SOCIAL SECURITY BENEFITS INCREASE

 I am pleased to note that the Social Security Cost of Living Adjustment announced on October 13th is 8.7% percent and will automatically increase benefits first received in January. This applies to SSI payments as well, for an average retired worker beneficiary in January. The increase in their benefit will be $140 dollars a month. This year’s 8.7% increase is the largest since 1981. The 8.7 percent cost of living adjustment will begin with payments to more than 65 million SSI beneficiaries in January 2023, which will give seniors more peace of mind.

Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. Medicare premiums are going down and Social Security benefits are going up in 2023, which will make life for seniors more desirable and less stressful. As a Member of the Ways and Means Committee and as one who works closely with the Social Security Sub-Committee, I could not be prouder of these adjustments and commend the Biden Administration on behalf of seniors and people with disabilities.

Cheaper Hearing Aids Now in Stores

According to the Biden Administration, today, under a final rule issued by the FDA, adults with mild-to-moderate hearing loss can buy hearing aids at a store or online without a prescription, exam, or audiologist fitting. The FDA estimates this could lower average costs by as much as $3,000 per pair—providing significant breathing room for the nearly 30 million Americans with hearing loss, including nearly 10 million adults under age 60. The full White House fact sheet about this announcement, which you can read here, is below. Starting today, hearing aids are now on store shelves across the country—for thousands of dollars less than they previously cost. Retailers across the country are now selling over-the-counter hearing aids. Options available today or coming soon include Walgreens, Walmart, CVS, Best Buy, and Hy-Vee. ###