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| Above, the Rehoboth McKinley Christian Hospital in Gallup, New Mexico. Photo by Armand Vaquer. |
The Biden Administration is going to sock it to seniors by raising Medicare premiums and deductibles. These hikes will virtually eat up the raise in Social Security benefits that's scheduled for next year.
The Epoch Times reported:
President Joe Biden’s administration on Friday announced it is raising Medicare premiums, a move it blamed in part on the cost of drugs.
The Medicare Part B standard monthly premium will rise by nearly $22 to $170.10 next year, the Centers for Medicare & Medicaid Services said.
“The increase in the Part B premium for 2022 is continued evidence that rising drug costs threaten the affordability and sustainability of the Medicare program,” Chiquita Brooks-LaSure, administrator of the agency, said in a statement.
In addition to the monthly premium, the annual deductible will rise from $203 to $233. Also, Medicare Part A inpatient deductibles will jump $72 to $1,556 next year, and Medicare part A daily coinsurance and skilled nursing facility coinsurance will both increase at least $9.
Officials pointed out that many Americans covered by Medicare will see a net increase in Social Security benefits. The Social Security Administration announced last month that recipients will get a 5.9 percent increase in benefits.
However, the 14.5 percent jump in Medicare premiums—the highest since 2016—will eat up the entire adjustment for Social Security recipients with the lowest benefits, according to Senior Citizens League, a nonpartisan seniors group.
“Social Security recipients with higher benefits should be able to cover the $21.60 per month increase, but they may not wind up with as much left over as they were counting on,” Mary Johnson, a policy analyst for the group, said in a statement.
Remember, elections have consequences, especially stolen ones.
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