Some Important Numbers for 2022
Much of the economic news recently has focused on inflation rates. The current rate of inflation is at the highest its been in the last 30 years, 6.2% on an annual basis.
Against that backdrop, the Social Security Administration has announced it’s cost of living adjustment for the coming year 2022. The announced 5.9% increase is the highest since 2008 although if inflation continues to increase it may not be enough to keep pace. Nevertheless recipients will see the added amount beginning in January.
Medicare costs will also increase but at a much higher rate, 14.5% for 2022. This is in part because the increase last year was lower than the actual increase in costs. Medicare’s standard Part B premiums will rise from $148.50 to $170.10. The Part B deductible will also rise by $30 to $233. This will cut into some of the increased Social Security benefits people will receive.
For higher income Social Security recipients who pay a greater Part B premium, the increase will also be greater. Other Medicare numbers will change as well. The Part A hospitalization deductible will rise from $1484 to $1556 for the coming year.
The Social Security cost of living adjustment also affects other government programs which apply the same increased rate. The Supplemental Security Income limit will rise to $841. Stay tuned for updates on the 2022 number for both the Medicaid and VA Aid and Attendance programs which we will cover in the coming weeks.