Today, the U.S. Social Security Administration Announced a COLA of an Additional 8.7 Percent for Seniors in Virginia & Across the Country
Congresswoman: “In Tandem with Giving Medicare the Power to Negotiate Drug Prices, this Announcement Will Provide Extra Relief to Virginia’s Seniors”
WASHINGTON, D.C. — U.S. Representative Spanberger today released the following statement after the U.S. Social Security Administration announced a 2023 cost-of-living adjustment (COLA) of 8.7 percent.
“This increase in benefits — coupled with the recently announced decrease in the Medicare Part B premium — responds to the financial concerns I hear from Virginia seniors and their families. And in tandem with giving Medicare the power to negotiate drug prices, this adjustment should provide extra relief,” said Spanberger. “Higher costs are creating uncertainty for the budgets of many Virginians, and straightforward actions like today’s announcement will make sure our seniors can not only afford to keep a roof over their head and food on the table — but also keep more money in their pockets and maintain peace of mind during their golden years. We must do more to help address inflation, lower costs for seniors and families, and make sure Virginians can have a stronger future here in the Commonwealth. That’s why I continue to look for new and effective ways to lower costs at the grocery store, the gas pump, and the pharmacy counter for every Virginian.”
Today’s COLA is based on the current rate of inflation — and this increase in benefits will impact roughly 1,250,000 Virginia seniors who are on Social Security.
Spanberger has been working to lower costs and increase support for Virginia seniors in the face of inflation and global supply chain challenges. In August 2022, Spanberger voted to pass legislation — now law — to lower prescription drug costs, give Medicare the power to negotiate for lower drug prices, and cap insulin copays for Virginia seniors at $35 per month. Rapidly increasing drug costs have contributed to Medicare’s premium increases — meaning that upcoming Medicare negotiation will keep premiums down and allow Virginia seniors to keep more of this COLA for day-to-day expenses.