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  • Best Ways Save July 2017

    In addition, we will be urging lawmakers to adopt legislation that would result in more fair and accurate COLAs in the future. Several bills before Congress would accomplish this, including the CPI-E Act (H.R. 3351), the Guaranteed 3% COLA Act (H.R. 3588), the Social Security 2100 Act (S. 1904, H.R. 1391), and the Social Security Expansion Act (S. 731). TSCL believes each of these bills would go a long way in ensuring the retirement security seniors have earned and deserve. .The costs shown in the chart below assumed plan coverage started on September 1, 2017 for a new enrollee. The Medicare Drug Plan Finder cost estimates include premiums, and out-of-pocket cost sharing for 201Costs shown are estimates and the actual costs may vary somewhat depending on pharmacy used. The prices illustrated in the chart are likely to change for 2018. .Living on a Social Security budget can make gift-giving tough. Here are five thoughtful ideas for do-it-yourself gifts that will make the season merrier for all: … Continued

  • Category Legislative News Page 28

    Under current law, Social Security benefits are adjusted annually based on changes in the consumer price index for Urban Wage Earners and Clerical Workers (CPI-W). According to the Social Security Administration, the intent of the annual cost of living adjustment (COLA) is to help protect the buying power of benefits from increases in inflation. All beneficiaries receive the same percentage of increase, but the dollar amount varies based on the amount of benefits that one receives. In years in which inflation has gone down, there can be no COLA at all. .Under current law, the Medicare program is prohibited from negotiating prices with pharmaceutical companies despite the fact that other federal health programs are required to do so. As a result, older Americans enrolled in Part D often pay much higher prices than other American consumers for their prescription drugs. If adopted, this bill would lead to billions of dollars in savings for the Medicare program, and it would immediately reduce prescription drug prices for Medicare Part D beneficiaries. .Currently, when hold harmless is triggered on a nationwide scale there is no provision of law to finance the unpaid portion of Medicare Part B premium increases. Instead, the entire burden of Part B costs is spread over a much smaller number of individuals, which is the 30 percent of Medicare Part B enrollees who are not protected by the hold harmless provision. This has led to significant spikes in Medicare Part B premiums during the hold harmless years, and in 2018 when a COLA finally became payable, to steep jumps in premiums for those whose Medicare Part B premiums were held lower in 2016 and 2017. … Continued

Congressional support for a bi-partisan deficit reduction solution before the November 21st deadline is dwindling as each day passes. Republican co-chairman of the joint committee, Rep. Jen Hensarling (TX-5), expressed discontent with Democratic colleagues this week for rejecting the latest GOP offer. "I will give my Democratic colleagues credit for at least putting some reforms on the table, but frankly they do not solve the problem," Hensarling said. .[2] Growth of the Social Security "Earnings Suspense File", Mary Johnson, TSCL February 2013. .Your required minimum distribution (RMD) is the minimum amount that you must withdraw from retirement accounts each year. Failure to do so by your deadline can result in a penalty equal to 50% of the required amount not withdrawn. .In addition, we strongly recommend that you attend classes or workshops about Social Security. Check with your local senior center, community colleges and universities, libraries or area agencies on aging. If you have some retirement savings in an IRA or 401(k), many of the companies handling your retirement money offer some benefit counseling advice that can help you calculate how much longer you may need to work to reach a more optimal level of retirement savings. .Prohibits benefits for disability beneficiaries found guilty of fraudulently concealing work. .Congress should strengthen Social Security benefits by boosting benefits about 2 percent (about on average) and tie the annual cost-of-living adjustment (COLA) to the Consumer Price Index for the Elderly (CPI-E) which, in most years, would yield a modestly higher COLA. — 83 percent support, 12 percent not sure, and 5 percent opposed. .Seventy-eight percent of the prescriptions ordered by one Florida physician were for Schedule II drugs. For one beneficiary, this physician prescribed a 605-day supply of morphine, a 52day supply of oxycodone, a 460 - day supply of fentanyl, and a 34day supply of hydromophone. .Finally, one new cosponsor – Senator Richard Blumenthal (CT) – signed on to the Medicare Drug Price Negotiation Act (S. 99), bringing the cosponsor total up to eight. If adopted, this bill would require the Secretary of Health and Human Services to negotiate lower prescription drug prices on behalf of Medicare Part D beneficiaries. .Much of the debate over federal deficit reduction plans has been focused on overhauling Medicare and making changes to Social Security. But a major funding change is also under consideration for Medicaid, the federal and state program that covers medical care for lower-income individuals including seniors who also receive Medicare. As federal and state governments struggle to address Medicaid funding shortfalls, TSCL is concerned that Notch Babies, and the families who provide care for them, would be among those who would be hit the hardest by funding cuts.