People depending upon Social Security and Medicare may be worried when they hear that there are upcoming financial changes to both. On the other hand, Social Security expert with AMAC Rusty Gloor says it's not a big deal. There's a small increase in their social security check and an even smaller increase in their Medicare premium. "Next year the premium is going to be $148.50. That's up from the 2020 premium which is $144.60." Do the math - that's an addition of $3.90. Gloor says their deductible will go up a few bucks, but their Medicare benefits won't change.
Gloor assures that the average social security check is going up $20 . "If someone is going to get a $20 increase because of the Cost of Living Adjustment, and the Medicare premium is going up $3.90 - instead of an extra $20, they are going to get an extra $20 minus $3.90."