Did you know that Medicare Part B premiums are projected to decrease next year? This news is coupled with the projected cost-of-living adjustment (COLA) increase for next year.

Premiums Decline in 2023

According to The Motley Fool, the Centers for Medicare and Medicaid Services (CMS) reported that Medicare Part B premiums will decline by 3 percent next year.  This change could be a game changer, especially if inflation starts to decline as well.

The Impact of Inflation

Unfortunately, the impact of inflation has really taken a toll, especially on senior citizens. Retirees often rely on a fixed monthly income; because of this, many individuals had to sacrifice various comforts they’ve grown accustomed to over the years.

Additionally, it’s important to consider how much this will impact overall. The reality is, this small decrease in Medicare premiums will not be enough. Over the past year alone, Medicare Part B premiums increased 15 percent. A decrease of 3 percent still means an overall increase of 12 percent from 2021 prices.

Plus, the news only projects finance changes for next year; after 2023, retirees can expect these changes to be an exception, not the norm. So, while the news seems promising, Senior Security Alliance knows that it’s not enough.

We Need Change NOW

It’s well past time we ensure retirees receive the financial security they deserve. That’s why we created our groundbreaking and revolutionary bill solution.

Our bill, The Senior Citizens Bill of Rights, provides senior citizens with seven (7) guarantees for a more financially secure retirement. Among these rights is the guarantee that benefits will never be cut, a guarantee for better calculated cost-of-living adjustments that would take all healthcare costs into consideration, and more.

To learn more about our mission, our bill, and make sure to stay up-to-date with our progress, follow us on Facebook and Twitter!