News

  • Benefit Bulletin May June 2018

    The Social Security Trustees further estimate that .9 billion in revenues in 2020 would come from the taxation of Social Security benefits. "Yet those revenues are also likely to be lower, impacted by both large numbers of older Americans who lost income from jobs, as well as from lower distributions from retirement accounts that have lost value from last year," Johnson notes. Under the CARES Act, retirees are allowed to completely waive required minimum distributions for 2020 from retirement accounts. .This week, TSCL announced its support for three new bills: the Social Security Safety Dividend Act (H.R. 67), the Medicare Prescription Drug Price Negotiation Act (S. 41, H.R. 242), and the Safe and Affordable Drugs from Canada Act (S. 64). .In addition, one new cosponsor signed on to the Beneficiary Enrollment Notification and Eligibility Simplification (BENES) Act (H.R. 2575), bringing the total up to eighteen. The new cosponsor is Representative Seth Moulton (MA-6). If signed into law, the BENES Act would simplify the Medicare enrollment process and better inform those approaching Medicare eligibility about their future benefits and the application process. … Continued

  • Benefit Bulletin June 2012 Advisor

    The bill would reduce the number of tax brackets from seven to just four — 12 percent, 25 percent, 35 percent — and would keep the highest bracket at 39.6 percent. It also increases the standard deduction from ,350 (individuals)/,700 (married couples) to ,000 (individuals)/,000 (married couples). While the standard deduction would increase, taxpayers on the other hand would lose personal exemptions — the ones for themselves, a spouse and/or dependents, which currently are ,050 per person. Exemptions would be replaced with a 0 credit through 2022, and eliminated thereafter. .TSCL is calling on Congress to close this loophole, and endorses the "No Social Security for Illegal Immigrants Act of 2007" (H.R. 736), introduced by Representative Dana Rohrabacher (CA). The legislation would close the loophole by excluding earnings of any wages for unauthorized work. ."The Medicare Trustees already estimate that Medicare Part B and Part D premiums and out-of-pocket costs take about 27 percent of average Social Security benefits," states TSCL Chairman, Larry Hyland. "And that understates actual costs because it doesn't include what people pay for their supplements or Medicare Advantage plans," he notes. "These proposals simply shift a greater portion and more risk to seniors, making Medicare even less affordable for low- and middle-income beneficiaries," Hyland says. "We urge seniors to contact their lawmakers in Congress and let them know what you think of these ideas to cut the deficit," he adds. TSCL lobbies to keep Medicare affordable and protect seniors from cuts to Social Security benefits and reductions to the COLA. In addition TSCL supports legislation to provide a more fair and adequate COLA. … Continued

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. .TSCL's legislative team will be monitoring the tax reform discussions closely in the coming days and weeks, and we will post updates here in the Legislative News section of our website, as well as on Facebook and Twitter. In the meantime, we encourage our supporters to contact their Members of Congress to request their opposition to tax reform measures that will jeopardize the health and financial security of older Americans. For contact information, click HERE. .Generic drugs account for 84% of drugs sold nationally, but only 12% of spending. .White House officials and public health leaders said they don't expect a vaccine to be widely available until March or April, which means wearing masks and other non-pharmaceutical measures will likely be the only option to reduce the spread of the virus until the end of February. .This policy benefits immigrants who have broken U.S. immigration and employment laws and have worked using a stolen or fraudulent Social Security number. In addition, this policy flaw raises questions as to whether Social Security eligibility acts as an incentive for more illegal immigration in the future. .To identify people in the country illegally, Medicare relies on information from the Social Security Administration in order to deny claims. The Social Security Administration receives data from the Department of Homeland Security and other agencies but CMS doesn't always receive information relating to unlawful presence in a timely manner, according to the Inspector General. .TSCL strongly believes that the current formula breeds uncertainty within the Medicare program. Some doctors have stopped accepting Medicare patients due to the steep pay cuts that the formula regularly calls for, and many more are threatening to do so if a permanent solution is not established soon. Rep. Schwartz's bill would do just that, bringing much-needed stability to the program for both doctors and seniors. TSCL enthusiastically supports H.R. 574, and we were pleased to see support grow for it this week. .Senate Finance Committee Discusses Drug Demonstration .So it turns out that we have an important choice to make as a country. We can continue down the current path, increase our dependence on China, and accept the risk to our survival. Or we can invest in domestic manufacturing of a minimum level of production of essential medicines to prevent a situation where our supply is severed.