2
Social Security checks may get smaller
Blank Social Security checks are run through a printer at the U.S. Treasury printing facility in Philadelphia, Penn.
To view this content, Javascript must be enabled and Adobe Flash Player must be installed.
TEXT OF INTERVIEW
Bill Radke: The trustees who oversee Social Security say millions of seniors could see their payments shrink next year. Marketplace's Steve Henn joins us live. Good morning Steve.
Steve Henn: Morning Bill.
Radke: Why would Social Security checks get smaller?
Henn: Well for the first time in a generation, there hasn't been any inflation. Increases in Social Security payments are usually pegged to the inflation rate. But last year prices actually fell a bit. So, that means there's no automatic increase in the pipeline.
Radke: So are any seniors actually getting less money?
Henn: Well, the Social Security law doesn't allow for an outright cut in benefits. But for millions of seniors -- 32 million seniors who participate in Medicare's prescription drug program -- they're going to see their prescription drug costs, and their premiums for drugs go up a bit. So even though their Social Security check isn't shrinking, their payments for drug coverage will rise, and they'll end up with a few dollars less in cash each month.
Radke: OK, a few dollars. So not a huge hit?
Henn: You know it's not a huge hit. Premiums will rise on average about $2 a month, and that's not a huge disaster. But when you think about the fact that the average Social Security check is just over $1,100 a month -- that's not a lot of money to live on. And you know even this little reduction will make it harder for some seniors to make ends meet.
Radke: Marketplace's Steve Henn. Thank you for that.
Henn: Sure thing.
NO its not just a few dollars. As of now the state pays my premiums because I fall in the poverty level by 1.00 so if theres an increase I will be over that level and willhave to pay the premiums which will be 115.00 for medicare and 38.00 for scripts.. How is that a small amount..Democrats give billions to rich for cars and swine smell studies and much more but cheat the ones that made this country great in the 1st place.. Most retired are from the post ww2 era and suffered great during that time and now even more uder this horrible administration.
