News

  • Legislative Update For Week Ending August 14 2015

    This week, TSCL endorsed new legislation from Congressman John Duncan, Jr. (TN-2) that would result in a more fair and adequate Social Security COLA. The bipartisan bill, called the Consumer Price Index (CPI) For Seniors Act (H.R. 2016), would require the Bureau of Labor Statistics to create and publish a new inflation index based solely on the spending patterns of senior citizens. .TSCL is encouraged by the President's comments on drug prices, and we urge the administration to do everything in its power to bring down costs for consumers in the months ahead. In the meantime, our legislative team will continue to advocate for legislation like the Improving Access to Affordable Prescription Drugs Act (S. 771, H.R. 1776), which would take comprehensive steps to lower costs for Medicare Part D beneficiaries. .If you have questions about your coverage, Medicare beneficiaries can get free one-on-one counseling from State Health Insurance Program (SHIP) counselors by contacting your local Area Agency on Aging or senior center. The programs go by different names depending on your location, but SHIP contact info can be found at https://www.shiptacenter.org. … Continued

  • Category Tips For Seniors Savings Page 4

    Senate Committee Discusses SGR Alternatives .Social Security recipients, on the other hand, wouldn't have received anything during that period because the price inflation, as measured by the government's Consumer Price Index for Workers (CPI-W), fell and was not high enough for a COLA to be payable at all until January of this year. The projected Congressional COLA for 2013 is 1.1% and that would equal an extra ,900 if it takes effect, resulting in an annual salary of 5,900. The Congressional Budget Office (CBO) recently projected that seniors would receive a 1.3% COLA in 201If the CBO is correct, the COLA would only raise average annual Social Security benefits about 9, from ,200 in 2012 to ,389 in 201There's a widespread misconception that Members of Congress don't pay into Social Security. That's not true. They do — but not on all of their salary. .The new study found that consumer price data through March 2021 indicate that Social Security benefits have (once again) lost 30 percent of their buying power since 2000, and the loss of buying power looks as though it might grow deeper in 2021, should the current inflationary trends continue. The Senior Citizens League has been conducting this study for 12 years. The study typically looks at data from the 1month period of January of the previous year to January of the current year. But with recent aggressive inflation, TSCL felt it critical to include this data in our 2021 study findings. Doing so helps TSCL and the public to learn how this abrupt rise of inflation affects the buying power of Social Security benefits today. … Continued

TSCL believes all three of these bills go a long way in ensuring the retirement security seniors have earned and deserve. In addition to strengthening benefits, each one would include measures to increase the solvency of the Social Security program responsibly, for 40 years or more into the future. We look forward to working with Rep. DeFazio, Rep. Larson, and Sen. Sanders in the months ahead to help build support for their important legislation. .In 2008, an audit by the Social Security Administration's (SSA) Office of Inspector General found that spouses did not always receive the higher retirement benefits due them. Although 18,768 spouses were identified as eligible for higher retirement benefits in that audit and the SSA developed a notification letter, the agency took no further action to notify beneficiaries – citing "limited resources." As a result, these spouses never received the higher retirement benefits for which they were eligible. .Therefore, they are considering using the "reconciliation" process because they would only need 51 votes. But if they do that, legislation passed over ten years ago dictates that they must either raise taxes or cut spending on current programs to pay for the new spending in the President's bill. .But if your mom has lived with you some months already, you will need to determine if her former Medicare Advantage plan has already learned from CMS or the Postal Service of the move. If she moved over six months ago, then the plan should disenroll your mom 12 months after the move, but her Special Enrollment Period begins at the beginning of the sixth month and continues through the end of the eighth month after your move. .Recent healthcare cost data have the experts perplexed. According to a new analysis from actuaries of the Centers of Medicare and Medicaid Services, national healthcare spending in 2011 grew at just 3.9 percent. This is the third consecutive year it's grown so slowly, making it the slowest pace in the more than 50 years such data have been tracked. Federal officials don't know for sure if it's a temporary fluke due to prolonged recessionary effects, or part of a long-term trend. .Last July 24 President Trump announced his intention to sign four executive orders regarding prescription drugs, including one that would tie the cost of drugs in the US to drug prices in other countries. At the same time, he said he would delay signing the order and give pharmaceutical companies, which have vigorously opposed such a move, time to come up with their own plan to lower drug prices. .The Senior Citizens League is disappointed that another Obamacare promise has been broken, and we are hopeful that the impact on seniors will be minimal. While UnitedHealth is the first Medicare Advantage insurance provider to announce doctor cuts, we do not expect them to be the last. For tips on checking your plan's provider networks or for other Medicare Advantage information, see "Out – Of – Pocket Costs Catch You By Surprise? How To Avoid "Sticker Shock" .First, two new cosponsors – Senator Chris Van Hollen (MD) and Senator Deb Fischer (NE) – signed on to the bipartisan Know the Lowest Price Act (S. 2553), bringing the total up to thirteen. If adopted, the bill would prohibit "gag clauses" that prevent pharmacists from telling patients when their prescriptions would be cheaper out-of-pocket than through their insurance plans. .In addition to overlooking Medicare premiums, the CPI-W also doesn't accurately measure the portion of income that retirees and disabled Social Security recipients spend on Medicare. Spending for medical care in the CPI for younger adults represents about 6.5 percent of household budgets, but surveys by TSCL suggest that retirees routinely send more than twice that amount.