Be Ready to Ask Questions During Medicare Open Enrollment

Each year, one of the most closely followed Social Security announcements is the upcoming cost-of-living adjustment, or COLA. Sean Voskuhl of AARP said Social Security benefits are adjusted with a COLA so older adults can better keep pace with inflation.

He noted that Social Security benefits are projected to rise 3.6%, which would amount to about $75 more per month for the average retiree. Even so, it is not always certain that the increase will be enough to offset rising prices, especially health care costs that matter a great deal to many older adults.

AARP has also studied whether adults age 50 and older believe the projected COLA is adequate.

According to Voskuhl, the findings show that adults 50+ continue to view the projected COLA as too small to keep up with rising prices, and that opinion has changed very little over the past three years. Views are similar across age groups and political parties. He added that seven in ten adults 50+ say an increase between 5% and 8% would be enough to help Social Security recipients pay for everyday expenses.

Voskuhl also reminded older Americans that Medicare Open Enrollment takes place from October 15 through December 7.

During that period, people with Medicare can review their coverage and make several changes. They may join, drop, or switch to a Medicare Advantage plan, with or without prescription drug coverage. They can also move from Original Medicare, Parts A and B, to a Medicare Advantage plan, or make the reverse change. In addition, they can join, drop, or switch a standalone Medicare Part D prescription drug plan.

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