Recently, Medicare enrollees got some good news about their Part B premiums. After years of increases, the cost of the standard monthly Part B premium is going down in 2023. It will shrink from $170.10 to $164.90. Not only will that save seniors money, but it will also allow those on Social Security to keep their upcoming cost-of-living adjustment (COLA) in full.

The Social Security Administration recently announced that benefits will be rising by 8.7% in 2023. Since seniors on Social Security and Medicare have their Part B costs deducted from their benefits, Part B hikes can eat away at COLAs -- but that's not a concern for next year.

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Source Fool.com