News
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Q A April 2019
"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. .It's do or die time for Congress. Unless they can pass a federal government funding bill in the next 10 days the government will shut down on October And those 10 days are not all working days unless they decide to work through next weekend. .Prices like these are not only unaffordable for most Medicare recipients, these costs also place pressure on Medicare's finances, since Medicare pays 80% of Part D costs during the catastrophic phase of coverage. Although drug plans vary significantly, the 2019 "standard Part D benefit" has a 5 deductible and a 25% co-insurance up to an initial coverage limit of ,820 in total drug costs. That includes both what consumers and their drug plans pay. Once total costs exceed that amount, beneficiaries hit the Part D "doughnut hole" or coverage gap. Under that stage of coverage, beneficiaries pay 25% coinsurance on the discounted price of brand name drugs, and 37% co-insurance for generics until they have spent a total out-of-pocket of ,100. At that point beneficiaries enter the catastrophic phase of coverage, but are still on the hook for 5% of the cost of their prescriptions. … Continued
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Category Issues Social Security Notch Faqs
The lack of growth in Social Security benefits, together with the inexorable rise in healthcare costs, is causing financial dilemmas for Medicare beneficiaries that may be jeopardizing their health. The situation is leaving both seniors and disabled adults who are living longer lives without adequate financial resources for their retirement, survey participants say. .This week, five new cosponsors signed on to the Social Security Fairness Act (H.R. 1795), bringing the total up to one hundred and twenty-eight. The new cosponsors are Reps. Brian Higgins (NY-26), Greg Walden (OR-2), Andre Carson (IN-7), John Barrow (GA-12), and Sean Patrick Maloney (NY-18). If signed into law, H.R. 1795 would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two federal provisions that unfairly reduce the earned Social Security benefits of millions of teachers, fire fighters, peace officers, and other state or local government employees each year. .Workers are never too old to learn new skills, especially if it means access to a better job. … Continued
The Congressional Budget Office (CBO) recently issued a cost estimate citing the Joint Committee on Taxation's estimates of the cost for Social Security of about 6 billion in reduced SS revenues between 2020 -2021, increased revenues from repayments of 9 billion between 2022-2023, and about billion in higher outlays which would be due to administrative and debt costs. The CBO assumes that some companies will go out of business and would be unable to repay deferred taxes — about billion in Social Security revenues. The CBO warned that uncertainties its estimate of the CARES Act are high, and that actual outcomes could vary significantly. .Lawmakers End Partial Government Shutdown .In addition, two new cosponsors – Sen. Tom Harkin (IA) and Rep. Michael Honda (CA-17) – signed on to the Protecting and Preserving Social Security Act (S. 308 and H.R. 649), bringing the total up to two in the Senate and twenty-six in the House. If signed into law, the bill would base the annual cost-of-living adjustment (COLA) upon the spending patterns of seniors, and it would gradually eliminate the cap on income subject to the payroll tax. It would reportedly add fifty years to the solvency of the Trust Fund, while also making the COLA more fair and accurate. .In the months ahead, The Senior Citizens League will continue to work for enactment of this and other legislation that would strengthen and enhance Social Security benefits for current and future beneficiaries. For progress updates, follow The Senior Citizens League on Twitter and Facebook. .According to the Congressional Research Service (CRS), for an age 65 retiree with average wages, a maximum benefit disparity of 10% would have arisen between the highest benefit under the old rules and the lowest benefit under the new rules if the 1977 assumptions had materialized. Under the economic conditions that actually arose, the disparity was 25%-two and one half times greater. .In order to pass it all 50 Democratic Senators would have to support the legislation. If that were not the case there would have to be enough Republican Senators voting "yes" to reach at least 50 votes in favor of passage. .An Ohio physician ordered more than 400 drugs each for 13 of his 665 patients. In total, this physician ordered 50,430 drugs dispensed by 100 pharmacies in 18 states. .As a result, experts have been saying that even people who have been vaccinated should continue to wear masks and keep their distance from others. .Senate Minority Leader Harry Reid (NV) told reporters on Wednesday, "The CR is not done; it's a work in progress … This isn't going to be wrapped up in the next couple hours, that's for sure." In addition, Senator John Thune (SD) said, "I think [Majority Leader McConnell's] goal all along has been to try and get something considered by the end of this week, to try and wrap things up. But I'll just tell you, my own view is that, based on past experience, I don't think we'll get there this week. I think this probably spills into next week."
