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More Trouble For Social Security Recipients
Posted in: Medicare/Medicaid on May 3rd, 2012

medicareAs if the disappointing¬† news regarding the fate of Social Security and disability insurance programs wasn’t ominous enough, a new report suggests that Medicare costs could also be changing over the next few years. With close to 6 million people relying on Medicare benefits for health coverage, the expected increase in costs could be detrimental to many citizens.

Cutting Benefits, Rising Costs

Although the main focus has been on other Social Security programs in recent years, the truth is that Medicare has always been on the edge of disaster. However, further problems are expected as the cost of Medicare premiums is forecasted to begin rising over the next few years. What is more alarming is that this increase in Medicare costs for beneficiaries is not expected to be tempered by a similar increase in benefits, which are expected to remain steady if not decrease over time.

In the past, Social Security program benefits have seen an increase due to cost of living adjustments. It is unclear as to whether these necessary annual inflation will be anything more than 1%, if anything. Meanwhile, Medicare costs are expected to rise by 11%, creating a gap between income and the cost of essential expenses like medical coverage. Current beneficiaries are being advised to begin planning for the increase in cost and develop alternative strategies for maintaining financial balance in the wake of such changes.

 

 

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