The government today announced a 0.3 percent cost-of-living adjustment for federal retirees and
This small COLA has inadvertently triggered a massive increase in Medicare Part B premiums for the 30 percent of beneficiaries who do not currently receive
Premiums for Medicare Part B are expected to increase 23 percent next year, from
Even without the increase in Medicare Part B premiums, retirees will have to tighten their belts to account for next year's miniscule cost-of-living adjustment. Retirees already are facing a 6.2% increase in their health insurance premiums next year.
"Prices for many items that seniors must purchase are rising faster than the overall inflation rate," Cox said. "Forcing this group of retirees to shoulder such a huge cost burden will have a devastating impact on their already modest living standards."
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/afge-president-federal-retirees-to-face-huge-spike-in-medicare-premiums-barring-congressional-action-300346686.html