Bidenflation’s Latest Victim: Seniors’ Medicare Costs Soaring
Nov. 16, 2021 - Blog - Health - Press Releases - The Prescription Pad
Tucked away in a Friday evening news dump, the Biden Administration announced the largest increase in Medicare premiums and deductibles in history amidst historically high inflation. As a result, seniors are about to see a spike in what they pay for their standard health care-even as Bidenflation is already exacerbating seniors on fixed incomes.
Key Takeaways:
* Costs Going Up: For the standard Medicare beneficiary, 2022 premiums will increase $21.60 a month or $259.20 over the course of the year. Beneficiaries will also see their deductible rise nearly 15 percent from $203 to $233.
* The Medicare increases could take up to a third of the average retired worker’s historically high 5.9 percent COLA hike (which is already being outpaced by continued inflation): Bidenflation is already outpacing the 5.9% cost-of-living adjustment in Social Security, with October’s consumer price index surging to 6.2% compared to a year ago-and now seniors will have to use that increase to pay for their Medicare premiums.
* Democrats’ Plan Will Make These Higher Prices Worse: In the face of this rapid inflation and a historic increase in Medicare costs for beneficiaries Democrats want to add even MORE costly spending to Medicare as part of their tax increase and spending bill.
