Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today sounded the alarm on news from Social Security that beneficiaries will not receive a Cost of Living Adjustment (COLA) in 2016. One serious effect of this news is that some seniors would face Medicare Part B premium increases of over 50%, and all Medicare beneficiaries would see their deductible increase by a similar rate.
“Today’s news confirms that seniors, through no fault of their own, will face substantially higher Medicare costs on top of not receiving a cost of living increase next year." Wyden said. “Significant increases in Medicare Part B premiums and deductibles can and should be prevented by Congress on a bipartisan basis before the end of the year."
Last week, Wyden introduced a bill that would hold Medicare Part B premiums and deductibles level for all beneficiaries in 2016. More information on that legislation can be found here.
