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At least five million people aged 65 and over remain in poverty, since costs are rising significantly faster than the annual Social Security Cost of Living Adjustment (COLA).
Between 2001 and 2008, Medicare Part B premiums will have soared by more than 93 percent while the COLA will have crept up just 19 percent, leaving many seniors on their own to cover all other rising costs. Part B premiums cover doctors’ visits, tests, and outpatient hospital care.
Although the COLA is intended to help seniors keep up with inflation, a recent study by The Senior Citizens League (TSCL) that analyzed eight key expenditures found that people 65 and over have lost 40 percent of their buying power since 2000. Expenses such as home heating oil and gasoline have more than doubled since the beginning of the decade, while food staples such as potatoes and butter have increased by 47 and 39 percent, respectively.
A majority of the 48 million Americans aged 65 and over who receive a Social Security check depend on it for at least 50 percent of their total income, and one in three beneficiaries relies on it for 90 percent or more of their total income.
Source: www.HealthNewsDigest.com
Tags: aging parents Portland, senior citizens, Senior Planning
