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They claim that a "Buy American" order could raise domestic drug prices, since both labor and materials are much more expensive in the U.S. — which could cut against one of The President's signature health care planks going into the November election. .Rep. Peter DeFazio (OR-4) introduced H.R. 1031 on March 7, 201It has since been referred to the Committee on Ways and Means and the Committee on the Budget. .TSCL is gearing up to fight legislation that would cut the current rate of COLA growth any further. To the contrary seniors need a COLA that more adequately protects the buying power of Social Security, and TSCL supports H.R. 776, the Guaranteed 3% COLA Act, introduced by Representative Eliot Engel (NY-17). Why not take a few minutes now to send your Representative an email explaining how you need a Social Security COLA you can rely on? Be sure to ask your Representative to co-sponsor H.R. 776, the Guaranteed 3% COLA Act. … Continued
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Legislative Update For Week Ending March 28 2014
Deciding when to file is the biggest decision you face. Social Security benefits are calculated using a formula called the primary insurance amount, or PIA. Seniors who wait to start receiving Social Security until their full retirement age (currently 66) receive 100 percent of PIA; taking benefits at 62, the first year of eligibility, gets them 75 percent of PIA. By waiting until age 70, they'll receive 132 percent of the PIA – nearly double the monthly income for the rest of their lives. Those benefits are enhanced by an annual cost-of-living adjustment, which is added back in for any years of delayed filing. .Second, four new cosponsors signed on to the Social Security Fairness Act (H.R. 141), bringing the total up to 16The new cosponsors are Representatives Jimmy Gomez (CA-34), Bradley Byrne (AL-1), Ann Kirkpatrick (AZ-2), and Josh Harder (CA-10). This bipartisan bill, if adopted, would make the Social Security program more equitable by repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These two provisions of law unfairly cut the Social Security benefits of millions of teachers, police officers, and other state or local government employees, often by 40 percent or more. By repealing both provisions, the Social Security Fairness Act would ensure that public servants receive the Social Security benefits they have earned and deserve. .What do you think? Should health and drug plans be responsible for removing illegals from Medicare rolls? Take a poll on the TSCL homepage today! … Continued
Despite claims that the proposal would have no cost for the Social Security program, research shows that it would put a financial strain on the Social Security program. According to a report released this week by the American Action Forum, this family leave proposal would have a net cost of around 6 billion, and it would advance the insolvency of the Social Security Trust Funds by around six months. .Comprehensive immigration reform has been topping the legislative agenda in Congress for months, but so far most policy wonks and lawmakers have kept quiet about the ways in which reform would affect Social Security. Millions would become eligible to collect Social Security benefits based on work done illegally, under invalid or fraudulent Social Security numbers. TSCL is concerned about the ethical implications of this, and we believe that it would put additional strains on the Social Security and Medicare Trust Funds. .No change to 401(k)s or IRAs: Prior to enactment, concerns were high that tax reform would restrict the amount of pretax contributions working people could make to workplace retirement accounts. Congress did not do this, and the tax rules affecting these accounts, for the most part, remain the same. .In some hard-hit states, inspectors conducted remote surveys rather than going into nursing homes, a process that involved speaking to staff by phone and reviewing records. In Pennsylvania, for example, inspectors conducted interviews and reviewed documents for 657 facilities from March 13 to May 15 — most of which was done remotely. .But among other things, if consumers can't find the cost of health care, the idea of the free market is impossible. .TSCL has concerns about this approach, since it would mean that Social Security's Old Age and Survivor's Insurance (OASI) trust fund would receive 0.9 percent less in payroll tax revenues, worsening the retirement program's financing. In a recent poll conducted by TSCL, this approach received virtually no support from respondents – less than 1 percent said shifting revenues from one trust fund to another would be the best way to fix the program's solvency. .A surviving beneficiary spouse is one who collects Social Security benefits not from their own account, but from the account of his or her deceased spouse. To find out more about Notch Reform benefits for surviving beneficiaries, click here: What Happens to Benefit Payments When Your Spouse is Deceased? .Because of the collapse in the real estate market, experts say that thousands of seniors who need assisted living or nursing home care are remaining in their homes longer because they can't sell or get the price they need to cover their long term care. According to Harris Meyer, in an article for Kaiser Health News, the situation is leaving families under pressure to either pay for their parents' placement with their own money, or to provide care themselves. .It would eliminate two waiting periods that approved DI recipients must endure. Under current law, approved DI beneficiaries must wait five months to begin receiving monthly benefits, and two years to begin receiving Medicare coverage.
