Ask Questions During Medicare Open Enrollment

One of the most closely watched Social Security announcement each year is the next cost-of-living adjustment, or COLA.  The AARP's Sean Voskuhl said social security benefits receive a COLA to help older adults keep up with inflation.

“In 2027, social security benefits are set to increase 3.6%, which translates to about $75 more a month for the average retiree.  However, it’s not always clear whether the COLA increase will be enough to cover rising prices, including health care costs that are particularly important to many older adults.”

AARP has conducted research to understand whether adults age 50+ believe the projected COLA is sufficient.

“This year’s findings are clear: Adults age 50+ see the projected COLA as insufficient to keep up with rising prices, a view that’s changed little over the past three years.  Views are similar across age groups and political parties.  Seven in ten adults age 50+ select an increase between five and eight percent as an amount that would be sufficient to help Social Security recipients afford everyday expenses.”

Voskuhl stressed older Americans need to remember that Medicare Open Enrollment runs October 15th though December 7th.

“During the window, people with Medicare can review and make several changes.  They can join, drop, or switch to a Medicare Advantage plan (Part C) with or without prescription drug coverage.  You can switch from Original Medicare (Parts A and B) to a Medicare Advantage Plan, or vice versa.  You can also join, drop, or switch a standalone Medicare Part D prescription drug plan.”

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