COLA Increase Doesn't Keep Up With Rising Healthcare Costs For America's Seniors

Main Category: Medicare / Medicaid / SCHIP
Also Included In: Seniors / Aging
Article Date: 18 Oct 2007 - 16:00 PDT

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The Social Security Administration has announced a 2.3% cost of living adjustment for the more than 50 million Americans receiving Social Security in 2008. This adds about $22.00 to the average monthly Social Security check of just over $1,000 and is the lowest increase in four years.

"Rising healthcare costs, including Medicare Part B premiums and prescription drug costs, have outpaced Social Security cost-of-living increases for years. Part B premiums alone have more than doubled since 2000. Combine that with high energy and food costs and you can see why seniors are feeling the pinch. COLA's are critically important to help seniors maintain a basic standard of living. However, as long as we continue to ignore the need for system-wide healthcare reform, Social Security COLA increases will continue to fall short for America's seniors, disabled and their families". Barbara B. Kennelly, President/CEO

The 2008 COLA increase goes into effect January 1st.

The National Committee, a nonprofit, nonpartisan organization acts in the interests of its membership through advocacy, education, services, grassroots efforts and the leadership of the Board of Directors and professional staff. The work of the National Committee is directed toward developing better-informed citizens and voters.

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