2024 Social Security Cola Increase Update Today. Each year, the medicare part b premium, deductible, and coinsurance rates are determined according to provisions of the social security act. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.

As for what this means in more relatable terms, in that this year’s average. The cola increase raises social security payments by 3.2%.