Best Ways To Save: August 2017

Best Ways To Save: August 2017

What Are The Ten Fastest Growing Senior Costs?

Since 2000, cost-of-living-adjustments (COLAs) increased Social Security benefits a total of just 43 percent.  Meanwhile typical senior expenses have jumped 86 percent, according to TSCL’s 2017 Loss of Buying Power Study.  The following table illustrates ten of the fastest growing costs since 2000.

Top Ten Fastest - Growing Costs for Older Americans Since 2000

Item Cost in 2000

Average cost $ or numeric value

Cost in 2017

Average cost $ or numeric value*

Percent Increase
1. Medicare Part B monthly premium
 
$45.50 $134.00 195%
2. Prescription drugs Annual average out-of-pocket
 
$1,102.00 $3,132.00 184%
3. Homeowner’s insurance national average (annual premium)
 
$508.00 $1,292.00 154%
4. Real estate tax (annual)
 
$690.00 $1,701.50 147%
5. Propane gas (per gallon)
 
$1.01 $2.39 137%
6. Heating oil (per gallon)
 
$1.15 $2.63 130%
7. Medigap supplement average monthly premium all plans
 
$119.00 $264.45 122%
8. Pet care services including veterinary*
 
109.30 232.31 113%
9. Total medical out-of-pocket expenses national average
 
$6,140.00 $12,125.00 97%
10. Oranges (lb.) $.61 $1.19 95%

 
*Where no average prices are available, numeric values from the U.S. Bureau of Labor Statistics CPI-U are used.

Source:  The Senior Citizens League’s 2017 Loss of Buying Power Study

 

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