As expected, the Social Security Administration announced yesterday that there will be no Social Security cost of living adjustment (COLA) for next year–making this open enrollment season especially important. People with Medicare should take the time to evaluate their plan choices and select the plan that best meets their health and financial needs during Fall Open Enrollment, which runs through December 7.
While there will be no COLA, the Part B premium is expected to increase significantly for some people with Medicare, including new enrollees, individuals not collecting Social Security benefits, and beneficiaries already paying higher premiums. State Medicaid programs will also pick up these higher premium costs for people with both Medicare and Medicaid. In addition, the Part B deductible is expected to increase to $223 for all beneficiaries, most significantly affecting those who lack adequate supplemental coverage.