Bill Passed to Ensure Veterans Receive 3.6 % COLA for 2012 Social Security Payments, Medicare Part B Premiums Up by Just $3.50
Congress took action on Wednesday this week to ensure that certain veterans would not miss out on the upcoming 3.6% increase in Social Security payments, in line with the COLA for 2012. With little debate required, the House of Representatives passed Bill S 894, which authorizes the increase of 3.6% to be added to veterans’ disability compensation, dependency compensation and for other low-income veterans.
This will mark the first increase in such payments since December 2008 and will affect approximately 2.9 million people in total.
Across the board, no cost of living adjustments (COLA) were made since 2008 because of little no movement in the consumer price index, which determines the level of the increases, if any. The 3.6% increase looks set to add a further $43 per month to the payments of millions of seniors and other citizens every month.
In other news, the increases applied to Medicare Part B premiums are not set to be as large as expected, requiring only an extra $3.50 per month to be paid beginning next year. As such those required to pay such premiums will still benefit from an additional $40 per month, which is likely to be highly welcomed news in light of soaring energy and gas prices.
Related posts: