Social Security Cost Of Living Increase Could Go From Wallet To Medicare Expenses

Social Security Cost Of Living Increase Could Come (And Go)

March 28, 2011 7:59 AM

(File photo of Social Security checks being printed. Credit: AP)

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PHILADELPHIA (CBS) - The Social Security Board of Trustees says there may be a cost of living increase in payments to retirees next year. It would be the first such increase since 2008 but retirees might end up paying the entire amount to increased Medicare premiums.

Cost of living adjustments are tied to the consumer price index. That has not gone up in three years, largely because of the drop in housing prices tied to the recession, so Social Security payments have been flat.

At the same time, however, health care costs have escalated and Medicare has gotten more expensive but retirees haven’t had to pay the increase.

“Federal law says that when there are no Social Security cost of living increases, recipients cannot have their Medicare increased,” said Ray Landis of AARP.

Landis says when Social Security payments increase, recipients will have to pay the higher Medicare premiums, thus their cost of living raise could be totally wiped out.

One saving grace is that the premiums can’t rise any higher than the cost of living increase. At the very least, recipients will not lose money on the deal.

Reported by Pat Loeb, KYW Newsradio

Social Security Cost Of Living Increase Could Come (And Go)

Sinking

non cola hurts me twice er three times as my disability , pention and ss are all tied together on what cola does – lately it has cost me ALL saveings – lost house – cant afford meds for me nor the wife – im thinking someone out there just wants us all to die quietly – a year or so and they may get their wish – too bad i worked my butt off for yrs and years to end up with nothing in a unmarked grave
Don

The COLA needs to be fixed so Food, Transportation, etc are included in the calculation. It seems so obvious to me that you would include the basic items when calculating the cost of living for lower income people.

Thomas Graves

I agree. Seems strange that the cost of buying a home is factored in, but the cost of food and transportation isn’t. I ain’t in the market to buy a house for cryin’ out loud, but I sure as heck gotta eat food and get to my $9.00 an hour job somehow.

Rick

i think what’s got to happen is the wealthy should get no s.s. i know this is unfair but who could take the hit better a person getting a 1000 a month or less? or a very wealthy retiree. somethings got to give.
mr bruce

Don’t worry about the 1 or 2% raise in cost of living we will get the democrats
will raise something else up like food cost ,healthcare cost,and other things too.!!!
if we are not in war by 2012 and its election time for the democrats thanks
hf74

I was born disabled.
I attempt to survive on SSI, it is very difficult.
Without a cost of living increase I am actually having to cut meals.

I sit and stare at the wall of a run-down apt and listen to my belly rumble.
I am only in my 30s, thanks to good luck of birth I get to live a long life in deep poverty and boredom.
Jerry

Once again the poor get poorer and the rich get richer.
Why not get rid of the waste in our government controlled society and start taking care of the people who built this country.
Mary

Myself a senior female 70 yr’s of age., I was so da.. mad the day that Obama was elected.! I actually sat down and cried! I would never have thought we had that many LAME American voters in the US! But it’s almost over hopefully, and we can all act as if it never even happened at all!!! What should be done is too stop all the unemployment checks going out, that some have been getting for over 2 yr’s now. And cut the FS program out and turn it into commodities, If the soldier’s have to eat rations for survival, living in the battle fields of this Country to fight in wars! Then others could eat them as well. We’re a broke country! The Welfare shouldn’t give a ck and FS’s cards to people who don’t even work. Lay around and have one Baby after the other, then get $400. maybe more in FS’s .And most sell them for half price! So they can supply their *HABITS* It should be made a Federal Law that if you get * Welfare* at all, from day one when you apply you should be *SWAB DRUG TESTED*! And if you’re positive for drug use they should turn you away.
This alone would be a start Mr.Obama ! Do your job you’re being well pd for it. Well I’ve said my piece, i guess we still have freedom of speech don’t we?
We do in Wva ….:)

hf74

Pathetic that a taxpayer leech of 70 years old would speak out against a liberal President.

If it were up to the GOP they would round up all the elderly and disabled and put them in a gas chamber to save money.
eric

there is so much wrong with what you said, we have the right to privacy, so it would violate that right when testing people just because they ask for help! and what does this country stand for? freedom not government, the feds need to get out of the peoples life and do what there job is, protect the country not tell us what we can and cant do. nice to see prejudice is still alive in our country mam. and if ppl are getting unempl cheks they earned them working there ass off, so they should not get what they worked for? you know how we can turn this country around, legalize it, and the money will flow, cigarettes and alcohol are legal and just one or the other is a 1000 times more deadly. But my point is obama is doing everything he can to fix the f’d up republicans waste of money but the keep blocking him. mam you should stop complaining about our president and focus on your problems
Gary Hiigel

Hold on now!! I use marijuana flegally for pain and for an eating disorder. W/O MJ, I will starve to death. I get $14.00 in food stamps, and every little bit helps!

I further agree that those wealthy enough to not need SSI should not take it! Maybe even not be offered it.

Don

Better yet’ why dont we all just voteing for them and mabet somehow
the’ll get the message.
Patrick Pierce

Why don’t the politicians pay for there health care and work for free all are millionaries anyway,that alone will help us get out of debt
grumpy

i really think that our politicians should base their C.O.L increases the same way that S.S is set up. They should have to pay 30% of their health care payments. They should also offer some cut backs on THEIR pay as they are asking everyone else to do. They are totally out of touch with Main Street!

Joe Anton

You got that right Grumpy, ‘right on!’ Do public union members get treated like us retirees do? How about State & Local civil service, they contribute ZERO for these benefits? When we go to a general meeting or rub elbows with the general population, retired public employees are cruising yearly, drive the newest cars, have the bigger houses, you get my drift.

Then they add insult to injury by calling our benefits ‘entitlements,’ yet we paid all our working lives, not so public unions, Congress or any politician for that matter. Who’s really getting an entitlement here? Both the Republicans & Democrats are out for our scalps because that’s where the money is, not because it’s fair.
Betty Hurley

excuse me there not out of touch they don’t give a damn ……

Linda D Bryant

The government always gives with ONE HAND, and just as swifltly TAKES IT BACK WITH THE OTHER!!!!!
Dolore Shaw

I have been living on disability payments for five years. COLAS have never kept up with the cost of living. It”s a constant struggle to keep the wolfs at bay and survive from month to month. I could have planned better but who can be prepared for bad health and serious disease.

Gary

Those with money honey; those with money.

Elias Stansberry

hey, this is alright. Take back even a 10% off of our present benefits. As good citizens we will gladly give back. BUT PLEASE DON”T STOP THE RAISES OR BENEFITS OUR POLITICIANS GET!!!!