News
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New Concern About Cuts To Medicare
The value of my 401(k) fell in March of this year and still hasn't fully recovered. I turned 70 in April. Will I be forced to sell investments at a loss in order to withdraw the required minimum amount? .Some lawmakers are advocating for paid leave legislation that would require new parents to trade their future Social Security retirement benefits for twelve weeks of parental leave. This would undermine the mission of the Social Security program, increase its insolvency, and permanently cut the retirement benefits of those who take paid leave. Do you think this is a responsible proposal? .TSCL enthusiastically supports H.R. 1795, H.R. 2305, and H.R. 4613, and we look forward to helping build support for them through the remainder of the 113th Congress. … Continued
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Legislative Update December 2014
Because the economic fluctuations were highly unusual and unforeseen, logic dictates that Congress could not have intended the benefits that Notch Babies actually received. The disparities in benefits under the actual conditions of double-digit inflation are illustrated in the following chart, which was not developed until 199Even if Congress had developed this chart in 1977, however, they would have seen benefit differences of only 10%-14% shown on the left-hand side of the chart. Instead, the effects of inflation are reflected by benefit differences of 13% to 30% shown on the right. In effect, the actual benefit reductions for many retirees were more than double what original projections would have been at the time. .The Social Security Administration is required to withhold in benefits for each you earned above the limit until the year in which you reach full retirement age. The year in which you reach full retirement age, you are allowed to earn more. The amount you may earn is adjusted annually. In 2007 when you retired, it was ,960 (,080 per month) for retirees like you who were under full retirement age. .Several lawmakers at Tuesday's hearings voiced concerns about Congressman Mulvaney's Social Security and Medicare reform positions. Senator Bernie Sanders (VT) – Ranking Member of the Senate Budget Committee – said: "The opinions and views of Mr. Mulvaney are way out of touch with what the American people want. And more importantly, they are way, way out of touch with what President Trump campaigned on." Congressman Mulvaney stated, "I haven't exactly been a shy Member of Congress in my six years here, and I don't expect to end that here today or if I am confirmed as Director of OMB." He said he would be "completely and brutally honest" as a budget advisor to President Trump. … Continued
Alexandria, VA (October 24, 2011) In January, for the first time in two years, Social Security recipients will get a sorely-needed cost-of-living adjustment (COLA). Benefits will rise 3.6% in 2012, following a surge in inflation that occurred even while seniors had no annual increase to help meet rapidly rising prices. Stagnant COLAs may soon be a fact of life for beneficiaries - a change that would also lower lifetime Social Security benefits, especially for Baby Boomers, warns The Senior Citizens League (TSCL), one of the nation's largest nonpartisan seniors groups. .The Health and Human Services Department finalized the policy through an interim final rule in November, meaning the agency skipped the comment period. Lowering drug costs for patients is the end goal of the policy, which the government argues justified the speedy implementation. .How do I go about contacting the Social Security Administration? .When AZT, the first effective drug for combating the virus that causes AIDS, was introduced in 1992, it was priced at up to ,000 a year or about 0 a month. It was the most expensive prescription drug in history, at that time. The price was widely denounced as "inhuman." Today that price gets you some drugs for toenail fungus. .The foam has been more effective in clearing most of Graves' symptoms and her Medicare Part D plan has paid for most of the cost of the "golden foam" so far. But Graves is keeping use of the medicine to a minimum, not only for health reasons, but because she doesn't want to run through her Part D initial coverage limit and hit the doughnut hole. .More generous medical expense deductions for 2017 and 2018: The final tax bill retains the deduction for medical expenses and delays a previous change that would have limited the medical expense deduction for people age 65 and older in 2017 and thereafter. Under previous tax law, all taxpayers could deduct out-of-pocket medical expenses that exceed 10% of adjusted gross income, or only 7.5% for taxpayers age 65 or older. The amount of medical expenses that this group of taxpayers would be allowed to deduct was originally scheduled to rise to 10% in 201The new tax bill delayed that change, retaining the 7.5% threshold for medical expenses for taxpayers age 65 and over in 2017 and 201The change to 10% will go into effect beginning in 2019. .For decades, Medicare and Social Security have lifted millions of people out of poverty and provided seniors with affordable, high-quality healthcare and reliable financial support. In Congress, we have a responsibility to strengthen and modernize Medicare and Social Security for today's seniors and future generations. That's why, earlier this year, I worked with my colleagues on both sides of the aisle to oppose proposals by the Center for Medicare & Medicaid Services (CMS) to cut Medicare Advantage and limit access to prescription drugs. Thanks to these bipartisan efforts, CMS reconsidered these proposals. .However, if a waiver would have been included in the Covid relief bill Senate rules would have required there that 60 votes in favor of passage would be needed instead of a simple majority of 51. .Last week White House Chief of Staff Mark Meadows announced that President Trump would soon be signing three executive orders regarding prescription drug prices. While he did not provide any further information the Washington Post published an article about what one of the orders is likely to be.
