Medicare Premiums to Wipe Out Social Security COLA

Medicare premium increases may wipe out the Social Security COLA increase for this year, the Associated Press reports. This would be the third straight year that Social Security recipients will not be able to see any increases in their income. By law, beneficiaries have their Part B premiums deducted from their Social Security payments each month. This is likely to increase hardships for people in the area because rising gas prices will mean rising food prices as well as higher costs for other goods as well.