The Social Security Administration (SSA) has announced that there will be a cost-of-living adjustment (COLA) of 3.2% taking effect January 1, 2024, averaging $50 per month.  However, with an announced 6% increase in Medicare Part B premiums for 2024, most Social Security recipients will likely see that the COLA will be offset by an increase in Medicare premiums.
  • Part B premiums will increase by $9.80 from $164.90 to $174.70 in 2024.  Additionally, the annual deductible for Medicare Part B beneficiaries will go up from $226 to $240.
  • The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,632 in 2024, an increase of $32 from $1,600 in 2023.
Provisions of Federal Law guarantee that beneficiaries won’t get a reduction in Social Security payments when Medicare premiums go up.  When there is a COLA, like announced for 2024, and there is an increase in monthly Part B premiums, the dollar increase in Medicare premiums must be limited to the dollar increase in their Social Security.
Those New Yorkers that do not yet receive Social Security payments, but do pay a Medicare premium, will see a 6% increase in their Part B premium. Those who newly enroll in Medicare in 2024 will see a monthly premium 6% higher than in place for those enrolled in prior years.
NY StateWide Senior Action Council knows that many older residents are living on the edge of poverty with Social Security their primary source of income – one that is woefully inadequate to meet their needs.  We will continue to advocate for federal legislation that will provide a boost in Social Security payments as well as a change in the formula used to calculate a COLA to more accurately reflect costs facing older residents.

Meanwhile, if you are concerned about the cost of your Medicare premium, please call us to see if there are any benefit programs that can help you. This is an important time to see if you are eligible for the Medicare Savings Program or Medicaid – income levels for both programs increased this year!

Our counselors are available to assist you during Annual Open Enrollment (October 15 – December 7) and throughout the year at 1-800-333-4374.

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