AUGUSTA, Maine - The cost-of-living increase in benefits for Social Security recipients will go up just three-tenths of one percent come January - or about $5 a month.
Maine Sen. Susan Collins says that is not enough, particularly for those who will see an increase in their Medicare premiums.
“We are not sure exactly how much they are going to be, but the initial projections are for double-digit increases," Collins says, "and that greatly concerns me.”
Collins says most of those receiving Social Security are protected from increases in premiums, but about 30 percent could see a significant hike that would more than wipe out the very small increase in benefits.
Collins says Congress should act in the lame duck session after the elections to fix that problem, and should eventually consider changing the way the cost-of-living increase is computed to more accurately reflect the costs that seniors face.
