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
Does Medicare cover Hyoscyamine?
Nov 30, 2022
A person with a shopping cart already containing medicaid and medicare sees Medigap options on a table. In a thought bubble, they ask "Should I get Medigap too?"
Do You Need Medigap if You're Eligible for Both Medicare and Medicaid?
Jan 7, 2023
Leg bones and knees, 3d rendering. stock photo
Does Medicare Cover Tymlos?
Dec 5, 2022
Cover image
2024 "Donut Hole" Updates
Aug 3, 2023
Cover image
How Often Can I Change Medicare Plans?
May 5, 2023
Happy senior man and dentist assistant talking during appointment at dental clinic. stock photo
Finding the Best Dental Plans for Seniors
Jan 4, 2023
Doctor talking to patients are explaining the treatment of a patient's illness stock photo
How Much Does Rexulti Cost with Medicare?
Jan 24, 2023
Abortion stock image
Does Medicare Cover Abortion Services?
Dec 13, 2022
Cover image
The Fair Square Bulletin: July 2023
Jul 17, 2023
older man suffering from stomach pain due to IBS stock photo
Does Medicare Cover Xiafaxan?
Jan 19, 2023
Cover image
How Much Does a Medicare Coach Cost?
Mar 20, 2023
Nasal spray stock image
Can Medicare Help with the Cost of Tyrvaya?
Jan 12, 2023
HIFU treatment stock image
Is HIFU Covered by Medicare?
Nov 21, 2022
Saving money against a stopwatch stock image
What is the 8-Minute Rule on Medicare?
Dec 21, 2022
Cover image
2024 Medicare Price Changes
Oct 30, 2023
Acute psoriasis on elbows is an autoimmune incurable dermatological skin disease stock photo
Does Medicare Cover Light Therapy for Psoriasis?
Jan 17, 2023
Electrocardiograph with pacemaker stock photo
How Much Does a Pacemaker Cost with Medicare?
Nov 21, 2022
Model of the lungs with the diseased part stock photo
Does Medicare Cover Ofev?
Dec 2, 2022

More of our articles

13 Best Ways for Seniors to Stay Active in Indianapolis

14 Best Ways for Seniors to Stay Active in Seattle

15 Best Ways for Seniors to Stay Active in Denver

20 Questions to Ask Your Medicare Agent

Building the Future of Senior Healthcare

Can Doctors Choose Not to Accept Medicare?

Can I Choose Marketplace Coverage Instead of Medicare?

Can Medicare Advantage Plans be Used Out of State?

Do Medicare Supplement Plans Cover Dental and Vision?

Does Medicare Cover Air Purifiers?

Does Medicare Cover an FMT?

Does Medicare Cover Cala Trio?

Does Medicare Cover Cartiva Implants?

Does Medicare Cover Cold Laser Therapy (CLT)?

Does Medicare Cover Compounded Medications?

Does Medicare Cover Cosmetic Surgery?

Does Medicare Cover Hearing Aids?

Does Medicare Cover Incontinence Supplies?

Does Medicare Cover Iovera Treatment?

Does Medicare Cover Jakafi?

Does Medicare Cover Ketamine Infusion for Depression?

Does Medicare Cover Kidney Stone Removal?

Does Medicare Cover Macular Degeneration?

Does Medicare Cover Medical Marijuana?

Does Medicare Cover Mental Health?

Does Medicare Cover Nexavar?

Does Medicare Cover Orthodontic Care?

Does Medicare Cover Physicals & Blood Work?

Does Medicare Cover Piqray?

Does Medicare Cover PTNS?

Does Medicare Cover RSV Vaccines?

Does Medicare Cover Service Animals?

Does Medicare Cover SI Joint Fusion?

Does Medicare Cover SIBO Testing?

Does Medicare Cover Urodynamic Testing?

Does Medicare Pay for Allergy Shots?

Does Medicare Pay for Funeral Expenses?

Does Medicare Pay for Varicose Vein Treatment?

Does Medicare Require a Referral for Audiology Exams?

Fair Square Bulletin: We're Revolutionizing Medicare

Fair Square Client Newsletter: AEP Edition

How Are Medicare Star Ratings Determined?

How Do I Sign up for Medicare? A Simple How-To Guide For You

How Does Medicare Pay for Emergency Room Visits?

How Medicare Costs Can Pile Up

How Much Does Medicare Part A Cost in 2023?

Is Botox Covered by Medicare?

Is Displacement Affecting Your Medicare Coverage?

Is Gainswave Covered by Medicare?

Is Vitrectomy Surgery Covered by Medicare?

Medicare 101

Medicare Consulting Services

Medicare Explained

Medicare Savings Programs in Kansas

Medigap vs. Medicare Advantage

Seeing the Value in Fair Square

Should You Work With A Remote Medicare Agent?

The Fair Square Bulletin: August 2023

The Fair Square Bulletin: January 2024

The Fair Square Bulletin: October 2023

Top 10 Physical Therapy Clinics in San Diego

What Does Medicare Cover for Stroke Patients?

What Happens to Unused Medicare Set-Aside Funds?

What If I Don't Like My Plan?

What Is a Medicare Advantage POS Plan?

What is a Medicare Beneficiary Ombudsman?

What Is a Medicare Supplement SELECT Plan?

What You Need to Know About Creditable Coverage

When Can You Change Medicare Supplement Plans?

When to Choose Medicare Advantage over Medicare Supplement

Why Is Medicare So Confusing?

Why You Should Keep Your Medigap Plan

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