Few consumers need to be reminded that costs on everyday items are rising: They see it at the checkout. But whether it’s medical care, prescription drugs or food, senior citizens’ wallets are being hit particularly hard, and at a time when Social Security isn’t rising. Recipients got no raise for this year.
The nonpartisan Senior Citizens League analyzed typical household expenses from January 2015 to January of this year to find the biggest cost increases for retirees. Conspicuously absent from the list is fuel oil prices, which fell nearly 29%. But read on for the 10 worst budget-busters.
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1. Medicare Part B* (doctor coverage)
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16% increase from 2015 to 2016
*If billed directly. Sources: The Senior Citizens League, Medicare