Social Security COLA and Medicare Premium Increases Announced
On Oct. 19, the Social Security Administration announced a Cost of Living (COLA) increase of 3.6 percent. This is the first increase in two years and will be effective with the January 2012 benefit payment. Shortly after this announcement, the U.S. Department of Health and Human Services announced that premiums for Medicare Part B coverage for physician and outpatient services will increase less than projected next year, and that the deductible will actually decrease. Premiums will go up $3.50, to $99.90 per month for 2012.