Social Security monthly payments to increase as Medicare premiums decrease

Social Security payments will increase 8.7 percent for 2023, the Social Security Administration said Oct. 13. 

The Social Security Act ties cost of living adjustments to the Consumer Price Index, meant to keep benefits consistent with inflation. 

This year's adjustment is the largest inflation-related increase in 40 years, AARP said. 

The increase comes as Medicare Part B premiums are set to decrease. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, down $5.20 from 2022, CMS said Sept. 27. 

On average, Social Security recipients will receive $140 more each month as a result of the adjustment, according to a Social Security Administration news release. 

Acting Social Security Administrator Kilolo Kijakazi said the increased benefits and decreased premiums should give older adults more peace of mind. 

"This year's substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned," Dr. Kijakazi said in the news release. 

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