Seniors Security Act of 2016
This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) to require the computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers (CPI-E).
The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the CPI-E for each calendar month.
The CPI-E shall also be used for cost-of-living adjustments for federal civilian employee annuities and for the retired and retainer pay of members of the armed forces.
SSAct title XVIII (Medicare) is amended to prohibit any increases in Medicare part B premiums for calendar years beginning with 2017 to the extent they would exceed 30% of the difference between the amount of benefits payable to an individual for that December and the amount of benefits payable for that November (both amounts determined before the deduction of a premium). This change shall allow premium increases of up to 30% of that difference.