CBS Money Watch is reporting that the Social Security Cost of Living Adjustment (COLA) to be announced tomorrow will be 3.5%. However, many Social Security recipients will not see this. Their Medicare premiums should have increased but they saw no decrease in their net benefits because of the "hold harmless" provision of the law. Now that there is a COLA, their Medicare Part B premiums will go up, maybe even eliminating any COLA for them.
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