There's no other way to read this:
Q: Some are concerned that Social Security will be targeted in the next round of budget talks. There are concerns that a change to the so-called chained CPI will erode benefits.
A: Well, I think we have to be very careful as we take a look at the Social Security and Medicare programs. If we change the consumer price index, we could not do so without increasing the minimum benefit for Social Security.
Collins doesn't reject switching Social Security to a chained CPI model, which would slash benefits. She's just saying that the switch should be coupled with an increase to the minimum amount given out by the program.
That might help make up some of the difference for some of the three Maine seniors out of every five who count on Social Security for more than half their income.
But in a state where one in five residents receives Social Security and where the median elderly househould relies on Social Security for 74% (!) of its income, Collins's minor caveat shouldn't provide much solace.