How Much in Medicare Premiums Will Be Deducted From Your Social Security Checks in 2023?
Retirees that are at least 65 years old and claim Social Security will soon see the largest increase to their benefits in more than 40 years. The Social Security Administration (SSA) recently announced that the cost-of-living adjustment will boost benefits by 8.7% in 2023.
With the average monthly Social Security check coming in at $1,628 for retirees in September, that means retirees can expect their monthly checks to increase to $1,770, or $21,240 annually.
The large majority of people who are at least 65 and receiving Social Security also claim Medicare, the federal health insurance program for folks 65 and older. Certain Medicare premiums, which will experience some changes in 2023 as well, are deducted from Social Security checks. Let's take a look at what kind of deductions from Medicare premiums retirees will see in their Social Security checks next year.
Source Fool.com
