Fair Square Medicare Wordmark

2024 Cost of Living Adjustment

Cover image
By Daniel Petkevich
Nov 13, 2023

SSA & COLA Impacts for 2024

Social Security is a vital source of income for millions of seniors, and the annual Cost of Living Adjustment (COLA) is a topic of great interest and importance. Each year, the Social Security Administration (SSA) evaluates the COLA to help seniors maintain their purchasing power in the face of inflation.

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

2023

In 2023, the COLA increased by 5.9%. This was the most significant adjustment in decades and welcome news for retirees as it helped offset the increasing costs of healthcare, housing, and daily essentials.

2024

In 2024, the COLA will increase by 3.2%. On average, Social Security retirement benefits will increase by over $50 per month starting in January.

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

Recommended Articles

Cover image
The Fair Square Bulletin: November 2023
Nov 15, 2023
Upset senior woman crying stock photo
Does Medicare Cover Nuedexta?
Nov 30, 2022
Senior woman fretting in front of her laptop stock photo
How Medicare Costs Can Pile Up
Oct 11, 2022
Sinusitis. stock illustration
Is Balloon Sinuplasty Covered by Medicare?
Dec 1, 2022
senior man holding up his medicare card stock photo
Everything About Your Medicare Card + Medicare Number
May 12, 2022
Unrecognizable doctor holding highlighted handrawn Kidneys in hands. Medical illustration, template, science mockup. stock photo
Does Medicare Cover Nexavar?
Nov 30, 2022
wart on the sole of a white man's foot stock photo
Does Medicare Cover Wart Removal?
Jan 17, 2023
scleral lenses
Does Medicare Cover Scleral Lenses?
Dec 5, 2022
Washington DC stock image
14 Best Ways for Seniors to Stay Active in Washington, D.C.
Mar 11, 2023
Leg bones and knees, 3d rendering. stock photo
Does Medicare Cover Fosamax?
Nov 30, 2022
Gloved hands with a scalpel begin a knee replacement surgery
Does Medicare Cover Iovera Treatment?
Jan 11, 2023
Cover image
Why You Should Keep Your Medigap Plan
Sep 21, 2023
Cover image
How Often Can I Change Medicare Plans?
May 5, 2023
alphabet_soup
How to Choose a Medigap Plan
Jan 10, 2023
senior man receiving dental care stock photo
Will Medicare Cover Dental Implants?
Jun 2, 2022
Doctor showing patient bone anatomy of skeleton of nose and nasal cavity on skull. Preparing for rhinoplasty surgery, correcting deviated nasal septum, localization of rhinitis, sinusitis in nose stock photo
Does Medicare cover Deviated Septum Surgery?
Nov 18, 2022
Cover image
Does Medicare cover Hyoscyamine?
Nov 30, 2022
pros and cons stock image
Are Medicare Advantage Plans Bad?
May 5, 2022

More of our articles

13 Best Ways for Seniors to Stay Active in Phoenix

15 Best Ways for Seniors to Stay Active in Denver

20 Questions to Ask Your Medicare Agent

2023 Medicare Annual Election Period (AEP)

2024 Medicare Price Changes

Can I Change My Primary Care Provider with an Advantage Plan?

Can I Use Medicare Part D at Any Pharmacy?

Can Medicare Advantage Plans be Used Out of State?

Can Medicare Advantage Plans Deny Coverage for Pre-Existing Conditions?

Do You Need Books on Medicare?

Does Medicare Cover Abortion Services?

Does Medicare Cover Bladder Sling Surgery?

Does Medicare Cover Boniva?

Does Medicare Cover Breast Implant Removal?

Does Medicare Cover Compounded Medications?

Does Medicare Cover Cosmetic Surgery?

Does Medicare Cover Diabetic Eye Exams?

Does Medicare Cover Disposable Underwear?

Does Medicare Cover Driving Evaluations?

Does Medicare Cover ESRD Treatments?

Does Medicare Cover Exercise Physiology?

Does Medicare Cover Hearing Aids?

Does Medicare Cover Hepatitis C Treatment?

Does Medicare Cover Home Heart Monitors?

Does Medicare Cover Incontinence Supplies?

Does Medicare Cover Jakafi?

Does Medicare Cover Kyphoplasty?

Does Medicare Cover Light Therapy for Psoriasis?

Does Medicare Cover Macular Degeneration?

Does Medicare Cover Oxybutynin?

Does Medicare Cover Physicals & Blood Work?

Does Medicare Cover Piqray?

Does Medicare Cover PTNS?

Does Medicare Cover Qutenza?

Does Medicare Cover Service Animals?

Does Medicare Cover SI Joint Fusion?

Does Medicare Cover TENS Units?

Does Medicare Cover the Urolift Procedure?

Does Medicare Cover the WATCHMAN Procedure?

Does Medicare Cover Tymlos?

Does Medicare Cover Xiafaxan?

Does Medicare Cover Zilretta?

Does Medicare Have Limitations on Hospital Stays?

Does Medicare Pay for Antivenom?

Does Medicare Pay for Varicose Vein Treatment?

Does Your Medicare Plan Cover B12 Shots?

Explaining IRMAA on Medicare

Explaining the Different Enrollment Periods for Medicare

Fair Square Client Newsletter: AEP Edition

Finding the Best Vision Plans for Seniors

How Do Medicare Agents Get Paid?

How Does Medicare Pay for Emergency Room Visits?

How Does the End of the COVID-19 Public Health Emergency Affect Your Medicare?

How is Medicare Changing in 2023?

How Much Does Medicare Cost?

How Much Does Medicare Part A Cost in 2023?

How Much Does Medicare Part B Cost in 2023?

How Much Does Xeljanz Cost with Medicare?

How to Deduct Medicare Expenses from Your Taxes

Is Botox Covered by Medicare?

Is Emsella Covered by Medicare?

Medicare Consulting Services

Medicare Supplement Plans for Low-Income Seniors

Plan G vs. Plan N

The Fair Square Bulletin: January 2024

The Fair Square Bulletin: September 2023

Top 10 Physical Therapy Clinics in San Diego

What Happens to Unused Medicare Set-Aside Funds?

What is a Medicare Beneficiary Ombudsman?

What Is the Medicare Birthday Rule in Nevada?

What to Do When Your Doctor Doesn't Take Medicare

What You Need to Know About Creditable Coverage

Your Medicare One-Stop-Shop

Your guide to Medicare Parts A & B, Medicare Advantage, and Medigap. 100% free.
Get the Fair Square Bulletin

Medicare savings tips, helpful guides, and more.

About

Medicare 101

Current Clients

Medicare Supplement Plans

Medicare Advantage Plans

Fair Square 2025

Terms of Use
Notice of Privacy Practices

Virgil Insurance Agency, LLC (DBA Fair Square Medicare) and www.fairsquaremedicare.com are privately owned and operated by Help Button Inc. Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. This is a solicitation of insurance. A licensed agent/producer may contact you. Medicare Supplement insurance is available to those age 65 and older enrolled in Medicare Parts A and B and, in some states, to those under age 65 eligible for Medicare due to disability or End-Stage Renal disease. Virgil Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, HMO SNP, PPO, PPO SNP and PFFS organizations and stand-alone PDP prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, or sex. Plan availability varies by region and state. For a complete list of available plans please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. © 2025 Help Button Inc

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

MULTIPLAN_FairSquareMedicare_01062022_M