Each year, Social Security recipients look forward to a cost-of-living adjustment (COLA) to start each January. The Social Security Administration announced a 2.5 percent COLA increase for 2025, which, on average, will mean $50 more in the monthly Social Security check. However, each year, Medicare adjusts its Part B premium. Any increase in that comes out of Social Security checks.
The bad news is this year’s Part B premium increase will take approximately 20 percent of the 2025 COLA increase. Medicare is raising the premium by $10.30 to $185 per month from the 2024 premium of $174.70. Medicare Part B covers doctor visits, outpatient hospital services, home health costs, and durable medical equipment. The annual deductible for Medicare Part B also will rise from $240 to $257.
Higher-income seniors with $106,000 in annual income or more will pay an Income-Related Monthly Adjustment Amount (IRMAA) of $406.90 on top of the $185 premium for a total of $591.90 monthly.
The Medicare Part B premium increase has generally outpaced the COLA rise, averaging 5.5 percent compared to 2.6 percent from 2005 to 2024.
Senior Citizens Deserve Better
Seniors can breathe easier with additional retirement income. That’s one reason why Council of Seniors is totally focused on getting Congress to pass The SAVE Benefits Act. Due to insufficient COLAs in recent years, the amount of $581 was withheld from seniors’ benefits, and it’s time for that money to be returned.
Please sign our petition today to join other Americans seeking relief. Congress has missed the boat on helping the growing number of Americans expecting action.
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