2024 Cola Increase For Social Security And Medicare. No matter what 2024's social security cola ends up being, seniors should be aware that a hike in medicare part b premiums has the potential to whittle that raise. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.

Different agencies use different inflation factors, but social security used 3.2 for increasing the numbers for 2024. Here’s what happened after cms officials considered the social security cola announcement and set the 2024 premiums, deductibles and other parameters for.