“Social Security COLA Estimated at 2.7% for 2024 as Inflation Cools,” by John Manganaro, ThinkAdvisor
“The estimate reflects a 0.1% rise in prices in May and a 4% increase over the prior 12 months, according to The Senior Citizens League. Social Security benefits have lost significant purchasing power since 2000, according to the advocacy group. The actual 2024 COLA will be based on third-quarter inflation data and will be announced in October.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
Social Security beneficiaries slip further behind the inflation curve. That hurts them, but also reduces LTC providers’ revenue. Medicaid recipients must contribute most of their income, which is largely SS benefits, to offset the cost of their care. As home health agencies and nursing homes suffer from staff shortages and rising inflation, this loss of income is one more obstacle to their providing quality care.
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