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Notch Bulletin How Can I Learn About The Lump Sum Notch Legislation Feed
Prescription Drug Re-Importation – Making safe, secure re-importation a reality. .TSCL is supportive of both of Rep. DeFazio's bills, and we were pleased to see support grow for them this week. .To stay updated on the progress of prescription drug legislation, check back every Friday morning to read our weekly Legislative News summary. … Continued
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Ask The Advisor September 2015
Know what debt you have. Make a list of your mortgage, any home equity line of credit (HELOC), credit cards, and any other debt. Making minimum payments may keep you out of collections, but that strategy doesn't pay off debt. Prioritize your loans by the amount of interest, and whether the interest (such as for a mortgage) is tax deductible. Work out a plan to pay off the highest non-deductible interest loan first, while making the minimum payments on other loans. As you get a loan paid off, start on the next highest interest loan. .A study conducted by TSCL has found that Social Security benefits have lost 30 percent of buying power since 2000 over the same period that Medicare Part B premiums grew by 195 percent. Social Security benefits on the other hand have grown by only 43 percent. The findings represent an especially big loss in buying power of 7 percent from January of 2016 to January of 2017. .Finally, the Social Security Fairness Act of 2017 (H.R.1205) gained two new cosponsors in Representative Walter Jones (NC-3) and Representative Tony Cardenas (CA-29), bringing the cosponsor total to 17If signed into law, H.R. 1205 would repeal the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) – two Social Security provisions that unfairly reduce the earned benefits of millions of teachers, police officers, and other public servants each year. … Continued
TSCL enthusiastically supports H.R. 1902 and H.R. 242, and we were pleased to see support grow for both of them this week. For more information, visit the Bill Tracking section of our website. .In addition to a growing number of people affected by the tax, those who are affected pay a growing share of their benefits in taxes as well. The Congressional Budget Office estimates that 52 million Social Security beneficiaries paid 6.7% of their Social Security benefits as income tax in 2014, and projects that will rise in the future to 10% or more. .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. .Changes to federal immigration policy affect the revenues that Social Security and Medicare receive and would also increase the number of people eligible for benefits in the future, according to the Congressional Budget Office. Both Social Security and Medicare face solvency and funding challenges. .However, it differs from the House version which means it must go back to the House to see if it will agree with the changes that were made. .On Wednesday, Congressmen Elijah Cummings (MD-7) and Peter Welch (VT) met with President Donald Trump to discuss the state of the prescription drug industry. At the meeting, they requested President Trump's support for TSCL-backed legislation called the Medicare Prescription Drug Price Negotiation Act (H.R. 242, S. 41), which would require the federal government to negotiate lower drug prices on behalf of Medicare Part D beneficiaries. Currently, Medicare is prohibited from doing so despite the fact that other federal health programs are required to. .According to a 2013 Pew Research study, women tend to take time off work to have children or care for aging family members more often than men, and then wind up with zero or only low earnings during those years. This reduces the initial Social Security retirement benefit. If a woman works entirely as a stay-at-home mom or is a full-time caregiver and doesn't take a job with an employer or is not self-employed, this means she would only rely on survivor or spousal benefits based on her spouse's work record for financial support. .On Tuesday, the Senate Finance Committee held a hearing to delve into the topic of rising healthcare costs. Echoing the hopes of his colleagues on the Senate Health, Education, Labor and Pensions (HELP) Committee, Finance Committee Chairman Orrin Hatch (UT) said in his opening statement, "I want to find a bipartisan path forward." .Medicare Extra Help helps pay for some, or most, of the out-of-pocket costs for Medicare prescription drug coverage. It is also known as the Part D "Low-Income" subsidy. Extra Help pays for the Part D premium up to a certain amount (specific to your state), lowers the cost of your prescription drugs, gives you special enrollment periods to switch plans, and eliminates the Part D late enrollment penalty if you did not enroll in Part D by your original deadline. If your income is under ,615 (individuals) or ,175 (married couples) and you have limited savings and resources, you might be eligible. Apply for Medicare Extra Help on the Social Security website www.SSA.gov.
