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New legislation announced for Social Security for seniors

todayMarch 20, 2024

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ROCHESTER, N.Y. (WROC) — Senator Kirsten Gillibrand held a press conference to announce legislation to expand Social Security benefits for seniors on Wednesday.

The Boosting Benefits and COLAs for Seniors Act seeks to address the issue of rising inflation and the rising costs of healthcare using a cost-of-living adjustment calculation. The Senator’s offices said using this calculation will result in higher benefits that will better reflect older adults’ true cost of living. 

Senator Gillibrand said, “Social Security is a lifeline for older adults. For many, it’s their main source of income.” Gillibrand continued, “But benefits aren’t keeping pace with rising costs, leaving many older Americans struggling to afford the basics – particularly health care. The Boosting Benefits and COLAs for Seniors Act would factor the high cost of health care into Social Security benefit calculations and help make sure recipients aren’t forced to choose between paying for their medication and buying other necessities.

Social Security COLA is currently calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers whereas the Boosting Benefits and COLAs for Seniors Act would calculate COLAs using a modified consumer price index created for the elderly. This newer version would weigh the cost of healthcare higher than the previous method with inflation included.

​ ROCHESTER, N.Y. (WROC) — Senator Kirsten Gillibrand held a press conference to announce legislation to expand Social Security benefits for seniors on Wednesday.

The Boosting Benefits and COLAs for Seniors Act seeks to address the issue of rising inflation and the rising costs of healthcare using a cost-of-living adjustment calculation. The Senator’s offices said using this calculation will result in higher benefits that will better reflect older adults’ true cost of living. 

Senator Gillibrand said, “Social Security is a lifeline for older adults. For many, it’s their main source of income.” Gillibrand continued, “But benefits aren’t keeping pace with rising costs, leaving many older Americans struggling to afford the basics – particularly health care. The Boosting Benefits and COLAs for Seniors Act would factor the high cost of health care into Social Security benefit calculations and help make sure recipients aren’t forced to choose between paying for their medication and buying other necessities.

Social Security COLA is currently calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers whereas the Boosting Benefits and COLAs for Seniors Act would calculate COLAs using a modified consumer price index created for the elderly. This newer version would weigh the cost of healthcare higher than the previous method with inflation included. Read More Local NewsRochesterFirst  

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