This is mostly due to increased utilization across the healthcare universe, coupled with across-the-board cost increases. Critically, this increase is the largest in Medicare’s history and is certainly a reflection of the times in which we live.
You’ll pay more, but you’ll also get more
The wage base is increasing, along with the standardized FRA as well as Medicare Part B premiums. Taken together, this means you’ll pay more into the system than ever before. This is necessary for a number of reasons, but mainly to increase the amount available in reserve funds and account for our nationwide fight against inflation.
However, the SSA is increasing benefit payments and making it possible for early claimers to earn more money in retirement without it impacting monthly benefit checks. These changes should be gladly accepted and acknowledged as positive progress.
Be very clear on how these changes will affect you in 2022, and be sure to weave them into your budget.
The $16,728 Social Security bonus most retirees completely overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $16,728 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.
