COLA 2020

If you haven’t heard, the Social Security Administration announced recently that seniors would get a 1.6% raise for 2020. In 2019 the raise was 2.8%. The Social Security Administration bases the annual cost-of-living adjustment (COLA) on a broad measure of inflation. Prices for food and some other goods have risen moderately over the past year, while energy prices fell. Health care costs rose about 4% over the 12 months ending in September and insurance costs went up as well. 

There’s been talk of changing how the COLA is measured but, in the meantime, the little raise someone gets with Social Security this year will be offset by higher health care costs.

Medicare’s trustees projected in April that the standard monthly premium in 2020 for Medicare Part B, which covers doctor visits and other types of outpatient care, will increase by $8.80 a month to $144.30, from $135.50 which is the current amount. A final figure is expected yet this fall. 

 We’re now in Open Enrollment for Medicare so it’s a good time for you to examine your current plan and if you want to explore other plans now’s the time. You have until December 7^th. Call 320-679-5183 for an appointment.