Newtown Square, PA -- (SBWIRE) -- 04/14/2017 -- This year Social Security benefits increased, raising benefits from $1,355 to $1,360, in response to the cost of living going up. In addition, Medicare Part B premiums went up as well. These increases mean that Social Security recipients' checks were just sufficient enough to cover the expanses.

Although the net increase in Social Security checks was relatively negligible this year, the increase was still better than the lack of raises in 2010, 2011 and 2016.

Social Security payments are collected by more than 61 million people monthly, a number that rises each year. According to the Social Security Administration (SSA) 71 percent of unmarried people and 48 percent of married couples get at least 50 percent or more of their monthly income from Social Security.

Medicare Part B premiums have been increasing in tandem with health care costs, which most Americans feel are out of control. Part B premiums, which cover outpatient treatments and lab testing, used to cost $5.30 in 1970 and in 2017 the prices have risen to $121.80 and it is possible they may go up if the Affordable Care Act (ACA) is repealed and replaced.

Social Security is intertwined with Medicare in that all those on Social Security must have Medicare Part A that covers hospital visits. Part B, although voluntary, is taken by roughly 99 percent of those on Medicare. It has out-of-pocket deductibles and co-pays. Seniors, however, can choose to privately buy Medigap coverage that covers the co-pays and deductibles.

Interestingly, as Social Security and Medicare costs and benefits increased this year from $15,720 in 2015 to $16,920, a large part of that money goes to pay for health care coverage. For example, seniors spend a large part of their resources on medications; the costs of which have soared in the last three years.

While Congress is actively being lobbied to change to cost-of-living adjustment to more accurately reflect how much money seniors spend on health care, no one is certain what is going to happen in the face of a possible replacement of the ACA and how that may have an effect on Medicare and Social Security payments.

For the time being, the insurance market is highly competitive and with diligent research, discounts and reductions are possible. This is likely a good time to check into Medicare and Medicare supplements.