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My husband and I got our notices a couple weeks ago. But we have yet to get the earnings statements for 2021. I was a little surprised at how much the medicare B went up. Nothing we can do about that...but I did think, yeah, Covid stuff and we're paying for much of it this way. Still, I wouldn't go back to private insurance for anything in the world. This is way better.
It went up so much to pay for the new Alzheimer drug the FDA just approved.
Pretty pricy at $56,000 per year and controversial as well over doubts of its effectiveness.
Well, I finally got my statement two days ago, and it is exactly what I counted on -- a net increase of $41.00 as the Part B went up about $20 a month.
Just to give one example of an increase in a non-discretionary expense, our trash pick-up is going up $5.00 a month, and so when you count in the increases in food and gas prices, I honestly do not know how single people living on just a small amount of Social Security (say, under $1500 a month) will be able to manage. If I wasn't married, and if it wasn't for savings and other income, I would be very worried right now.
I have nothing but sympathy for those single people who are living only on Social Security. For those people, a 5.9% increase seems like not nearly enough to cover the increased cost in just basic expenses.
Sympathy is not the word I would use. Anyone that is trying to live on just $1500/mo SS has set themselves up for a hard to impossible retirement. To beat a long dead horse; SS was never meant to be one’s only income source in retirement.
Many may end up having to live with others and share expenses …many will have to work longer somehow …
Ss like perry said was never supposed to be a sole means of support and if it is , one can’t expect life to be the way it was when a pay check or two pay checks were coming in
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