News

  • Legislative Update For Week Ending November 2 2012

    Congress is now back in session but they will not begin considering new legislation for a few days. They are in the process of organizing for a new session and, of course, they will be involved in the electoral college process of electing a new President starting, but perhaps not concluding, on Wednesday. .Grassley to Push Hard in the Senate for his Drug Pricing Bill .If all this sounds complicated — it is. But comparing these costs is well worth the effort. Depending on what you have now, Medicare may wind up saving you a considerable sum, and provide lower deductibles than what you get through your employer. This decision is important to get right, especially if you are married and your spouse is also getting health insurance through your employer's plan. If so, caution is advised because your decision affects your spouse's coverage. … Continued

  • Ask The Advisor January 2020

    If signed into law, the PRIME Act would increase fraud prevention efforts within Medicare and Medicaid. Among other things, it would enact stronger fraud penalties, curb mistaken payments, phase out the practice of "pay and chase," reduce the theft of physician identities, and improve the sharing of fraud data among agencies and programs. .Third, one new cosponsor, Representative Jamie Raskin (MD-8), signed on to the bipartisan Fair COLA for Seniors Act (H.R. 1553), bringing the total up to twenty-seven. If adopted, this bill would better protect the purchasing power of Social Security benefits by adopting a more adequate Social Security cost-of-living adjustment (COLA). Under current law, COLAs underestimate the inflation seniors experience because they are based on the way young, working Americans spend their money. As a result, Social Security benefits have lost 33 percent of their purchasing power since 2000 according to our research. .This is good news. While we have disagreements with some doctors over things like surprise medical billings, this year has taught us how critical and valuable to us all are our medical personnel. This certainly was no time to try to balance the budget on the backs of those who have borne the weight of so many of us this year. … Continued

The proposal calls for switching to a more slowly-growing consumer price index (CPI), known as the "chained" CPI, to calculate annual COLAs. Chaining is an apt name for it because that's what it would do to benefits — chain them down. .While Congress continues to discuss similar changes to the Social Security benefit formula today, Notch Reform remains a legislative priority for TSCL. TSCL estimates that 2.7 million Notch babies and their spouses or widows would benefit from passage of The Notch Fairness Act. The legislation would provide Notch Babies, born 1917 through 1926, ,000 payable in four annual installments, or an improved monthly benefit. Representative Mike McIntyre (NC-7) introduced the legislation in the House where it has 17 cosponsors, and Senator David Vitter (LA) has introduced a corresponding bill in the Senate. TSCL continues to work for passage. .Nonetheless, several Senators at Tuesday's hearing urged CMS to consider withdrawing the proposed payment changes. Committee Chairman Orrin Hatch (UT) expressed concerns about the rule's potential unintended consequences. He said: "I believe this experiment is ill-conceived and likely to harm beneficiaries. It is an overreach on the part of CMS that, in my opinion, goes beyond the agency's statutory authority, extends nationwide, and requires all Medicare Part B providers to participate." .This week, one new cosponsor – Rep. Gregorio Kilili Camacho Sablan (MP) – signed on to the Consumer Price Index for Elderly Consumers (CPI-E) Act (H.R. 1030), bringing the total up to twenty. If signed into law, the CPI-E Act would base the Social Security COLA upon the spending patterns of seniors. Currently, it's based upon the way young, urban workers spend their money – a method that underestimates the spending inflation that seniors experience each year. .This week, lawmakers returned to Capitol Hill and resumed work on a stopgap funding measure for fiscal year 2015, which begins on October 1st. In addition, The Senior Citizens League (TSCL) saw support grow for three key bills. .According to a report from Kaiser Health News, the skepticism is "Because whether it's sharing the credit for a legislative victory with the other party or running afoul of the powerful pharmaceutical lobby, neither Democrats nor Republicans are sure the benefits are worth the risks, according to several of those familiar with the debate on Capitol Hill. .Johnson cautions, "The current inflationary trend may only be temporary, because prices today are compared with a big sudden drop in prices a year ago when the impact of COVID-19 first began to hit our economy." "The jump we see now is centered primarily on energy prices, but a number of other spending categories have stayed relatively flat," she says. .However, there is concern that it could make it even harder to obtain supplies critical to combating the pandemic, such as personal protective equipment, testing supplies and even medications to treat coronavirus patients. .Even if your income will be slightly higher in 2018 you should apply, because the income and resource limits are adjusted annually and will likely be somewhat higher next year. "Resources " refer to money in checking and savings accounts, stocks, bonds, mutual funds and Individual Retirement Accounts (IRAs). Don't rule out applying just because you own your own home. Your home, car, household items, burial plot up to ,500 for burial expenses per person, and life insurance policies ARE NOT counted as resources.