Social Security COLA Prediction: July 2024 Update

[@RhettBeeson]

With COLA being uncertain, what is the best way to make sure I am getting the most out of my Medicare benefits in my area?

[@conniehealth]

The best way to ensure you're getting the most out of your Medicare benefits is by planning to do a Medicare plan review during the Medicare Annual Enrollment Period, which runs from October 15 - December 7 annually. You can schedule your plan review as early as October 1st.

[@philpotoctavia]

Our Seniors deserve all the help they can give 💐

[@conniehealth]

Completely agree!

[@JudieVictor]

This was so interesting. I loved seeing other senior's comments and concerns. And wow!! I thought groceries went up but to see the % increases by popular things I buy was crazy. What can we do to financially survive as we age? This is tough.

[@conniehealth]

There were so many comments on our June COLA prediction that talked about the COLA not being enough because of inflation. Knowing that food is a big part of that equation is important. I didn't know that groceries had gone up so significantly, either!

[@audreymoore4255]

Has there ever been a time where COLA increased and the part B premium remained the same or decreased so that it really feels like a raise?

[@conniehealth]

That's a great question! There 5 times in the past decade when the COLA increase surpassed the Medicare Part B premium increase. So, 50% of the time the COLA surpassed the premium increase, but it doesn't account for other inflation, like food and gas. In 2014 the COLA increased 1.7% and the Part B premium didn't increase (0%). In 2018, the COLA increased 2.8% without a Part B increase (0%). The 2019, the 1.6% COLA exceeded the 1% Part B premium increase. In 2021, the COLA's 5.9% increase surpassed the 3% Part B premium increase. And in 2023, the COLA increased 3.2% and the Part B premium decreased -3%. This would make for an interesting graph!