27 Of Seniors Spend Up To Half Of Their Social Security On Healthcare Costs
TSCL is very supportive of the PRIME Act, since we believe that the failure to manage fraud results in higher taxes for all and higher premiums for Medicare beneficiaries. In addition, at a time when many deficit hawks are considering cuts to programs like Medicare and Medicaid, we believe it is critically important to ensure that scarce program dollars are being spent properly. TSCL looks forward to working with the sponsors of the PRIME Act to help build support for it, and we are hopeful that Congress will pass it into law by the end of the 113th Congress. .Most people don't know where to begin, and the process is designed to overwhelm you before you start. You, however, do not have to be one of these people. All you need to do is to call and set up a free counseling session with a local Medicare benefits counselor. Do this NOW. Locate the program in your area on the State Health Insurance Program website — https://www.shiptacenter.org. .We end the update this week with some hopeful news regarding Alzheimer's disease. According to a report from National Public Radio, there is evidence that vaccines that protect against the flu and pneumonia may actually protect people from Alzheimer's, too. The evidence comes from two studies presented last Monday at this year's Alzheimer's Association International Conference, which is being held as a virtual event. … Continued
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Someone else is working using your Social Security number: If you still can't determine the cause of Social Security's overpayment claim, check your earnings record with the Social Security Administration for accuracy. Identity theft is soaring and earnings from persons unknown may show up on your work record without your knowledge. It's important to correct your record if this happens to you. If this is the case, in addition to checking your records with Social Security, you will need to contact the IRS. Otherwise, the IRS may send you a notice stating that you failed to report everything you earned and that you might owe taxes. .The Medicare report estimated the Hospital Insurance Trust Fund will become depleted in just six more year. .On Wednesday, Congressmen Elijah Cummings (MD-7) and Peter Welch (VT) met with President Donald Trump to discuss the state of the prescription drug industry. At the meeting, they requested President Trump's support for TSCL-backed legislation called the Medicare Prescription Drug Price Negotiation Act (H.R. 242, S. 41), which would require the federal government to negotiate lower drug prices on behalf of Medicare Part D beneficiaries. Currently, Medicare is prohibited from doing so despite the fact that other federal health programs are required to. … Continued
Some 48 percent of participants in The Senior Citizens League latest survey, reported that they expect to pay income taxes on a portion of their Social Security benefits for the 2020 tax year. That's down from 53 percent who reported paying income taxes on their Social Security benefits for the 2019 tax year. But that wasn't the only change. Far fewer retirees also indicated that they would not pay tax on their Social Security benefits — 32 percent for 2020 tax year versus 41 percent for the 2019 tax year. .Moreover, U.S. dependence on China for drugs and drug products is growing. Its imports of Chinese medical equipment increased 78 percent between 2010 and 2018. .TSCL enthusiastically supports the Credit for Caring Act, the Social Security Fairness Act, and the Equal Treatment of Public Servants Act, and we were pleased to see support grow for each one this week. To receive frequent progress updates on these and other Social Security, Medicare, and family caregiving bills, follow TSCL on Twitter. .Who are these beneficiaries? The Inspector General's report refers to these beneficiaries as dependents and survivors of other Social Security beneficiaries and subject to the Social Security Alien Nonpayment Provision (ANP) law. The ANP forbids payment of retirement, survivor and disability benefits when non-citizens have been outside the United States for more than 6 months. But as is so often the case with Social Security law, there are several exceptions; for example, if the non-citizen is from a foreign country that has its own social insurance system and meets certain conditions. Mexico is on the list of countries that meet the conditions of the exception. ." ‘If it comes to getting my family members vaccinated, and all that's available is J&J or Novavax, I'd tell them to take it,' said Robert Hancock, president of the Texas College of Emergency Physicians." .And it will not feel like a bargain if we get free or cheap vaccines during a pandemic but pay dearly for annual COVID-19 shots thereafter. .Can You Tell Me How Recent Law Changes Affect RMDs From My 401(k)? .At the time of writing this week's legislative update, lawmakers in the Senate had not yet voted on the CR, and a coalition of Democrats had vowed to block it unless Republicans agreed to include year-long funding for the health care benefits of coal miners. The House-passed package includes funding for only four months, and Members of Congress in that chamber left town shortly after its passage. ."We've seen sometimes 10 to 12 dependents, most times nieces and nephews, on these tax forms," the whistleblower told WTHR Eyewitness News. The Treasury Inspector General report corroborates this, saying that questionable claims are made that include children living outside the United States. The individuals who received the tax credits filed an income tax return. Even though it's illegal for unauthorized immigrants to work in this country, the federal government requires payment of taxes on earnings. Even income obtained illegally is subject to income taxes. Because illegals don't qualify for a Social Security Number, the IRS provides an Individual Taxpayer Identification Number (ITIN) to enable them to file a return.