New report claims Medicare costs will eat larger share of checks

Close to seven million seniors — one in every seven — will receive a smaller Social Security check next year, according to a new analysis by The Senior Citizens League.

Millions of other seniors who do not have their Medicare premiums automatically deducted from their checks will also have fewer Social Security dollars leftover next year.

These seniors will be affected because their Social Security Cost of Living Adjustment is forecast to be zero next year, while their Medicare Part B, Part C and/or Part D premiums are forecast to rise.

According to TSCL’s analysis, approximately three million seniors will endure cuts because they are not protected by a “hold harmless” provision that prevents the vast majority of beneficiaries from receiving smaller Social Security checks in years when Medicare Part B premiums exceed the COLA. 

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~Sandy G.