Oct. 17, 2008
Jay Applauds 5.8% Cost of Living Increase in Social Security Benefits
Medicare Premium Stays Same
By Huntingtonnews.net Staff
From Jay Rockefeller news release
Washington, DC (HNN) – Senator Jay Rockefeller on Thursday, Oct. 16, 2008 applauded the announcement by the Social Security Administration that starting in 2009, more than 503,000 West Virginians will receive a 5.8 percent cost-of-living-increase –- or about $63.00 more each month. This is the largest single cost-of-living increase for Social Security since 1982.
“Times are tough and every little bit helps. This second largest increase in Social Security is long overdue, and comes at a critical time as West Virginians struggle to pay for everything from rent, gas, food, and utilities,” said Rockefeller, D-WV. “Social Security is going up more than it has in a long time, and this increase means a little extra money in people’s pockets.”
“Another piece of reassuring news for West Virginia’s seniors is that their Medicare premiums will not be going up this year. That’s a good thing too. It delivers some peace of mind to those seniors who worry that they can’t afford to see a doctor when they’re sick or get access to prescription drugs,” Rockefeller said.
Next year's cost-of-living increase will go to more than 55 million Americans – including more than 503,000 in West Virginia. The cost-of-living increase applies to people receiving either Social Security or Supplemental Security Income payments from the federal government. It takes effect on January 1, 2009.
Medicare Part B, or Supplementary Medical Insurance (SMI), covers physician services and other outpatient expenses. Seniors and individuals with disabilities have seen their Medicare Part B premiums double over the last eight years – from $45.50 in 2000 to $96.40 in 2008. Social Security cost-of-living increases, meanwhile, have not kept pace with rapidly rising Part B premiums, forcing many seniors on fixed incomes to make unfair choices between going to see their doctors, buying groceries, and heating their homes.
Because of adequate reserves in the Medicare Part B trust fund, Part B premiums will hold steady at $96.40 a month in 2009. This is a welcomed break for most retirees, who will not see their cost-of-living increases eaten up by higher monthly premiums for the part of Medicare that pays for physician services.
Rockefeller is a member of the Senate Finance Committee, and serves as Chairman of the panel’s Subcommittee on Health Care. He has long fought to limit Medicare Part B and Part D (prescription drug) premium increases to the annual Social Security cost-of-living adjustment (COLA).
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