Rural residents who are retired will have some inflation relief next year thanks to the Social Security Cost of Living Adjustment. Social security checks will see a 3.2 percent increase in January of next year. AARP Oklahoma State Director Sean Voskuhl says that’s welcome news for seniors who are paying more for everything from gas to prescription medicines.
“Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks, on average of $59 a month, to help them keep up with rising prices. Older Americans are still feeling the sting when they buy groceries and gas, making every dollar important. They should know, too, that there are several other options available to help them keep up with rising prices.”
With Medicare enrollment now open through December 7, Voskuhl says it’s important to know how to save money on your premium.
“The best place for more information is your State Health Insurance Assistance Program. It can give you personalized help choosing a Medicare plan for free. Check out the Medicare Savings Program and Extra Help which could save you money with premiums, deductibles and co-pays. These programs can save seniors more than $2,000, and $5,100 per year, respectively.”
However, Voskuhl says older adults leave billions of dollars in government aid on the table each year and don’t even realize it.
“That money could go to cover utilities, rent, health care, prescription drugs and groceries at a time when inflation remains stubbornly high. Look for programs such as the Low Income Home Energy Assistance Program. With this program, recipients get a one-time payment to help defray winter heating costs. The payment can be as high as $1,400, although the average payment is $500. AARP offers information available on this and many more at AARP.org.”