Seniors on Social Security will see their benefits increase by 1.3% come 2021. Well it’s better than no raise at all but, it's the lowest seniors have gotten in four years. To compare last year the COLA was 1.6% and that means on average if you are on Social Security you’ll get about $20 more. Now Part B premiums for Medicare will go up but hopefully not by too much. Thanks to Medicare's hold harmless provision, seniors who pay their Part B premiums directly out of their Social Security benefits can't see their benefits decrease due to Medicare increases. Or, to put it another way, a beneficiary who gets a $20 raise as a result of 2021's Social Security COLA can't be hit with more than a $20 monthly increase in Medicare premiums. Speaking of Medicare, Open enrollment is happening now until December 7th. Call for an appointment if you'd like help looking at your plan options. 320-679-5183.
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