News

  • Where We Stand On The Social Security Notch Feed

    In addition, major changes to RMD rules were already underway prior to the CARES Act. The SECURE Act, which passed in 2019, extended the age requirement for starting RMDs. If you reach age 70 ½ in 2020 or thereafter, you may wait until April 1 of the year after you reach age 72 to take your first RMD. For you, that's April 1, 202That gives your 401(k) more time to recover. .As the coronavirus continues to be among the major news stories each day, attention has turned to the drug supply in the U.S., not because of the cost but because of the vulnerability of the supply of prescription drugs for use in the nation. .You might be able to avoid doing so. Coronavirus stimulus legislation (CARES Act) that was signed into law in March waives required minimum distributions (RMDs) in 2020 for anyone who owns a 401(k), 403(b), or IRA. Instead of taking money from your retirement accounts this year, retirees can wait, or take less, to give investments time to recover. That's helpful, because most RMDs are based on the value of your retirement accounts on December 31st of the previous year. … Continued

  • Benefit Bulletin December 2018

    Most Americans contribute 6.2 percent of every paycheck to Social Security, but due to the payroll tax cap, people earning more than 8,400 contribute nothing over that amount. Eliminating the payroll tax cap would extend the solvency of the program responsibly, without cutting benefits for seniors. Do you agree? .Compare plans! Use health and drug plan comparison tools found at www.Medicare.gov — Because premiums, out-of-pocket costs and drug coverage vary so enormously between plans, the single best habit to get into is comparing your coverage options every year. Your best tools for comparing health and drug plans coverage and information about premiums and costs can be found online at http://www.Medicare.gov. If you don't have computer or Internet access, work with a friend or family member who does. Or you can get one-on-one counseling assistance through your state health insurance assistance program (SHIP). Many of these programs operate through local area agencies on aging. .On Wednesday the Pentagon sent a "rightsizing plan" to Congress which, if fully agreed to by Congress, would result in approximately 200,000 military family members and retirees losing their ability to get health care at military hospitals and clinics. … Continued

TSCL continues to work with Members of Congress to pass "The Notch Fairness Act," legislation which would provide Notch Babies born 1917 through 1926 with a settlement of ,000 or a choice of higher monthly benefits. What you can do: Urge your Members of Congress to co-sponsor and pass "The Notch Fairness Act," H.R. 1001 and S. 118! To learn more about the status of Notch legislation, give us a call 1-800-333-8725. .According to the results, TSCL's members and supporters would prefer to see a more permanent solution. Forty-eight percent of respondents said the DI program should tighten its eligibility requirements and conduct more continuing disability reviews to reduce fraud, and 51 percent said high wage earners should be required to pay Social Security taxes on all of their incomes. .Every other developed country has evolved schemes to set or negotiate prices, while balancing cost, efficacy and social good. The United States instead has let business calculations drive drug price tags, forcing us to accept and absorb ever higher costs. That feels particularly galling for treatments and vaccines against COVID-19, whose development and production is being subsidized and incentivized with billions in federal investment. .But a study of typical senior costs conducted by TSCL indicates that COLAs aren't doing a very good job of keeping up with rising prices now, primarily because the CPI isn't fully reflecting the portion of income that seniors must spend on rapidly rising healthcare costs. The study found that the Social Security benefits have lost 32 percent of their purchasing power since 2000. .Compare costs. Before making any decision to drop your current plan ask for a breakdown of costs of the plan you are considering. However, keep in mind the information supplied by an insurer or agent may be incomplete or omit important cost information. Don't sign anything without consulting several outside sources of information. .The Congressional Budget Office recently estimated in their September budget outlook that Medicare outlays for 2020 would rise about 12 percent — roughly double the rate forecast by the Medicare Trustees in their April 2020 report. This suggests that the Medicare Part B premium increase for 2021 could be about .40 per month higher in 2021, rising from 4.60 to 2.00. But even this estimate does not include the impact of cost shifting due to protecting people with low Social Security benefits from reductions due to the high Medicare Part B increase. .Does TSCL receive government funding? .TSCL enthusiastically supports H.R. 2305 and H.R. 3118, and we were pleased to see support grow for both of them this week. .TSCL recently submitted comments on the draft FDA regulations, stating "classifying CAM products as drugs, the cost of access would increase, as consumers may have to visit and pay a doctor for a prescription, instead of being able to choose their own vitamins, minerals and dietary supplement intake." TSCL is further concerned about the impact such regulation would have upon Medicare beneficiaries. Currently, Medicare reimburses few CAM therapies and products and seniors must pay out of pocket. Most Part D drug plans, for example, don't cover vitamins and supplements. TSCL called on the FDA to withdraw the regulations.