US Social Security to increase by 8.7%

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2lz2p
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US Social Security to increase by 8.7%

Post by 2lz2p »

The US Government just announced the COLA increase for social security recipients beginning with first payment in 2023 - it will be the highest in years - 8.7%. With the continuing weakening of the Thai baht, US retirees can expect a big boost in buying power for their dollar.

https://www.cnbc.com/2022/10/13/social- ... years.html
Up2u

Re: US Social Security to increase by 8.7%

Post by Up2u »

Also important is Part B Medicare premiums will drop 5.20 per month to 164.90 for most people. Some years I have had meager SSA COLA increases substantially reduced or offset by Part B increases, but not in 2023!
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Re: US Social Security to increase by 8.7%

Post by 2lz2p »

Up2u wrote: Fri Oct 14, 2022 10:39 pm Also important is Part B Medicare premiums will drop 5.20 per month to 164.90 for most people. Some years I have had meager SSA COLA increases substantially reduced or offset by Part B increases, but not in 2023!
Since I am living in Thailand, I opted out of Part B (pays doctors) as I did not see a reason to pay a premium for something I couldn't use out of the USA -- that was 14 years ago. I don't expect to return to the US, but if I do, I could opt to sign up for Part B (can do in March of each year). Of course there is a penalty, 10% increase in monthly premium for each year I was eligible to have it. But, when you consider the total for all the monthly premiums I haven't paid, if I returned I would most likely be long gone from this world by the break even point.
Up2u

Re: US Social Security to increase by 8.7%

Post by Up2u »

2lz2p wrote: Sat Oct 15, 2022 7:44 am
Up2u wrote: Fri Oct 14, 2022 10:39 pm Also important is Part B Medicare premiums will drop 5.20 per month to 164.90 for most people. Some years I have had meager SSA COLA increases substantially reduced or offset by Part B increases, but not in 2023!
Since I am living in Thailand, I opted out of Part B (pays doctors) as I did not see a reason to pay a premium for something I couldn't use out of the USA -- that was 14 years ago. I don't expect to return to the US, but if I do, I could opt to sign up for Part B (can do in March of each year). Of course there is a penalty, 10% increase in monthly premium for each year I was eligible to have it. But, when you consider the total for all the monthly premiums I haven't paid, if I returned I would most likely be long gone from this world by the break even point.
Doesn't work for me, as my Medicare supplemental or advantage plan requires Part B which only covers urgent care or emergencies (in my case).
windwalker

Re: US Social Security to increase by 8.7%

Post by windwalker »

Up2u wrote: Sun Oct 16, 2022 7:30 pm Doesn't work for me, as my Medicare supplemental or advantage plan requires Part B which only covers urgent care or emergencies (in my case).
My Medicare supplement and advantage plan also requires Part B but it does cover me for medical care in Thailand.
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Re: US Social Security to increase by 8.7%

Post by Dodger »

I opted out of any/all Medicare supplements when I retired and cut the cord completely.

At first I planned to self-insure in Thailand until they started talking about health insurance being mandatory for O-A visa holders. I was then able to pick up a good policy with Pacific Cross and that's all there was to it.

My insurance over here costs less than half of what a similar policy would cost in the States and it keeps Immigration off my back - so it works for me.

Ironically, the 2023 Social Security COLA increase pays for my policy and then some...yeah!
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