because I had health insurance through my employer who now picks up the tab for my Mediacre supplemental insurance premium if I stay with United Healthcare. However, it does not include dental, hearing or many other services, so I pay for them OOP. Those insurance premiums cost more than just paying outright.
 
debodun said:
Unfortunately, I am locked into a traditional Mediocre-care Part A & B insurance plan, because I had health insurance through my employer who now picks up the tab for my Mediacre supplemental insurance premium if I stay with United Healthcare. However, it does not include dental, hearing or many other services, so I pay for them OOP. Those insurance premiums cost more than just paying outright.
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Can you change during open enrollment which starts today??
 
debodun said:
If I change, I will no longer have my health insurance premium paid by my former employer.
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I understood that part but you said it does not pay for (dental, hearing or many other services, so I pay for them OOP) I thought you were not happy with it, I misunderstood.TBH I don't think any medicare supplement pays for those, now advantage plans have extra perks like that but we still prefer traditional supplement.

On dental we have a plan with Physicians mutual, they have /had 3 plans to choose from, it helps some and we get to choose our dentist.
 

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