A newly introduced bill in the U.S. House aims to increase Social Security benefits for seniors by adjusting the formula used to determine the yearly cost-of-living-adjustment (COLA). Rep. Ruben Gallego’s Boosting Benefits and COLAs for Seniors Act proposes using the Consumer Price Index for Americans aged 62 or older (CPI-E) to calculate COLA, which considers medical expenses more heavily than the current CPI-W index. This change could potentially lead to higher benefits for seniors, as healthcare costs often disproportionately impact their expenses. The bill also mandates the Bureau of Labor Statistics to calculate and publish the CPI-E monthly.