No need to spend 2015 COLA increase on health costs

November 02, 2014 by Miji Pearse | Leave a Comment

No need to spend 2015 COLA increase on health costs

Here’s some great news for retirees on fixed budgets that are often stretched by medical expenses. Monthly premiums for Medicare Part B and the related deductible for 2015 will remain the same as in 2013 and 2014, according to a recent announcement from the U.S. Department of Health & Human Services (HHS).

It means retirees won’t have to spend any of the latest cost of living increase (COLA) in Social Security benefits — a 1.7 percent rise — on higher Medicare premiums.

Here Steve Vernon outlines the latest about Medicare and it’s relation to the most recent COLA developments.

In what ways have you spent your COLA in the past? Do you spend it on medical costs? Share your feedback. We’d love to hear from you!

Categories: Advanced Retirement Planning, Basic Retirement Planning, Business Advice, Financial Advisors, Retirement News, Social Security
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