2024 Social Security COLA (state, diabetes, years, drug)

[katharsis]

It's that time of year again in which many of us are wondering how big the Social Security COLA will be for next year. It seems to be fairly certain that it will be at 3% or quite close to that.

https://www.newsnationnow.com/busine...rease-reports/

[adjusterjack]

Don't get your hopes up.

“Part B premium increase can take most, or even all, of the COLA.”

[GWoodle]

They give with one hand & takeaway with the other.

So SS COLA comes in around 3%

Watch Part B premium go to $179.00 from $164 before IRMAA

Then watch Plan B & Plan D insurance premiums be a lot higher.

We will know in October.

[mathjak107]

the rare occasion where you actually come out ahead with cola adjustments is likely over

[mathjak107]

Originally Posted by GWoodle

They give with one hand & takeaway with the other.

So SS COLA comes in around 3%

Watch Part B premium go to $179.00 from $164 before IRMAA

Then watch Plan B & Plan D insurance premiums be a lot higher.

We will know in October.

all i know is i pay 13 dollars a month for part d .

they cover most of my meds except the new shots for diabetes they put me on , like trulicity are a tier 4 drug .

i pay a 500 dollar deductible and then 11 bucks a month.

the insurer is paying 12k a year out according to my statement just for trulicity

[GWoodle]

Originally Posted by mathjak107

all i know is i pay 13 dollars a month for part d .

they cover most of my meds except the new shots for diabetes they put me on , like trulicity are a tier 4 drug .

i pay a 500 dollar deductible and then 11 bucks a month.

the insurer is paying 12k a year out according to my statement just for trulicity

Trulicity may not be a type of insulin to go under the $35/month program. You may need something like Lantus with a daily dose. You do have to watch quantity & frequency to get $35 price. Retail cost is over $1000 so you end in Catastrophic Phase 4 where you pay 5% of retail cost.

So you may have to upgrade plans to find something that covers Trulicity.
A "Good plan" runs $2-$32
A "better plan" runs $33-$60
"Best plan" runs $71-$112

We will know prices Oct 1

In 2024 supposed to be "premium stabilization" where premiums change only 6%/year.
Then in 2025 your MOOP drops to $2k.

[johnsonkk]

This is a weird thread.

Topic mentioned then off to the fields, and back around to here, to ask if the answer really looks like 3%.

Every article pontificates at 3%. So it be.

https://www.nj.com/news/2023/09/soci...2024-cola.html

[GWoodle]

Originally Posted by johnsonkk

This is a weird thread.

Topic mentioned then off to the fields, and back around to here, to ask if the answer really looks like 3%.

Every article pontificates at 3%. So it be.

https://www.nj.com/news/2023/09/soci...2024-cola.html

As of today 3% would be in the ballpark. But could change .5% more or less.

Problem is between taxes, Medicare premiums, health insurance premiums, you can't take the 3% home.

[SmartMoney]

LOL, this thread reminds me to keep working and earn less (easy to do on commission).......wind down that income so 2 years before I activate B, I have lower income.

[GWoodle]

Originally Posted by SmartMoney

LOL, this thread reminds me to keep working and earn less (easy to do on commission).......wind down that income so 2 years before I activate B, I have lower income.

NO

What it means is you need to learn about Social Security & Medicare. You have been paying FICA tax all your working years. Time to find out what the benefits are for you. Get a MyAccount.