The Social Security Administration has announced that its Cost of Living Adjustment or COLA would increase 8.7 percent in October 2022, the most significant increase in decades. That means that, on average, social security recipients will see an increase of $147 every month.
Just a few months ago at Nanette Diaz Barragán’s Annual Senior Briefing and Luncheon in Carson, the Congresssoman announced that the Inflation Reduction Act signed into law by President Joe Biden will cap out-of-pocket Medicare costs at $2,000 per year and cap insulin for those on Medicare to $35 per month. All adult vaccines will be free under Medicare for the first time. And the Center for Medicare and Medicaid Services will be decreasing Medicare premiums for the first time in decades.
These new policies provide much-needed financial relief for Americans and put money back in your pocket to help you pay for housing, food, healthcare, and so much more.
“We will all be older Americans one day, and we must ensure that these programs stay strong for all of us to retire with dignity, independence, and peace of mind,” said Rep. Barragán.