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Social Security Benefits To Decline In 2024, May Not Pay For Medical Expenses

Social Security Benefits
Social Security Benefits; Source- GoBankingRates

The government sends Social Security Income Payments to millions of people each month throughout the USA, but the day on which they are deposited varies each month. As a result, many people in August 2023 are unsure of when they will get their Social Security Fundings in their bank accounts.

Social Security Benefits

Social Security Benefits; Source- Forbes

Social Security Benefits For August

Both regular Social Security Benefits and Supplemental Security Income are two different forms of Social Security Income Funding to be aware of. The first of August 2023, a Tuesday, is when SSI is paid. Afterward, if you got Social Security earlier than May 1997 or are getting both Social Security as well as SSI, Social Security will be sent to you on August 3 while SSI is handed out to you on August 1. Following that, general Social Security payments will be sent out following your birthday. You will receive payment on Wednesday, the 10th of August if your birthday falls between the first and tenth of the month.

Your payment will be made on Wednesday, the 17th of August if your birthday falls between the eleventh and twentieth of the month. You will be compensated on Wednesday, the 24th of August if your birthday falls from the 21st to the last day of the month. It’s crucial to understand that Social Security Benefits and Social Security Income Funding differ in a few significant ways, even though many people get both. For instance, unlike Social Security benefits, SSI benefits are not determined by prior employment. Another significant distinction between SSI and Social Security Benefits is that SSI is funded by tax revenue from the US Treasury.

Official Announcement Of Social Security COLA 2024

The COLA for Social Security in 2024 has new estimates. The Senior Citizens League (TSCL) estimates that the COLA might reach 3% in 2019 based on inflation data from June. The average monthly payout for people who receive Social Security would rise by $53.50 as a result, the amount will be $1,840. The official 2024 COLA, which will be determined by inflation statistics from July, August, and September of the current year, will be unveiled in October. The COLA might end up becoming lower than the projected 3% if the cpi continues to fall, as it did in June.

2024 COLA Might Not Cover Medicare

The effect of any COLA hike will depend on how Medicare Part B rates change, which is predicted to increase by at least $10 per month in 2024, following the 2023 Medicare Trustees Report. In 2023, Medicare premiums decreased, giving retirees more breathing room; but, this solace won’t last long. According to the research, in 2024, the typical yearly Part B premium will rise from $164.90 to $174.80. Medicare’s prescription of a new Alzheimer’s medication might increase the Part B premium by an additional $5 for all recipients, bringing the 2024 payment to approximately $179.80 per month. For people without insurance, the cost of the medication, Lecanemab, is anticipated to be $26,000 annually. The 2024 COLA may not cover Medicare Part B cost hikes if inflation remains low, potentially forcing many people who depend on Social Security payments to make up the gap the following year.

 

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