Biden’s Spendy Election Year Insurance Bailout Will Save Seniors Just $1.63 Per Month
Rather than facing the consequences of the law they rammed through Congress, the Biden administration decided to tap taxpayers instead.Rather than facing the consequences of the law they rammed through Congress, the Biden administration decided to tap taxpayers instead.The Association of Mature American Citizens Has Quietly Become A Conservative Powerhouse
Move over, AARP. A conservative competitor that rejects the AARP's liberal political agenda for seniors has 2.2 million members and growing.How More HSAs Could Help Dig Us Out Of The Hole Of Disastrous Medicaid Expansion
The federal government's onerous regulations on HSAs have limited their availability to all but the luckiest American workers.Social security recipients may see big COLA boost in 2023
American seniors and others who receive monthly social security checks will likely see a big cost of living raise in 2023.
According to experts, social security benefits are likely to increase anywhere from 9.3% to 10.1% next year. Should they increase by 9.6%, the average social security recipient, who currently collects $1,656 every month, will receive an additional $158.98 on each check, resulting in about $1,900 over the course of the entire year.
A 9.6% increase would also mark the largest increase since 1981, when it went up 11.2%, and would be the fourth-highest increase in nearly 50 years.
Every October, the Social Security Administration announces the COLA raise that has been assessed for the forthcoming year. It determines this raise by examining inflation data from July, August, and September of the current year. In 2022, social security benefits went up 5.9%, a staggering jump that more than doubled nearly every yearly increase since 1982.
Still, that amount has not been enough to keep pace with rising inflation. In June, inflation rose to 9.1%, and increases in food and gas prices have left many social security dependents strapped for cash.
Soaring costs associated with Medicare Part B have also meant added expenses for many seniors. An analysis conducted by Senior Citizens League estimates that, despite the 5.9% increase in 2022, social security checks are still short $58 each month, based on actual cost of living. SCL also stated that 37% of its survey respondents claimed to receive some kind additional income assistance in 2021, a 21% increase from the years prior to COVID.
"This suggests that the pandemic and inflation have caused significantly higher numbers of adults living on fixed incomes to turn to these programs to supplement their Social Security and Medicare benefits as prices have continued to climb," said Mary Johnson of SCL.
Though economists caution that we do not yet have the data points for August and September, many are anxiously anticipating an increase that will help offset their added expenses.
Johnson said she expects the Social Security Administration to announce the 2023 COLA increase on October 13.
Pfizer and BioNTech seek emergency use authorization for second COVID-19 booster for seniors
Pfizer and BioNTech have submitted an application to the U.S. Food and Drug Administration seeking emergency use authorization for another COVID-19 vaccine booster shot for individuals 65-years-old and above, according to a press release.
The course for most people ages 12 and over currently involves three jabs — two shots for the primary series followed by a single booster dose — though Centers for Disease Control and Prevention indicates that immunocompromised individuals ages 12 and older should receive four vaccine doses, comprised of three doses of an mRNA vaccine for their primary series, as well as a single booster shot.
Pfizer CEO Albert Bourla indicated during a recent interview that a fourth shot will be needed.
"Right now the way that we have seen, it is necessary, a fourth boost, right now," he said. Bourla described the protection provided by a third shot as "quite good for hospitalizations and deaths," but he said it is "not that good against infections" and "doesn't last very long."
Pfizer CEO Albert Bourla on “Face the Nation” | Full interview youtu.be
When asked whether he thinks people will need to prepare to get an annual booster shot, Bourla said, "I think so."
Bourla said that they are trying to develop a vaccine that shields people against all variants and provides at least one year of protection.
"Emerging evidence, including data from Kaiser Permanente Southern California, suggests that effectiveness against both symptomatic COVID-19 and severe disease caused by Omicron wanes 3 to 6 months after receipt of an initial booster (third) dose," the press release from Pfizer and BioNTech said. "Thus, additional booster doses may be needed to ensure individuals remain adequately protected."
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