Best Ways Save December 2014
In January, lawmakers on Capitol Hill will likely begin efforts to repeal the Affordable Care Act, overhaul the tax code, dramatically alter trade deals, and confirm a new Supreme Court Justice. It remains to be seen which other policy issues will be prioritized by the Republican Congress. Efforts to reform the Social Security and Medicare programs have been on the table for years, and in the platform that the Republican party adopted back in July, lawmakers agreed that "of the many reforms being proposed, all options should be considered." Proposals to raise the Medicare eligibility age or to adopt the "chained" CPI – which would result in more slowly-growing Social Security cost-of-living adjustments – could see congressional action in 2017. .Eighty percent of the nation's active pharmaceutical ingredients come from overseas — and China is its No. 2 supplier, behind only Canada. .TSCL has many veterans among its supporters and no-doubt not all of them have a disability rating so they may be happy to know that Congress is considering including them in the VA's Covid-19 vaccination efforts. … Continued
Category Legislative News Page 15
The House-passed bill eliminates the medical expense deduction, which approximately 5 million taxpayers over the age of sixty-five rely upon when their out-of-pocket medical costs total more than 10 percent of their annual income. The elimination of this deduction would be a catastrophic financial loss for those who find themselves in need of costly in-home or nursing home care. Congressman Kevin Brady (TX-8) – the chairman of the bicameral conference committee – said this week that he hopes to keep the deduction in place, but discussions remain up in the air. .We want to emphasize that these are all projections based on the economic situation at the time they were developed. As we have seen in the past year, things can change dramatically and clearly, we still don't know how things will be in the coming months and year with regard to the pandemic. .If signed into law, the Keeping Our Social Security Promises Act would amend the Internal Revenue Code of 1986 to apply Social Security payroll taxes to earnings up to the contribution and benefit base and to all earnings in excess of 0,000. … Continued
Uncovered healthcare costs — In planning your budget, include costs that Medicare doesn't cover — dental care, eye exams and eyeglasses, for example. When shopping health plans, some MA plans may offer extra benefits like these. .Defeating Alzheimer's requires uniting Americans nationwide in conjunction with local government, healthcare experts, and outside organizations like the Alzheimer's Association. We are all in this fight together, and ending this disease will take time and a common focus on the task at hand. That's why we must continue to raise awareness of Alzheimer's and the promising efforts taking place to curb its growth, as well as increase support for patients and their caregivers. While the challenge of battling Alzheimer's is immense, the outpouring of support and dedicated activism for this crucial cause gives me hope that we can one day effectively treat—and eventually cure—this devastating disease. .To fix the program, TSCL also supports an increase in Continuing Disability Reviews, which are conducted to determine whether an enrollee still qualifies for benefits, and an increase in the payroll tax cap, which currently sits at 8,500. We will continue to advocate for these and other long-term solutions that we believe would return the program to solvency responsibly. .Does TSCL receive government funding? .By Rick Delaney, Chairman of the Board, TSCL .TSCL agrees with members of the subcommittee and we share their concerns about fraud within the DI program. We feel strongly that the federal government must administer the necessary oversight to ensure that scarce program dollars are being spent properly. In the months ahead, we will continue to advocate on Capitol Hill for fraud prevention and for the administrative funding needed to make meaningful progress. .To learn more about how the SSA calculates the COLA you can find that info here. .Because the economic fluctuations were highly unusual and unforeseen, logic dictates that Congress could not have intended the benefits that Notch Babies actually received. The disparities in benefits under the actual conditions of double-digit inflation are illustrated in the following chart, which was not developed until 199Even if Congress had developed this chart in 1977, however, they would have seen benefit differences of only 10%-14% shown on the left-hand side of the chart. Instead, the effects of inflation are reflected by benefit differences of 13% to 30% shown on the right. In effect, the actual benefit reductions for many retirees were more than double what original projections would have been at the time. .Fixing this problem seems to be more complicated than passing a continuing resolution to temporarily fund the government. Senate Minority Leader Mitch McConnell (R-Ky.) has made it known that no Republican Senators will support raising the debt ceiling and without Republican support Democrats will have to resort to a special procedure called "reconciliation" in order to pass it because of the Senate filibuster rule. In the past there has been partisan squabbling over raising the debt ceiling but when it came right down to it both sides ended up voting to raise it. We'll find out very soon whether that will happen this time.