A group of lawmakers led by Senator Bob Casey (D-PA), Chairman of the Senate Special Committee on Aging, introduced the Boosting Benefits and COLAs for Seniors Act on March 21. The bill would help older adults contend with rising costs by changing the way that Social Security cost of living adjustments (COLAs) are calculated to increase benefits and more comprehensively reflect the costs incurred by older adults. This includes adjusting the current COLA formula, which is based on the annual consumer price index for wage earners, to a formula centered on older adult consumers with medical expenses and similar costs weighted more heavily than in the formula for wage earners.

Casey introduced the bill the same week as a Senate Aging Committee hearing on preserving and protecting Social Security. In addition to determining monthly household payments for millions of Americans each year, the Social Security COLA also generally determines the annual adjustment allotted by the Department of Housing and Urban Development for Service Coordination budgets in affordable senior housing.