News

  • Legislative Updates Colas And Medicare Premiums Feed

    The trillion Senate Republican stimulus proposal comes with a measure that could curb federal spending in the future by reducing costs tied to Social Security, Medicare, and highway trust funds. .Medicare alone does not cover all the costs you will have. Most people also get either a Medicare supplement to cover out-of-pocket costs and Part D plan for prescription drugs, or enroll in a Medicare Advantage plan with Part D coverage. .Federal agencies shut down this week as Members of Congress failed to adopt a stopgap funding measure before the October 1st deadline. In addition, The Senior Citizens League (TSCL) saw one key bill gain support. … Continued

  • Legislative Update Week Ending October 24 2014

    Over the past five years, the Social Security cost-of-living adjustment (COLA) has reached an all-time low, averaging just 1.5 percent. Seniors, however, have reported that their living expenses are higher than ever. In fact, The Senior Citizens League (TSCL) has found that seniors have lost almost one-third of their purchasing power since 2000, and their expenses have increased more than twice as fast as the annual COLA. Today, it is more clear than ever that the Social Security COLA is failing to help seniors keep up. .One of the uncertain Democrats is Sen. Bob Menendez of New Jersey. His state is home to many big-name pharmaceutical companies and he voted against a measure to allow Medicare to negotiate drug prices in the Senate Finance Committee in 2019. .According to the report, the triggering of hold harmless will continue on an individual basis, particularly when inflation is lower than forecast (about 2.4 percent) or if Medicare Part B premium increases are higher than forecast (5%), or both. The risk for both is high, because over the past 8 years COLAs have averaged just 1.2 percent and since 2000 Medicare Part B premiums have increased on average more than 10 percent per year. According to the report, individuals with the lowest benefits, 0 or less, are the most likely to be affected by hold harmless on an individual basis over the next decade, even in years when a COLA is payable, particularly if Medicare Part B premium increases are higher than expected. … Continued

Last week we wrote about a new bill that was expected to be introduced this week by House Speaker Nancy Pelosi (D-Calif.) that would lower prescription drug prices on some of the most expensive drugs. The plan would allow the secretary of Health and Human Services to negotiate the price of up to 250 drugs per year, and the lower prices would apply to people both with private insurance and those on Medicare. .When asked whether you prefer to get your Social Security benefits directly deposited electronically to bank accounts or received by mail, 9 percent of seniors still prefer receiving checks. .To learn more about the WEP, download the Social Security Administration Publication No. 05-10045 here — https://www.ssa.gov/pubs/EN-05-10045.pdf. .Why does that happen? .Throughout the hearing, Barthold urged the Committee Members to address the corporate and individual tax codes. For both, he recommended total overhaul. . Recently I read about a stimulus proposal that would allow people who are out of work to access ,000 of Social Security benefits in advance, in exchange for waiting a few months longer to get benefits when. Ask the Advisor: April/May 2020 I'm Entitled to a Pension for Work as a City Cop… .In the Senate, Finance Committee Chairman Chuck Grassley (IA) has also prioritized this critical issue. His first hearing as chairman was titled "Drug Pricing in AmericA Prescription for Change" and, in his opening statement, he vowed to get to the bottom of the growing problem. Following that hearing in January, Chairman Grassley called upon seven of the most profitable pharmaceutical companies to testify before the committee, saying: "Patients and taxpayers deserve to hear from leaders in the industry about what's behind this unsustainable trend." .In fact, generic medicines represent around 90 percent of all prescriptions dispensed in the U.S., and we depend on China for 80 percent of the core components to make our generic medicines. .The CBO also notes that increasing the payroll tax rate or subjecting more earnings to the payroll tax could improve Social Security's financing.