As TSCL’s analyst Mary Johnson predicted, the government announced that the Social Security COLA for 2024 will be 3.2%.
That amounts to, on average, another $50 or so a month, bringing the average Social Security check for all retired workers to $1,907 in the coming year.
In addition, Medicare has announced that the standard monthly premium for Medicare Part B enrollees would rise by about $10 to $174.70, and the annual deductible would increase by $14 to $240. Among other increases, a senior admitted to the hospital will see the Medicare Part A inpatient hospital deductible rise by $32 to $1,632.
Here are some additional points to be aware of:
* Medicare enrollees may see higher premiums based on their income.
* The deductible for Medicare Part A, which covers inpatient hospital care, nursing home stays, and other services, will be $1,632 next year – a $32 or 25 increase from this year.