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Author Topic: projection for COLA for 2023  (Read 4732 times)

heyjoe

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projection for COLA for 2023
« on: July 14, 2022, 10:03:54 am »
Based on new consumer price index data for June released Wednesday, The Senior Citizens League, a nonpartisan senior group, now estimates the cost-of-living adjustment will be 10.5% for 2023.

i can not provide a link since it isnt a government source . This is a projection from this group based upon The COLA formula.

They also provided a COLA range based on what the inflation rate is for the next quarter of between 9.4% - 11.4%

While none of this is definite it does provide an idea of the increase in COLA we will get next year.
« Last Edit: July 14, 2022, 10:06:54 am by heyjoe »

MisplacedTexan

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Re: projection for COLA for 2023
« Reply #1 on: July 14, 2022, 10:23:07 am »
If the COLA was based upon the real inflation we see everywhere it would be nearer 20%.  The convuluted way it is calculated is in my opinion designed to reduce the actual COLA's being given.
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starfishman!

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Re: projection for COLA for 2023
« Reply #2 on: July 14, 2022, 10:48:36 am »
This is good news. A positive event at least. Thanks Heyjoe.

Eagle In Flight

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Re: projection for COLA for 2023
« Reply #3 on: July 14, 2022, 10:57:13 am »
I've read if Inflation slowed, the projected COLA would be 8.6%, but whatever it is, it'll be helpful.

NorCalGuy

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Re: projection for COLA for 2023
« Reply #4 on: July 14, 2022, 11:21:36 am »
Not to put a damper on the increase, but we'll likely see a very noticeable increase in our Part B deduction as a result. It's gone up over $70 a month since I was awarded SSDI a little over 10 years ago.
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heyjoe

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Re: projection for COLA for 2023
« Reply #5 on: July 14, 2022, 12:15:54 pm »
Not to put a damper on the increase, but we'll likely see a very noticeable increase in our Part B deduction as a result. It's gone up over $70 a month since I was awarded SSDI a little over 10 years ago.

but we will have a damper on a raise in Part B in 2023, because a large percentage of the raise for 2022 was unfounded because it was based on the widespread use of a new high price alzheimers treatment. It turned out the cost was half of what they estimated and who can get the drug was severely limited to only those in a study. So we do have that credit for Part B preemiums for 2023 coming to us.

heyjoe

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Re: projection for COLA for 2023
« Reply #6 on: July 14, 2022, 12:16:48 pm »
I've read if Inflation slowed, the projected COLA would be 8.6%, but whatever it is, it'll be helpful.

the 8.6 % estimate was before the June numbers for inflation came out.

NorCalGuy

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Re: projection for COLA for 2023
« Reply #7 on: July 14, 2022, 01:41:08 pm »

but we will have a damper on a raise in Part B in 2023, because a large percentage of the raise for 2022 was unfounded because it was based on the widespread use of a new high price alzheimers treatment. It turned out the cost was half of what they estimated and who can get the drug was severely limited to only those in a study. So we do have that credit for Part B preemiums for 2023 coming to us.

I hadn't thought of that. That makes it far more palatable then. Thanks Joe.
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Eagle In Flight

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Re: projection for COLA for 2023
« Reply #8 on: July 14, 2022, 02:03:58 pm »
If the COLA reaches 10.5%, andmy SSDI increases, would Medicaid adjust their numbers for eligibility for SLMB?, I mean being that the state of Texas is paying for my Medicare Part B...just wondering if the bump of benefit increase in 2023 would affect it. Thanks

DisabledInWI

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Re: projection for COLA for 2023
« Reply #9 on: July 14, 2022, 03:39:07 pm »

but we will have a damper on a raise in Part B in 2023, because a large percentage of the raise for 2022 was unfounded because it was based on the widespread use of a new high price alzheimers treatment. It turned out the cost was half of what they estimated and who can get the drug was severely limited to only those in a study. So we do have that credit for Part B preemiums for 2023 coming to us.

I hadn't thought of that. That makes it far more palatable then. Thanks Joe.

Here's the statement on the 2023 Part B premium from the HHS Secretary.

https://www.hhs.gov/about/news/2022/05/27/statement-hhs-secretary-becerra-2022-medicare-part-b-premium-increase-attributable-to-alzheimers-drug-aduhelm-will-be-adjusted-incorporated-into-upcoming-2023.html
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Just Me

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Re: projection for COLA for 2023
« Reply #10 on: July 14, 2022, 04:41:40 pm »
Medicaid makes adjustments every year. Thar includes the income and resource limits for Medicaid with Medicare.
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CKD-Fred

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Re: projection for COLA for 2023
« Reply #11 on: August 29, 2022, 01:13:32 pm »
From how the inflation stuff has played out this year, I'm thinking of at least an 8% COLA.
We'll know in about 6 weeks --- Any and all assistance helps.

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Eagle In Flight

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Re: projection for COLA for 2023
« Reply #12 on: August 29, 2022, 03:56:00 pm »
From how the inflation stuff has played out this year, I'm thinking of at least an 8% COLA.
We'll know in about 6 weeks --- Any and all assistance helps.

 :Drink02:

They were projecting 10.5%, but it looks like they are saying 9.6%

Will have to wait and see

CKD-Fred

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Re: projection for COLA for 2023
« Reply #13 on: August 29, 2022, 06:08:27 pm »
Planning for 8% but will gladly accept a 9.6% COLA.
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