To say there is a lot going on in our country right now would be a gross understatement. And it seems the nearly 55 million seniors living in the United States are especially affected by all this chaos.
For instance, Medicare Advantage open enrollment just started and goes through December 7th. You can’t go online or watch TV without being bombarded with all the ads. 36-million seniors are enrolled in a Medicare Advantage plan.
According to the Kaiser Family Foundation, nearly two-thirds of those participants roll over the same plan each year. But this year five million seniors may have changes to their current plan or will be losing it all together. So, folks 65 and older have a lot of homework to do to make sure they have the medical coverage they need.
Then COLA, or the Cost-of-Living-Adjustment, for 2025 just came out. The slight increase of 2.5% indicates inflation is moderating; however, many seniors will tell you it won’t be enough to counter rising costs. In 2023, a record 40-year inflation allowed for an 8.7% increase. This year SS recipients got a 3.2% increase. Next year’s COLA bump translates to just about $50 more a month for seniors.
Which leads me to the November election. Hopefully, seniors, like all Americans, are doing their homework and deciding who they will elect to represent them for the next four years. Early voting in Florida varies by county but is mandatory statewide from October 26 through Nov. 2nd. Election day in Florida is Tuesday, Nov. 5, 2024.
There are a number of important issues at risk including medical coverage costs, the economy, and the future of Social Security. Both presidential candidates are talking about all these issues and have come up with different plans to protect the Social Security Trust Fund.
Who you vote for in Congress matters too because ultimately Congress needs to come up with a long-term solution to fund Social Security benefits. The annual Social Security and Medicare trustees report that came out in May indicates the program will be depleted by 2036 if changes are not made.
So, clearly there’s a lot going on. But seniors have an advantage facing all this turmoil. They have years of experience riding the wave of life’s ups and downs. They’re a resilient and hopeful generation and they often live by the mantra “This too shall pass.”
I’m sure seniors are not alone in hoping everything slows down real soon.
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