Record Social Security Increase!

Just when money got tight and tighter — welcome and well-earned relief is arriving for those of us who’ve reached our 60s and beyond. The Social Security Administration announced Oct. 13 that benefits will jump 8.7% for 2023, the largest increase since 1981, when double digit inflation pushed payments up more than 11%. The cost-of-living adjustment (COLA) affects 70 million Americans, including 48 million retired workers and their spouses and dependents; those receiving disability and survivors benefits; and recipients of Supplemental Security Income. The average retired worker will receive $1,827 a month in 2023, up $146 from $1,681 this year. Read Article from Forbes

Proposed changes in Medicare rules could soon pave the way for a significant expansion in Medicare-covered dental services, while falling short of the comprehensive benefits that many Democratic lawmakers have advocated. Read article

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Good to know!
KFF: Medicare Advantage is a Diamond in the Government Healthcare Rough
A record 28.4 million seniors get their insurance through Medicare Advantage, according to a new analysis by the Kaiser Family Foundation. They account for nearly half of all eligible Medicare beneficiaries. And that share will likely increase. The Congressional Budget Office predicts that more than 60% of the total Medicare population will be in Medicare Advantage plans by 2032. Since Medicare Advantage insurers must compete for seniors’ business, they’re incentivized to provide patients quality care at the lowest possible price. Read Forbes article here.

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See NAIC consumer warnings for your Medicare clients
Three Tips to Avoid Common Pitfalls During Medicare and Medicare Advantage Open Enrollment
The NAIC is sharing tips to help consumers navigate Medicare annual open enrollment and Medicare Advantage open enrollment, find the plan that works best for them, and spot misleading or fraudulent marketing. 

1. Don’t be pressured
2. Do your homework
3. Follow basic cybersecurity practices online

While some choices may look promising on your TV or computer screens, not all plans are created equal, and some offers really are “too good to be true.”  Dive in here.

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LEGISLATION ON THE MOVE!

California Governor Signs important health care bills

As the 2021-22 legislative session came to a close, Governor Gavin Newsom took action on a number of important bills supported and sponsored by the California Medical Association. For more information, see the articles listed here.

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Who IS covered?
Uninsured rate could drop further as insurers expand reach

EBRI survey finds that retirees are spending much higher or a little higher than they can afford in 2022 (17% in 2020 vs 27% in 2022). Black and Hispanic retirees, as well as those in the lower annual household income brackets and poor self-reported health status also indicated their spending is higher than they can afford. Dive deeper here.