Social Security COL for 2023
Based on consumer price index data through August, the Senior Citizens League estimates the Social Security cost-of-living adjustment, or COLA, for 2023 could be 8.7%, which it says would increase the average benefit of $1,656 by $144.10.
It would be the biggest increase since 1981.
The Senior Citizens League expects the Social Security Administration to announce it on Oct. 13, after the release of the September consumer price index data.
Medicare Premiums for 2023
The government tends to announce the Medicare Part B premium and other costs in mid-November. Medicare Part B premiums may not grow by very much in 2023, according to the league’s Social Security and Medicare policy analyst.
In their 2022 annual report the Medicare Trustees forecast that the standard Part B premium in 2023 would stay the same as it is now, $170.10*. Recently, the Centers for Medicare and Medicaid Services said they would use excess Part B premium charges from this year, determined after a reassessment, to reduce the Part B premium in 2023.
Source: Dinah Wisenberg Brin, 9.13.22 ‘Social Security COLA for 2023 Estimated at 8.7%’, ThinkAdvisor
* The $170.10 premium level is the lowest premium tier. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard Part B premium and an income-related monthly adjustment amount.