Social Security Benefit Increase for Seniors- drugs, food and energy more expensive « Health Insurance Advisory

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new healthcare reform lawThe new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), represents comprehensive healthcare reform legislation signed into law on March 23, 2010. It contains numerous provisions designed to protect consumers and promote low cost medical insurance, including many new taxes to pay for the cost.

In this section of the site, you can also obtain the following information specific to your state: available medical insurance options, efforts to regulate medical insurance premiums, healthcare, the individual medical insurance marketplace and the new healthcare law.

Our objective is to help Americans make sense of the new healthcare law by explaining key provisions in plain English and assisting individuals, families and the self-employed in using this information to find and secure affordable medical insurance.

Social Security Benefit Increase for Seniors- drugs, food and energy more expensive

Author: Allan Z - Founder Editor | Oct 22 2011 | General Topics - Healthcare

Social Security recipients will be receiving an increase of 3.6% in benefits beginning in 2012. There are currently 55 million Social Security recipients. This is the first cost of living adjustment or “COLA” since 2009. The increase could provide a modest boost to consumer spending which may help the ailing economy.

Automatic increases in Social Security benefits are tied to inflation, which was low during the past several years. In the last 12 months, rising prices were enough to justify the 3.6% increase. Many Americans rely on Social Security for their retirement income. Rising prices for necessities like prescription drugs, food, gas, and energy have been straining the budgets of retirees on a fixed income. Medicare Part B premiums are also set to increase. The exact increase for Medicare part B isn’t final, but could work out to an average of $10 per month. The cost of health care has risen for seniors over the last two years. They have also seen their retirement accounts dwindle and home values drop during the economic downturn.

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