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Retirement and healthcare costs: Social Security rises 3.6%, Medicare drug costs shift
What it means for youSocial Security checks rise 3.6% in January, about $75 a month on average. Medicare open enrollment runs through Dec. 7, and drug plan costs and premiums may change for 2027.
Around the worldIn the United Kingdom, the state pension rises each April by the highest of inflation, average earnings growth or 2.5%, a guarantee known as the triple lock (source: MoneyHelper, moneyhelper.org.uk).
Retirement and healthcare costs: Social Security rises 3.6%, Medicare drug costs shift
- Social Security announced a 3.6% cost-of-living raise for 2027, about $75 more a month for the average retired worker, starting in January.
- In 2027 the Medicare Part D yearly out-of-pocket drug cap rises from $2,100 to $2,400, and the deductible from $615 to $700.
- The White House says its one-time $90 rebate helps with Part B premiums. Critics say it leaves out millions, including Medicare Advantage enrollees.
- A temporary Part D premium subsidy ends, and open enrollment runs Oct. 15 to Dec. 7 for changes that start Jan. 1.
Source: PBS NewsHour