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Premium A will increase to $499, Part C will cost $19 per month, and Part D will cost $33. If the B premiums are deducted from your insurance check, you will receive about $29 less. The exact figure will depend on the situation of each beneficiary, if you want to calculate the amount you will receive per month, you just have to multiply your current benefits by 1,059.ĭespite the increase, many beneficiaries will not see an impact reflected in their payments, as Medicare premiums will also go up. With this increase, the average payment for retired workers will increase by about $92, which translates into an average monthly payment of $1,657, while the maximum payment will increase to $4,124 per month, which is equivalent to $49,497 annually. COLA - Social Security: Possible Benefits and Medicare The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. The coronavirus pandemic is still dragging the economy this is why we are still seeing huge spikes in inflation, making this increase the highest one since 1982. Cost-of-Living Adjustment (COLA) Information for 2022. Recipients of Social Security Disability Insurance (SSDI) will also be seeing a 5.9 percent increase with average monthly payments being raised from $1,282 to $1,358 per month. The exact amount of how much each recipient will vary, but it's official that starting 2022, there will be a $92 increase per month for COLA. The Special Survivor Indemnity Allowance (SSIA), and people under the Survivor Benefit Plan annuities will also receive raises, starting this past December 1st, 2021. This also includes retired members of the military. Stating on January, 2022, millions of American citizens will see a 5.9 percent Cost of Living Adjustment (COLA) based on the increase of the Consumer Price Index.