It would be somewhat comforting to think that serious financial concerns were relegated to the 20-something years of your life when you were working three jobs, eating oatmeal each night for dinner, and consistently one-month behind on rent. Unfortunately, this is not, nor will it probably ever be, the case. Today in America, many senior citizens are once again being plagued by money concerns; except now they must consider what sacrifices they will make to afford a routine doctor visit or a must-needed prescription.
While Social Security checks are meant to aid or cover the cost of living for those ages 65+, next year will be the first time in many decades that payments will not increase. In fact, “the trustees who oversee Social Security are projecting there won’t be a cost of living adjustment (COLA) for the next two years. This hasn’t happened since automatic increases were adopted in 1975.” To seniors with healthcare expenses, this is uneasy news.
The reasoning behind not opting to raise Social Security payments is due to the fact that inflation has been negative this year, and cost of living modifications are regulated by inflation trends. Critics of the decision insist seniors are being unfairly ignored in this equation because while inflation may have been negative this year, “older people still face higher prices because they spend a disproportionate amount of their income on health care, where costs rise faster than inflation.”
Adding salt to the wound, it appears that for the 32 million people in the Medicare prescription drug program, 6 million of whom have premiums subtracted from their monthly Social Security payments, average monthly premiums will jump from $28 this year to $30 in the next.
Because the likelihood of dwindling financial allowances for a senior who frugally depends on his monthly Social Security check is becoming an undeserved reality, Medicare Supplements For You is the best option in your search for lessening the out-of-pocket expense for your healthcare premiums.
