Benefit Bulletin Februarymarch 2016
When working Social Security recipients who are younger than full retirement age earn more than the annual earnings limit amount, their benefits will be reduced. The Social Security Administration likes to point out that these benefit reductions are "not truly lost because your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings." But as you have discovered, you can sometimes wind up owing money to Social Security that was not withheld properly. .In the coming weeks and months, TSCL looks forward to working with Congressman Duncan's office to build bipartisan support for the CPI for Seniors Act. For updates on the progress of the bill, click HERE for visit the Bill Tracking section of our website. .TSCL opposes any plan to hastily repeal our nation's health law without an acceptable replacement that ensures affordable quality coverage in place. We urge you to contact your Members of Congress and let them know that an Obamacare repeal that puts your family's access to healthcare into question is unacceptable. … Continued
Notch Bulletin How Can I Learn About The Lump Sum Notch Legislation
Determining when to move to a senior living facility is a complicated decision — making process that involves being able to think dispassionately and realistically about long-term needs. That's a tall order for anybody. It often means talking to others, getting outside opinions, and help from professionals. .Misconceptions about Medicare coverage are very widespread. New beneficiaries and their families are frequently surprised when they learn what Medicare doesn't cover. Routine eye examinations, eyeglasses and lenses, hearing exams and hearing aids are among the services generally excluded from the core benefits covered by original Medicare. .Rep. Ted Deutch (FL-21) introduced H.R. 1811 on April 15, 201It has since been referred to the Committee on Ways and Means and to the Committee on Education and the Workforce. … Continued
This situation is only for 30 months though. Once you turn age 66 you can earn as much as you want without reduction to your Social Security benefits. Meanwhile you continue to work and delay your retirement benefit allowing it to grow. Once you reach age 70 you should go ahead and switch to your own larger retirement benefit, since it won't grow any larger. .When attending town halls, find out how your candidate stands on this issue. Ask whether he or she supports expanding Medicare coverage to dental care. .To complicate it even more, because of the particular rules of the Senate regarding a filibuster, a bill that is controversial in any way must have 60 votes in order to pass. And with Republicans so divided about drug pricing legislation, the path to final passage is wrought with obstacles. The one possible way to pass something is by attaching drug pricing legislation to a bill dealing with surprise medical billing. That would not happen until late in the spring if it happens at all. .Recently we heard from Barbara B. of Indiana who was affected in a similar way last year, but who will finally catch up in 201Barbara's net Social Security benefit, after deduction for Part B premium, has remained exactly the same for the past three years. She hasn't seen an increase in her benefits since 2015, despite a 2% cost-of-living adjustment (COLA) in 2018. .Last year, I co-founded the bipartisan House Retirement Security Caucus in order to raise awareness about the importance of properly planning for retirement (and the pitfalls of not doing so). As co-chairman of the caucus, I am committed to making sure the federal government does not make retirement planning more complicated than it should be. Just recently, in response to the Department of Labor's proposed "fiduciary rule" that could restrict Americans' access to financial advice, I voted for the SAVERS Act (H.R. 4294), which would protect such access while also helping to ensure that financial advisors act in the best interest of the retirees and families they serve. .With so many grandparents becoming more involved in the day – to - day care of their grandchildren you may learn that you qualify for other programs that can reduce healthcare, food, and other expenses. We recommend that you take time to try the National Council on Aging's online "BenefitsCheckUp" screening tool to learn about benefit programs in your area. .The recommendation of MedPAC would combine the deductibles for Part A and Part B services. Currently the deductibles are charged separately and for good cause. About 80 percent of Medicare beneficiaries never pay a Part A deductible because they don't require hospitalization in most years. The Part A deductible for hospital inpatient services is ,156, a cost that is covered in full today by all Medigap supplements. Some Medigap supplements also cover all of the Part B deductible, which is 0 in 201Costs differ for seniors enrolled in Medicare Advantage depending on the plan. Co-payments would also change and vary by the type of service and provider. .The "Notch" refers to a major inequity in Social Security benefits that affects seniors born from 1917 through 192According to Social Security Administration data through December 31, 2012, there are about 4.2 billion Social Security beneficiaries born during the Notch years. TSCL estimates that The Notch Fairness Act would cost about .5 billion over four years and could be paid for by doing a better job of eliminating fraud and erroneous payments. .The House of Representatives has scheduled a vote for this coming Wednesday on a new CR that will last until Dec. 18, as well.