What You Need to Know About Medicare Changes for 2023

Several Medicare changes are on the horizon for 2023 due to the Cost of Living Adjustment (COLA) and the Inflation Reduction Act. The Social Security COLA for 2023 is 8.7%, the highest in decades. Approximately 70 million Social Security and Supplemental Security Income recipients are subject to the COLA. The adjustment is based on the CPI-W, or Consumer Price Index for Urban Wage…