News
-
Best Ways To Save December 2015
That represents a huge liability to the Social Security Trust Fund, should there be an amnesty. Every year the SSA processes millions of W2s. When a name or SSN on a W2 doesn't match the SSA's records, the wage report goes into an "Earnings Suspense File" (ESF) until the discrepancy can be reconciled. The ESF file today contains more than 312.7 million wage items representing 5 trillion in wages. Wages are what the Social Security Administration uses to determine entitlement to Social Security, rather than the amount of taxes paid. Immigration reform advocates say that although payroll taxes are withheld from the checks of illegal workers, they have little chance of collecting benefits. .The Board joined TSCL's legislative team, which includes former Congressman David Funderburk and Mrs. Betty Funderburk, on Tuesday for a day of meetings with key lawmakers and their aides. The following bills, among others, were discussed: the Consumer Price Index for Elderly Consumers CPI-E Act (H.R. 1030), the Notch Fairness Act (H.R. 155), the Social Security Fairness Act (H.R. 1795), and the Medicare Physician Payment Innovation Act (H.R. 574). .Just years before they were set to retire, these individuals learned that they would have significantly lower benefits than originally anticipated. The issue was created by the amendments to the Social Security Act that were signed into law in 1977, and it has compounded over time. … Continued
-
Category Issues Medicare Part B Page 3
To learn more and participate in surveys visit . .Prices like these are not only unaffordable for most Medicare recipients, these costs also place pressure on Medicare's finances, since Medicare pays 80% of Part D costs during the catastrophic phase of coverage. Although drug plans vary significantly, the 2019 "standard Part D benefit" has a 5 deductible and a 25% co-insurance up to an initial coverage limit of ,820 in total drug costs. That includes both what consumers and their drug plans pay. Once total costs exceed that amount, beneficiaries hit the Part D "doughnut hole" or coverage gap. Under that stage of coverage, beneficiaries pay 25% coinsurance on the discounted price of brand name drugs, and 37% co-insurance for generics until they have spent a total out-of-pocket of ,100. At that point beneficiaries enter the catastrophic phase of coverage, but are still on the hook for 5% of the cost of their prescriptions. .The TSCL survey found that, to improve Medicare's finances, seniors strongly support ramping up anti-fraud efforts, and better integration of care to reduce duplications of tests, services, and expensive imaging. What do you think? Take a poll. Visit TSCL's website at . … Continued
TSCL supports legislation that would raise the taxable maximum. "TSCL believes that cutting Social Security benefits can't be justified when moderate payroll tax adjustments can keep the system solvent for decades," says TSCL Executive Director Shannon Benton. "Requiring everyone to pay their full share would add years of solvency to the Social Security," Benton says. .For information about town hall meetings near you in the days ahead, call the local offices of your elected officials. For contact information, click HERE. .Congress is now back in session but they will not begin considering new legislation for a few days. They are in the process of organizing for a new session and, of course, they will be involved in the electoral college process of electing a new President starting, but perhaps not concluding, on Wednesday. .Despite all the tragedy and difficulty coming out of the pandemic emergency there is a little good news, in our opinion. The spread of the coronavirus has reignited the push in Congress to expand domestic manufacturing of drugs, and renewed concerns the U.S. relies too much on foreign medicine makers. As we have been seeing, the need for medications can be urgent during a pandemic and lawmakers on both sides of the aisle have raised alarms about possible shortages. .Notch Reform continues to be a major priority of seniors who turn 85 to 94 this year. After so many years of receiving lower Social Security benefits than other seniors having similar work and earnings histories, is it any wonder that the majority of "Notch Babies" believe Congress is waiting for the issue to quietly die away? .Eight Ways to Lower Your Prescription Costs .On Tuesday, the Trustees of the Social Security and Medicare programs released their annual reports on the current and projected financial status of the two programs. As expected, the Trustees found that both programs currently face manageable financial challenges. .But if your mom has lived with you some months already, you will need to determine if her former Medicare Advantage plan has already learned from CMS or the Postal Service of the move. If she moved over six months ago, then the plan should disenroll your mom 12 months after the move, but her Special Enrollment Period begins at the beginning of the sixth month and continues through the end of the eighth month after your move. .Currently, the IRS allows Americans with high health care costs to deduct certain out-of-pocket expenses from their taxes. This deduction makes a big difference for those battling high medical costs as a result of sickness or age-related complications.
