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  • Q A Help Filling The Donut Hole Feed

    Failure to balance between price and services. Assisted living and continuing care communities can be very expensive and more people are living longer in these facilities. It's important to make finances last while maintaining access to the best care. When exploring options, don't be afraid to look into facilities in areas that have lower costs of living, even if you won't be able to visit with your family every single day. What you give up in fancy features, you may trade off with more affordable rents, and service fees, more personal attention, while still getting high standards of care. .At the hearing, the witnesses explained the intricacies of the prescription drug price-setting process and the drivers of rising costs. Doctor Anderson told the committee members, "Drug pricing is extremely complex … When a company has a monopoly, it sets the price that maximizes its profit and that's not the price that allows all people to get access to the drug." Doctor Howard urged Congress to "create incentives that reward providers who use medicines and technology to deliver care as efficiently as possible, while also empowering patients with the information they need to identify high-quality providers." .The AWI, however, is susceptible to causing permanent benefit reductions when it turns negative, which can happen in years of deep economic recession and extraordinarily high unemployment, as was the case in 2020. Last year, concerns were high that the reductions could be as high as 9.1%, according to an estimate by Social Security's Chief Actuary Stephen Goss. But since then the economy and wages have steadily recovered and the dip in the AWI, if any, is not expected to be so deep. … Continued

  • Congressional Corner We Must Protect Health Care Access For Seniors

    One rule, known as "most favored nation," would require Medicare to tie the prices it pays for drugs to those paid by other wealthy countries. The other rule would limit rebates paid to middle men (called "pharmacy benefit managers" or "PBMs") by drug makers in Medicare. .Sen. Tom Harkin (IA) introduced S. 567 on March 14, 201It has since been referred to the Committee on Finance. .Since 1980, the BLS has manipulated the CPI several times so that it no longer measures price inflation. Rather, it measures an ever-changing "market basket" of goods that is adjusted as prices drop and increase. It assumes that shoppers will purchase chicken when steak becomes too expensive, or apples instead of oranges when their prices drop. This has resulted in a more slowly growing COLA for Social Security beneficiaries. Instead of allowing seniors to keep up with rising costs, today's COLA requires them to constantly adjust to lower standards of living. … Continued

This week, TSCL delivered letters to several leaders in Congress – including Senate Majority Leader Mitch McConnell (KY), House Speaker Paul Ryan (WI-1), and House Freedom Caucus Chairman Mark Meadows (NC-11) – urging immediate action on the looming debt ceiling crisis. .Last year was a busy and successful one for The Senior Citizens League (TSCL). Three major legislative efforts that had our support were effectively tackled by lawmakers in Congress and signed into law by President Obama. .Third, one new cosponsor – Senator Kamala Harris (CA) – signed on to the Affordable and Safe Prescription Drug Importation Act (S. 469) this week, bringing the total up to twenty-two. If adopted, S. 469 would reduce prescription drug prices by allowing individuals, pharmacies, and wholesale distributors to safely import prescription drugs from abroad, where they are often much cheaper. .House Speaker Nancy Pelosi announced earlier this month that the House will soon take up surprise billing legislation. TSCL waits with anticipation on legislation to end surprise billing practices as it is something we support and want to see stopped at the hospital doors. .Before doing anything else make sure you have a realistic budget, and think long term. You want your income and savings to be adequate as long as possible, 30 years or even longer is not unrealistic for someone your age. In developing a budget, look back over at least three years to include large expenditures for periodic home maintenance and repairs, transportation, medical costs and other large costs. Include what you pay in taxes. Once you get an expense figure, allow for at least 3% per year for inflation. Then tally up your income and assets, including the value and expected income from retirement accounts and pensions, if any. .Over the past five years, the Social Security cost-of-living adjustment (COLA) has reached an all-time low, averaging just 1.5 percent. Seniors, however, have reported that their living expenses are higher than ever. In fact, The Senior Citizens League (TSCL) has found that seniors have lost almost one-third of their purchasing power since 2000, and their expenses have increased more than twice as fast as the annual COLA. Today, it is more clear than ever that the Social Security COLA is failing to help seniors keep up. .In 2013 the Social Security Office of the Actuary released an actuarial note regarding providing information of the effects of unauthorized immigration on the status of the Social Security Trust Funds. The Office of the Actuary stated that it has difficulty "in determining what portion of taxes paid to and benefits received from the Social Security Trust Fund are derived from the earnings of immigrants working without authorization." The obtuse note was frustrating to dissect as there was no discussion on the reasoning behind assumptions and there was no attempt to estimate the long-term cost in Social Security benefits of unauthorized work. Here are some eye-opening points that the Office of the Actuary did provide: .It is not clear what implications, if any, the findings might have for the two other major vaccines being used in the U.S., Pfizer's and Moderna's. .Obamacare is not the first government program in which major implementation glitches had disastrous consequences for large numbers of beneficiaries. In 1977 changes that Congress made to the Social Security benefit formula created a major inequity in benefits that cost retirees tens of thousands of dollars in Social Security benefits over their lifetimes. The seniors affected are among the oldest and most vulnerable today. Born during 1917 through 1926, and known as "Notch Babies," they received substantially lower benefits than other seniors close to them in age with almost identical work and earnings records. The name refers to the plunging "V" notch when benefits of Notch Babies are charted on a graph.