Social Security Warning Issued Over Rising Health Costs
Summary
A report reveals that Social Security benefit increases are not keeping up with the rapidly rising health care costs, causing concern for retirees. Health care expenses are growing faster than the consumer price index, which affects Social Security adjustments. This gap could result in retirees spending a large part of their income on medical bills.Key Facts
- Social Security benefits are adjusted yearly based on inflation, but health care costs are rising faster.
- Health care inflation for retirees is estimated to be 5.8% per year for a typical couple retiring in 2026.
- A 65-year-old couple retiring in 2026 may face lifetime health care costs up to $955,000 in future value.
- Medicare Part B premiums have been increasing faster than Social Security adjustments.
- Over the past decade, Social Security benefits increased by about 58%, while retiree expenses rose by about 73%.
- Rising health costs are causing retirees to spend more of their Social Security income on medical bills.
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