News
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Why Seniors Need An Emergency Cola Help Us Pass Emergency Cola Legislation
By Representative Alan Nunnelee (MS-1) .Key Bill Gains Support .Their bill would address the administrative funding challenges that the Social Security Administration has been facing for several years. Since 2010, the Social Security Administration's budget has declined by 9 percent, resulting in a loss of 10,000 employees and the closure of more than 10 percent of all field offices nationwide. At the same time, the number of Social Security beneficiaries has increased dramatically by 15 percent since 2010. … Continued
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Best Ways To Save February 2021
In the latest issue of Best Ways to Save, retirees, and those nearing retirement learn: .When Medicare Part B premiums spiked in 2015, Congress was not focused on the adequacy of the COLA. Instead, it was focused on the Medicare Part B funding lost when beneficiaries were protected from paying increased premiums. While the subsequent Medicare Part B premium increase for 2016 was reduced, it was still a very substantial increase of 16%, and all beneficiaries were required to repay the costs in higher Part B premiums in following years. Beneficiaries saw no growth in their net Social Security benefits in 2016, again in 2017 when the COLA was just 0.03% and, about half of all beneficiaries were once again affected in 2018 when a 2% COLA became payable. .Find out the full cost of your new drug and whether your drug plan covers it, every year. Case in point: Using the Medicare Drug Plan finder I learned that my client's new brand name prescription cost more than a month for a 30-day supply, and her drug plan did not cover it. Because she was lucky enough to be in the middle of the fall Part D Open Enrollment period, however, my client was able to save ,080 in uncovered out-of-pocket drug costs in 2011 by switching drug plans. She was able to enroll in a plan that provided better coverage and reduced her drug cost to a co-pay. Once you determine that a new prescription is your best option, check your drug plan coverage and what you will pay for it — and do this every year. If the drug is expensive, and if your drug plan doesn't cover it, or drops coverage, you may want to go back to your doctor to see whether there is a less costly prescription that you can try. You can check the coverage and full cost of the drug using the Medicare drug plan finder at www.medicare.gov. … Continued
In addition, one new cosponsor – Rep. Jared Nadler (NY-10) – signed on to the Social Security Fairness Act (H.R. 973) this week, bringing the total up to 15The bill, if signed into law, would repeal two Social Security provisions – the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) – that unfairly reduce or eliminate the earned Social Security benefits of millions of retired teachers, firefighters, police officers, and other state or local government employees each year. TSCL believes the two provisions must be repealed as soon as possible so that public servants receive the retirement security they have earned and deserve. .Should seniors with Medigap supplements that provide "first dollar coverage" be required to pay more up-front? Should Medicare continue to pay for services based on medical necessity, or should the government change to a system "based on evidence of the value of services?" Congress may be debating these questions this month when the Medicare Payment Advisory Commission (MedPAC) issues its June report to Congress. The idea is to make Medicare beneficiaries "think twice" before scheduling doctor, outpatient services, or hospital stays in order to reduce government spending on Medicare. .During the years in which inflation as measured by the CPI-W has been the highest, the difference between it and the chained CPI has been greatest. In 2008, for example, when the CPI-W paid a COLA of 5.8% the following year, the chained CPI would have only paid 5.2%, a difference of 0.6 of a percentage point. "And if the government were to use the initial chained CPI data to calculate COLAs for 2012, seniors would get just 2.7% instead of 3.6%, a difference of 0.9 of a percentage point," Hyland says. .The Pharmaceutical Care Management Association, which represents pharmacy benefit managers that run the Medicare prescription drug plans targeted by the rebate rule, said at the time that it was exploring litigation. .In normal political times neither party would allow Medicare to be cut. But because of our current highly partisan times, it would require ten Republicans to join with Democrats to stop the cuts to Medicare with new legislation if reconciliation were used. .When it comes to generic drugs, a "substantial portion" of U.S. imports come either directly from China or third countries such as India, which use active ingredients sourced from China. .To learn more and to participate in TSCL surveys and polls, visit . .In addition, Many Members of Congress have gone on the record saying that they would prefer to pass a short-term spending measure that would provide funding only through March of next year. That way, Republican majorities in both chambers would have more leverage when the issue is revisited. In an interview last week, Rep. Tim Huelskamp (KS-1) stated: "It doesn't make any sense to me to say, ‘Let's negotiate before we have a better position.'" Many lawmakers in the House and Senate seem to feel the same way. .The Senior Citizens League enthusiastically supports H.R. 1205, H.R. 6251, H.R. 4957, and H.R. 2212, and we were pleased to see support grow for them this week. For more information about these and other TSCL-backed bills, visit the Bill Tracking section of our website.
