Some recipients, however, are concerned that this COLA is not enough to counteract the rise in consumer prices. Inflation, which reached a high of 9.1 in June, has continued to grow, surpassing 2022’s COLA of 5.9%. In the same vein, some argue that the CPI-W does not put as much weight on medical costs as it does fuel. The former expenses tend to be higher for older Americans. Thankfully, the $35 monthly cap on insulin prices and the 3% drop in Medicare premiums announced for 2023 should somewhat relieve these pressures. 

The acting commissioner of the Social Security Administration said of these changes: “ This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.”