News
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Update For Week Ending September 25 2021
When no, or a very low, COLA occurs, a provision of law known as "hold harmless" is triggered. Under the provision, when an individual's Social Security COLA is insufficient to cover the increase in the Medicare Part B premium, the Part B premium is adjusted so that one's Social Security benefit isn't reduced from one year to the next. About 70% of Medicare beneficiaries are protected by hold harmless from rising premiums. .Congress last year expanded this program in the healthcare reform act, or the Patient Protection and Affordable Care Act (PPACA), which was signed into law in March 20The PPACA expanded "means testing" to Medicare Part D, and froze the income thresholds at which beneficiaries become subject to the "means test" at the 2010 levels through 201This year, depending on income, individuals who make more than ,000 and couples who make more than 0,000 will have to pay from .10 - 3.70 extra per month for their Part B premiums, and from .10 to .10 extra per month for their Part D premiums in 2011. .The CPI-E regularly puts the spending inflation for seniors at two-tenths of a percentage point higher than the rate at which the CPI-W increases. That may seem like an insignificant amount, but over a twenty-five-year retirement, COLAs do compound significantly. We estimate that a senior who filed for Social Security benefits around thirty years ago would have received nearly ,000 more in retirement if the CPI-E had been used to calculate COLAs. … Continued
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Q A October 2019
Medicare Part B enrollees who don't receive Social Security benefits. This includes people who have delayed the start of Social Security and all people who are billed for Medicare. According to the Kaiser Family Foundation, in 2013 about half of all people on Medicare who don't receive Social Security yet had incomes below ,000. .All of that raises questions about whether Democrats have enough votes to advance H.R. 3 out of the House, but in any case, it's highly unlikely that the bill could get the 60 votes necessary to defeat a filibuster in the Senate. ."The bill does nothing at all to reduce or eliminate the tax on Social Security benefits that burdens more than half of all retiree households," Johnson notes. Yet the tax cuts for corporations and the wealthiest households in the Tax Cut and Jobs Act will add an estimated .5 trillion to the national debt. Some conservative Members of Congress say they are planning a budget that would require mandatory spending cuts to reduce the debt next year. … Continued
Medicare Advantage plans. Medicare Advantage plans are administered by private insurers and cover all your Medicare Part A hospital, Part B doctors benefits. Many include Part D prescription drug benefits as well. They may also include coverage for benefits that aren't covered by Medicare, like vision or hearing services, as part of the premium, or you may pay extra for the coverage. You can enroll during your initial Medicare enrollment period or during the fall Open Enrollment Period that runs from October 15 through December To learn more about Medicare Advantage plans in your area, check your 2014 copy of Medicare & You. Call Medicare toll free at 1-800- MEDICARE ( 7) or visit Medicare.gov. .At this time, the FDA has authorized one COVID-19 self-test to be completely used and processed at home. You will risk unknowingly spreading COVID-19 or not getting treated appropriately if you use an unauthorized test. .The CPI-E regularly puts the spending inflation for seniors at two-tenths of a percentage point higher than the rate at which the CPI-W increases. That may seem like an insignificant amount, but over a twenty-five-year retirement, COLAs do compound significantly. We estimate that a senior who filed for Social Security benefits around thirty years ago would have received nearly ,000 more in retirement if the CPI-E had been used to calculate COLAs. .It will take true leadership in Congress and the White House to save Medicare and face the reality of the situation: if we do nothing, which has been the status quo for years, Medicare as we know it will cease to exist. I am committed to doing all that can be done to ensure a strong and healthy Medicare program for America's seniors. .Scientists do not know why vaccinations might reduce the risk of Alzheimer's. But previous research has hinted at a connection. And there are several potential explanations. .This week, two new cosponsors – Reps. Louise McIntosh Slaughter (NY-25) and Joyce Beatty (OH-3) – signed on to the Strengthening Social Security Act (H.R. 3118), bringing the total up fifty-four. If signed into law, the bill would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would adopt the Consumer Price Index for Elderly Consumers (CPI-E), resulting in more accurate cost-of-living adjustments (COLAs), and it would lift the cap on income subject to the payroll tax. TSCL enthusiastically supports H.R. 3118 since it would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. We were pleased to see support grow for it this week. .TSCL was first established as a special project of TREThe Enlisted Association. On January 1, 1995, TSCL became an independent 501[c][4] citizens' action organization and therefore donations are not tax-deductible. .This legislation would require the Federal Trade Commission to update its website to include a searchable database of scams targeting seniors. It would have to work with media outlets and law enforcement to distribute the information. The FTC also would be required to send Congress a report with policy recommendations to prevent scams targeting older individuals, especially during national emergencies. .(Washington, DC) – Low inflation is striking another blow to the long - term Social Security income of millions of older and disabled Americans, according to a new analysis by The Senior Citizens League (TSCL). "For the third time in only 7 years, older Americans will not see any Cost of Living Adjustment (COLA) increase in their Social Security benefits," says TSCL Chairman, Ed Cates. "For tens of millions of people this has a devastating impact on the long-term adequacy of their benefits," he says. The Social Security Administration recently announced that more than 59 million beneficiaries would not receive an annual COLA next year, because inflation was lower this year than it was a year ago.
