While the Social Security cost-of-living adjustment will increase benefits by 1.6% in 2020, Medicare Part B premiums are climbing by 6.7%, more than four times faster.
The Senior Citizens League says annual COLA increases lag significantly behind the growth in Medicare premiums, making it important for retirees to compare coverage during open enrollment.
Health insurance still generates the lion’s share of insurance premiums and California still generates by far the most in premiums, as confirmed by the 32nd edition of the NAIC’s annual collection of data.
The number of Americans without health insurance jumped by nearly 1.9 million in 2018, marking the first time in a decade that there has been a year-to-year increase, according to U.S. Census Bureau data released on Sept. 10.
New survey finds 1 in 5 adults who currently take prescription drugs struggle to pay for them each month; and three-quarters of all surveyed support legislation that places a cap on what seniors pay for prescription drugs in Medicare Part D.