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  • Drug Price Legislation Facing A Surprise Problem

    "We've seen sometimes 10 to 12 dependents, most times nieces and nephews, on these tax forms," the whistleblower told WTHR Eyewitness News. The Treasury Inspector General report corroborates this, saying that questionable claims are made that include children living outside the United States. The individuals who received the tax credits filed an income tax return. Even though it's illegal for unauthorized immigrants to work in this country, the federal government requires payment of taxes on earnings. Even income obtained illegally is subject to income taxes. Because illegals don't qualify for a Social Security Number, the IRS provides an Individual Taxpayer Identification Number (ITIN) to enable them to file a return. .Working longer, especially if you are earning more now than you did in jobs in the past, can also help increase your benefit because the Social Security Administration uses your highest 35 years of earnings to calculate your initial retirement amount. If you've worked less than 35 years, then the extra years of work will help fill in the earning gaps in your record. .The report's release coincided with two days of high-level White House negotiations that President Obama recently held with Senate Democratic and Republican leaders over reducing the federal deficit, ahead of the pressing debt limit deadline. The attractiveness of the proposal is not only the aforementioned enormous savings to the federal government, but the ingenious political cover. The change appears miniscule, the savings to the government low at first, and it's so complicated nobody except a government economist would even claim to understand it. … Continued

  • Social Security Deficit Money Owed Social Security Trust Fund

    The government negotiates prescription drug prices for veterans and Medicaid beneficiaries, but it is barred from negotiating lower prices for Medicare beneficiaries. As a result, seniors enrolled in Part D often pay much higher prices than other Americans for their prescription drugs. What are you doing to correct this unfair policy? .The Senior Citizens League believes that Social Security benefits and annual COLAs could be strengthened three ways: .To address this issue, my office put together a two-pronged approach both locally and nationally. First, we held a resources fair in South Los Angeles, focusing on identifying and combatting senior scams with service providers that offered direct assistance for attendees. Second, I introduced a bipartisan resolution to call attention to the barrage of fraud attempts that seniors face nationwide. … Continued

"And that's not all," says Cates. "Beneficiaries lose the compounding effect they get with higher benefits," he notes. "Even when inflation returns to more typical levels, beneficiaries' lifetime Social Security income will continue to be lower," Cates explains. .Millions of other public servants find themselves in similar situations, often too late to do much about it. To reconcile this inequity, The Senior Citizens League (TSCL) enthusiastically supports the Social Security Fairness Act (S. 896 and H.R. 1795), a bill that would repeal both provisions and grant public servants the retirement security they deserve. The bill was introduced by Senator Mark Begich (AK) in the Senate, and by Rep. Rodney Davis (IL-13) in the House. So far, it has gained significant traction in both chambers. In the House, it recently reached one hundred co-sponsors, and in the Senate, nearly twenty lawmakers have signed on in support of it. ."Unfortunately for seniors and their families these extreme differences in cost are not unique," says Johnson. "Almost every Medicare beneficiary enrolled in a Part D drug or Medicare health plan can achieve savings if they carefully compare all their options every year and switch when they find better coverage," Johnson says. "All that's required is computer access, the Medicare Drug and Health Plan Compare tools on the Medicare website at www.medicare.gov and determination to give it a try," she notes. .We have warned you before to be careful about scams when it comes to getting your coronavirus vaccination. Getting cheated out of money during a time of crisis like this is the last thing we want to happen to anyone. And even though the reports of scams have not been widespread, there have been some in various parts of the country. .Medicare Advantage, and its predecessor Medicare+Choice —both known as Medicare Part "C" — however, has no clear track record of saving the government money. In fact, for a number of years, Medicare Advantage cost more than traditional Medicare. .TSCL supports legislation that would lift or eliminate the Social Security taxable maximum. Such a change is estimated by Social Security Trustees to eliminate 67% of Social Security's long-term shortfall over 75 years while improving retirement security. .Prevent a 50 percent Medicare premium hike from taking effect. According to the Medicare Trustees, an estimated 15 million Medicare beneficiaries will be hit with Part B premium hikes of 50 percent next year, along with increases in deductibles. TSCL believes that the abrupt and dramatic increase must be prevented, and we hope Congress will pass legislation like the Protecting Medicare Beneficiaries Act (S. 2148) or the Medicare Premium Fairness Act (H.R. 3696). .Insurance for Old Age: Are Annuities A Good Idea? .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. Seventeen Co-sponsors for The Notch Fairness Act While Congress has been holding hearings and considering changes to Social Security, TSCL has been successful in gaining co-sponsors for The Notch Fairness Act. The bill, introduced in the House and Senate by Representative Mike McIntyre (NC-17) and Senator David Vitter (LA), would provide Notch Babies born from 1917 through 1926 their choice of ,000 paid. Risk of Deeper Benefit Cuts When Congress Waits The Notch Fairness Act In House And Senate