Seniors on Social Security May Get to Keep More of Their 2022 Benefits for This Reason

Last October, seniors on Social Security got some pretty good news. That's when 2022's 5.9% cost-of-living adjustment (COLA) was announced, and it winds up being the biggest raise recipients have seen in decades.

But that excitement was somewhat short-lived. That's because following the news of a big Social Security raise, seniors on Medicare learned that the standard Part B premium would be increasing from $148.50 in 2021 to $170.10 in 2022. That's an increase of $21.60, and one that now has the potential to eat away at seniors' most recent Social Security COLA.

Though Medicare Part A, which covers hospital care, is free for most enrollees, Part B, which covers outpatient services and diagnostics, costs money for coverage. There's a standard Part B premium that applies to low and moderate earners, while higher earners pay the standard premium plus a surcharge.

Source Fool.com