Retirees Dodged a Bullet on Medicare Premiums Next Year
For retirees, medical care is often a major expense. In fact, seniors could spend six figures just on healthcare alone during retirement, even when they're covered by Medicare.
Taking care of your health gets more expensive as you age. Even Medicare premiums tend to go up from one year to the next. And since most seniors pay these premiums out of their Social Security checks, rising Medicare costs can make annual cost-of-living adjustments (COLAs) disappear in some years or come in very small in others.
That was a very real risk for 2021, especially as the COLA (or Social Security raise) for next year is just 1.3%, which is the smallest increase since 2017. The good news, however, is most seniors aren't going to see all their extra money eaten up by rising Medicare premiums next year. In fact, retirees dodged a big bullet when it comes to premium prices. Here's what happened.
Source Fool.com
