News

  • Cola For 2020 May Be Zero No This Is Not Normal

    Sources: "Humana Inc. Overcharged Medicare Nearly 0 Million, Federal Audit Finds," Fred Schulte, NPR, April 20, 202"Insurers Running Medicare Advantage Plans Overbill Taxpayers By Billions As Feds Struggle to Stop It," Fred Schulte and Lauren Weber, Kaiser Health News, July 16, 201"Reducing Medicare Advantage Overpayments," Committee for a Responsible Federal Budget, February, 23, 2021. .The fundamental fact is that two-thirds of Americans over the age of 65 depend on an average annual Social Security benefit of ,400 for at least half of their income. Yet little consideration has been given so far to the fact that earned income in excess of 3,700 is entirely exempt for the 6.2 percent payroll tax that funds Social Security benefits. TSCL believes that by raising the maximum wage ceiling Congress could significantly reduce the financial crisis facing the system, without causing financial hardship. .In its June 2018 Long Term Budget Outlook, the Congressional Budget Office (CBO) projected that earnings will grow faster for higher-income people than for others over the next 30 years. The CBO expects that trend to lead to a decrease in the amount of payroll tax receipts that otherwise would flow into Social Security, as a greater share of earnings will be above the maximum amount subject to Social Security payroll taxes. … Continued

  • Benefit Bulletin April May 2020

    To help older Americans withstand the financial impacts of the COVID-19 pandemic, and provide more adequate retirement benefits, The Senior Citizens League supports legislation that would provide a boost in Social Security benefits for all retirees, and would tie annual cost of living adjustments to a more representative seniors' consumer price index, the Consumer Price Index for the Elderly (CPI-E). To learn more about efforts to strengthen Social Security benefits, visit . .The Senior Citizens League (TSCL) has concerns about a number of elements outlined in the revised Simpson-Bowles plan – namely the adoption of the "chained" CPI, since seniors are already being short changed by the COLAs they receive. The plan released this week is not likely to be adopted in its entirety, but it will serve as an important comparative tool in the coming weeks as leaders in Washington continue to search for sequester alternatives. The automatic cuts are scheduled to hit on Friday, March 1st, but leaders have said they believe the deadline is flexible and their best chance at redesigning it might come at the end of the month, when the continuing resolution to fund the government expires. Until then, TSCL will continue to monitor the negotiations, and we will post updates here in the Legislative News section of our website. .Warning: Scams prey on seniors and others … Continued

The crackdown was unique not only for its scale, but also. No Lie! Affordable Care Act Not So Affordable .TSCL believes that the Supplemental Poverty Measure is a more fair and appropriate measure of poverty today. We encourage you to ask Congressional candidates where they stand on programs to reduce poverty affecting older Americans. .But last Monday the drug company executives announced they would not be going to the White House meeting. A spokesman for PhRMA, the giant lobbying group for many of the biggest drug manufacturers, said the White House talks were a distraction. .Potential amendments to the bill were discussed at the hearing, and at this point in the process it seems that measures to strengthen border security and enhance Congressional oversight will be put forth. One committee member, Sen. Al Franken (MN), stated: "I and other Senators will do everything we can to amend this bill." Members of the Gang of Eight, on the other hand, have said they will band together to defeat any amendments that would weaken it. .Tax Reform Legislation Introduced in House .Rep. Gene Green (TX-29) recently introduced a bill that would remove the limit for the amount of outside income that an individual could earn while receiving Social Security benefits. The Social Security Earnings Test Repeal Act of 2011 was referred to the Committee on Ways and Means. .Still, COLA cuts remain a key proposal of major debt reduction plans. In his budget last year, President Obama proposed changing the way COLAs are calculated by using a more slowly-growing measure of inflation, known as the "chained" CPI. "If our nation is going to correct income inequality, it should start with payroll taxes," Cates says. "Under current law, millionaires pay no Social Security taxes at all on earnings over 7,000, while average workers pay Social Security taxes on every dime they earn," Cates points out. "Cutting the benefits of financially vulnerable seniors and others can't be justified when millionaires are getting a multibillion dollar tax break," Cates asserts. "TSCL urges President Obama NOT to use Social Security COLAs to cut the debt," he adds. .The House-passed bill eliminates the medical expense deduction, which approximately 5 million taxpayers over the age of sixty-five rely upon when their out-of-pocket medical costs total more than 10 percent of their annual income. The elimination of this deduction would be a catastrophic financial loss for those who find themselves in need of costly in-home or nursing home care. Congressman Kevin Brady (TX-8) – the chairman of the bicameral conference committee – said this week that he hopes to keep the deduction in place, but discussions remain up in the air. .When you get your new card, you may begin using it at once. But if you forget to bring it with you to your next doctor's visit your doctor's office should be able to use your old card until December 31, 2019.