Rising Health Care Costs
by Amber Idleman on Mar 1, 2017
Rising health care costs are having a bigger impact on retirement than ever before. And a recent survey found that only 12% of working Americans have taken any steps toward addressing this. To get an idea of the impact of rising costs, Medicare Part B premiums rose 16% in 2016 while the COLA for Social Security in 2016 was 0%. Fortunately the hold harmless provision of the Social Security Act meant that 70% of recipients were not impacted by the premium increase. But higher income retirees were not shielded and the current law will not shield anyone after 2016.
Almost every retiree will be impacted by rising health care costs. Understand what the impact will be and take steps to prepare for it.
The following article has more information