News
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Three Ways Obamacare Repeal Affect Medicare
Lawmakers compromised on the policy parameters of a long-term solution more than a year ago, but since then, they have been unable to come up with an offset to cover the cost of the 4 billion package. This week, Rep. Tom Price (GA-6), Chairman of the House Budget Committee, said, "We spend .6 trillion a year in this town – to come up with a pay-for ought to be relatively easy. There are things we have used before. There are areas in federal pensions … and rescission money that's available out there. We ought to be able to find some resources to pay for this patch." .The main bill in the Senate regarding prescription drug prices is one that is authored by Senators Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.). After Trump issued his executive orders, Sen. Grassley said he plans to use the time until the executive orders go into effect to build support for his own prescription drug package which, as we said above, has stalled in the Senate. .(Photo: iStockphoto) … Continued
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Are These Annual Rx Prices Higher Than Your Entire Retirement Savings
Most of the overpayments – nearly 40 percent – went to those who began working or had a positive change in income. Another 24 percent of the overpayments went to those who had a medical improvement and no longer qualified. Around 7.5 percent of the overpayments went to those who became imprisoned, and 7.2 percent went to deceased beneficiaries. According to the report, the agency was able to recover approximately .1 billion in overpayments. .New Legislation Would Combat Scams Against Seniors' Investments .Providing help in emergencies, such as utility shutoffs, and … Continued
While the benefit cuts were negotiated in secret and enacted swiftly with virtually no public debate, Congress passed up the opportunity to close another and far bigger Social Security loophole — one that allows people with the nation's highest wages (including all Members of Congress) to get an enormous tax break, while paying Social Security (FICA) taxes on just a fraction of what they earn. In fact, about 6% of all wage earners, according to the Social Security Administration, pay no Social Security taxes at all on earnings over 8,500. Once they have earned 8,500, these workers get to keep 6.2% of every dollar earned over that amount in wages. .Under current law, the Medicare program excludes coverage of most routine and emergency dental care, leaving around 70 percent of seniors without comprehensive dental insurance coverage. Will you support the Medicare Dental Benefit Act (S. 22) to ensure that seniors have access to essential health care? .Unlike the way Medicare negotiates costs for all other medical services and medical equipment, the program doesn't have the authority to negotiate drug prices. That leaves older U.S. consumers paying higher prices than people who get their medications through the VA Administration or state Medicaid programs. And because Medicare isn't negotiating on our behalf, there's no consistency in drug pricing between Part D drug plans either. Prices vary enormously, and new research for TSCL indicates millions of drug plan enrollees are getting gouged when they don't compare and switch to better plans. ."The group of Democrats blocked one committee from advancing their party's drug-pricing legislation, with two members arguing it was too far-reaching and could stymie innovation in the pharmaceutical industry. Some of those Democrats also want to rein in a proposal to expand Medicare to include dental coverage, a high priority for progressives such as Sen. Bernie Sanders (I-Vt.)." .Currently, Social Security COLAs are based on the way young, urban workers spend their money, and because items like gasoline and electronics are weighted more heavily than medical costs and housing expenses, they underestimate the inflation Social Security beneficiaries experience. For example, this year, if COLAs were based on the spending patterns of seniors, Social Security beneficiaries would be receiving a COLA of around 2 percent instead of a 0.3 percent increase. .There are two points to remember about the first rule: Medicare has always been barred from negotiating prices directly with drug companies; and other countries regulate their health care spending more heavily, including for prescription drugs. .Some lawmakers are advocating for paid leave legislation that would require new parents to trade their future Social Security retirement benefits for twelve weeks of parental leave. This would undermine the mission of the Social Security program, increase its insolvency, and permanently cut the retirement benefits of those who take paid leave. Do you think this is a responsible proposal? .The annual COLA increased Social Security benefits in January of 2021 by just 1.3 percent. While mild inflation in 2020 did improve the buying power of Social Security benefits by 2 percentage points through the month of January 2021 — from a loss in buying power of 30 percent to a loss of 28 percent — that improvement was completely wiped out by soaring inflation in February and March of this year," says Mary Johnson, a Social Security policy analyst for The Senior Citizens League (TSCL). Based on consumer price data through July 2021, the erosion in the buying power of Social Security benefits has deepened to 32 percent over the 2year period. .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.
