Medicare Open Enrollment and The 5.9% Percent Benefit Increase for Social Security
Updated: Oct 28, 2021
Two important announcements regarding Medicare and Social Security. Medicare has open enrollment between October 15 and December 7th. This gives you the opportunity to switch the Medicare Plan you have chosen. You can find the link to Medicare site with more information here: Medicare Open Enrollment Period Starts Soon—Get Ready | Medicare or give our office a call.
On Wednesday, October 13th, 2021, the Social Security Administration has announced that annual increase in the cost-of-living adjustment (COLA). This adjustment will take place with your January payment. The increase this year is 5.9%. This is a significantly higher increase in COLA is attributed to high inflation, which we can easily see reflected in price increases at the grocery store and at the pumps. Hopefully the increase in the monthly payment will help offset the increases. Here is a link to the Social Security Administration for more information: Press Release | Press Office | SSA.
Medicare and Social Security benefits play a key role in providing health and financial security to many of our clients. If you are at all concerned with your financial plan, please give our office a call.