Some Cola social security recipients furious as Medicare costs 'surge in 2022 and WIPE OUT' $1,657 bonus
SOME COLA social security recipients are furious, claiming Medicare costs are "surging" in 2022 and will "wipe out" their adjusted monthly payments.
People who receive social security will be getting a 5.9 per cent bump in their monthly checks due to the cost-of-living adjustment (COLA).
The rise in payments means a retired worker will now see, on average, their monthly check increase from $1,565 to $1,657 a month.
However, some retirees don't think the pay bump will cut it when inflation and the rising cost of Medicare is taken into account.
"Found out a couple of days ago That the cost of Medicare will go up about $40 a month in 2022," one user wrote on Twitter.
"That pretty much wipes out that COLA increase. And I thought the cost of food and gas was to get it all."
Medicare's Part B monthly premium for 2022 will increase from $148.50 to $170.10.
The $21.60 jump is the largest price hike in the program's history.
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Part B covers doctor visits and other outpatient services like screening.
At the time when the price hike was announced, Centers for Medicare & Medicaid Services (CMS) officials stressed that the 14.5 per cent increase would be covered by this year's COLA for social security beneficiaries.
Read our COLA live blog for the very latest news and updates…
However, not everyone agrees that retirees and others on social security are getting a fair deal.
"Once again, American seniors and taxpayers will pay the price for the outrageous pricing behavior of big drug companies," said Bill Sweeney, AARP senior vice president for government affairs.
The Centers for Medicare & Medicaid Services did not immediately return The Sun's request for comment on this story.
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