News
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Legislative Update Week Ending November 10 2017
How To Grow Your Initial Retirement Benefit By 8% Per Year Until Age 70. If you have the choice, learn how delaying your retirement benefit can result in a higher benefit and pay a return today's CDs and most bonds can't touch. .If signed into law, H.R. 973 would repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) – two federal provisions that unfairly reduce or eliminate the earned Social Security benefits of millions of teachers, firefighters, peace officers, and other state or local government employees each year. .On Thursday – one day later than promised – lawmakers on the House Ways and Means Committee released the text of legislation that will comprehensively reform the tax code if signed into law. Despite the delay, leaders in the House expressed their commitment to passing the legislation before the Thanksgiving recess begins on November 17th. Just eight legislative days remain before then. … Continued
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Issues Prescription Drug Policies Track Bills
The Beneficiary Enrollment Notification and Eligibility Simplification (BENES) Act (H.R. 2575) also gained one new cosponsor this week, bringing its total up to seven in the House. If signed into law, the bill from Congressman Raul Ruiz (CA-36) would simplify the Medicare enrollment process and ensure that those nearing eligibility are adequately informed about the program's benefits. Its new cosponsor is Congressman Gus Bilirakis (FL-12). .The Senior Citizens League is proud to endorse these three bipartisan bills and, in the months ahead, we will urge lawmakers to sign them into law. For frequent progress updates on these bills and the work of the Senate Finance and House Oversight Committees, follow TSCL on Twitter or visit the Legislative News section of our website. Additionally, you can share your story about rising prescription drug prices with our team right here. .Debt among older Americans is rising and affecting a growing number of retirees. According to the Survey of Consumer Finances, the percentage of households with debt headed by an adult age 65 and older increased from 41.5% in 1992, to 60% in 201Medical debt poses the biggest challenge over the course of a retirement. … Continued
The federal government could, for example, invoke a never-before-used power called "march-in rights," through which it can override a patent holder's rights if it doesn't make its medicines "available to the public on reasonable terms." (Unfortunately, in already-signed agreements with BARDA, some drug makers have explicitly watered down or eliminated that proviso.) .Early data show that the vaccines may help keep people from spreading COVID-19, but we are learning more as more people get vaccinated. .A recent TSCL poll indicates that retirees are split between housing and healthcare costs as the hardest to cover. Forty percent of respondents said that housing, heat and utilities were hardest. Another 40% said healthcare and medications were hardest. Sixteen percent said nourishing food. Four percent said transportation was their most difficult cost. .In 1977 Congress enacted changes to the Social Security benefit formula that affected seniors just two years from first entitlement to Social Security. A transitional formula supplied by Congress to phase in the changes, failed to prevent abrupt cuts and big disparities – as much as 1.80 per month in the well – publicized case of two sisters who worked for the same company. .Specialists are already warning that under the new "quality initiatives" some patients may have difficulty finding services under the new system as doctors join larger practices or stop accepting patients. As doctors reorganize and move into new HMO - like Accountable Care Organizations, all sorts of new questions are coming up. Does this payment system create an incentive to send unprofitably sick patients with complicated conditions elsewhere for care? How will the government measure quality, and what evidence will the Administration use to determine successful doctor performance? .Prevention of Fraud, Waste, and Abuse – Ensure that scarce Medicare and Social Security dollars are spent properly. ., Editor .TSCL thanks those who donated, and remembers those who fought in World War II. Read one such remembrance, "My Friend Paris" contributed by TSCL member, John Seavers. .Understand how sales commissions affect your payout. Sales commissions come out of your investment. The higher the commission the less monthly income for you. Make sure the amount of monthly income quoted is net of sales charges.
