Millions of seniors in America are living on fixed incomes which generally do not keep pace with the increased cost of living. Consequently a large number of seniors are forced to find part time work at places like Walmart, Sam’s Club and other retailers in hope of earning enough to pay their bills, keep a roof over their heads and pay for their medical expenses.
Among those expenses they are trying to pay are their Medicare premiums. However, if nothing is done to prevent it, about 30% of seniors paying into Medicare, which is around 15 million people, could see their Medicare premiums increase by 52%.
According to the Fiscal Times:
“Nearly a third of the roughly 50 million elderly Americans who depend on Medicare for their physician care and other health services could see their premiums jump by 52 percent or more next year. That’s because of a quirk in the law that punishes wealthier beneficiaries and others any time the Social Security Administration fails to boost the annual cost of living adjustment.”
“While Congress is largely focused on addressing looming shortfalls in the Social Security Disability Insurance program, a financial time-bomb of sorts may go off in 2016 because of the festering premium problem in Medicare Part B
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