Important Message To All Medicare Beneficiaries
Social Security recipients who have contacted The Senior Citizens League overwhelmingly feel that a higher COLA would be long overdue. They say that the COLA doesn't come close to keeping up with their actual cost increases. When prices rise rapidly at the same time that retirees are receiving a very low COLA, as is the case in 2021, this shortfall can produce long-term impacts on retirement income, and even health, when retired households without adequate retirement savings run short of cash before the month is over. "In email after email, we are hearing that people are cutting their spending on prescriptions and groceries because that's the last things they have left to cut," says Johnson. The Senior Citizens League works to strengthen Social Security benefits and the COLA. .The report attributed the rapid increase to "an aging population, rising health care costs, and an expansion of federal subsidies for health insurance." In 2039, Social Security, Medicare, Medicaid, and other federal healthcare programs are expected to cost approximately 14 percent of the economy, which is double the 7 percent average that has held steady over the past forty years. .War Savings to Fund "Doc Fix" Extension? … Continued
Best Ways To Save July 2014
Anthony Cummings, a fugitive on the run from a child rape indictment in Georgia, improperly collected thousands of dollars in Supplemental Social Security Income (SSI) payments until the law finally caught up with him. The SSI program, which is administered by the Social Security Administration (SSA), will continue to pay fugitives at least million annually unless state fugitive files can be used to prevent such payments, the agency`s Inspector General recently warned. Auditors estimate that fugitives have collected between 8 million and 0 million in SSI benefits over the past four years. The SSA hopes to negotiate agreements by July to obtain fugitive records from all states. .Six Steps to Getting Six Month's Worth of Prescriptions for the Cost of Two. Get more mileage out of your drug coverage using these tried and true methods. They'll be lifesavers for you just like the thousands of seniors who have tried them. Editors, a full article with permission to reprint is available. .According to an article in The Hill, a Washington, D.C., newspaper that covers legislative matters in Congress, it just might happen. … Continued
Funding concerns are one of the key reasons TSCL is relieved SSA has decided to remove the text requirement from the login process. Without online access, more seniors than ever would have been relying on their local Social Security offices, and under-staffed offices would surely have been overwhelmed with requests. .Doing this can be worth hundreds, if not thousands, of dollars in savings in a single year, and it's surprisingly simple. Free one-on-one counseling is available from local Medicare benefits counselors like me in every area of the country, through State Health Insurance Programs (SHIP). Many of these programs operate through local area agencies on aging, senior centers, and community health centers. .Switching Drug Plans Can Save Big Money — Here's Proof .The Social Security COLA is provided to help protect the buying power of benefits when costs rise due to inflation. Yet even under the current method of adjusting benefits, Social Security benefits have lost 30 percent of buying power since 2000, according to a recent report released by TSCL. "Switching to the chained CPI would mean the erosion in the buying power of Social Security benefits would occur at faster rates than is already occurring today," says Johnson. "That puts retirees at higher risk of depleting retirement savings more quickly than expected, going into debt, and going without." According to Johnson's analysis, if the proposal were to take effect this year, average benefits would be about per month lower by 2026, and about per month lower in 20 years. .No. Your understanding is correct, although there are circumstances that might explain the income. The Social Security Disability Insurance (SSDI) program's rules generally restrict beneficiaries from working and earning substantial amounts while they are receiving benefits. When beneficiaries first return to work, however, they can earn an unlimited amount for 12 months without losing their benefits under "trial work period" rules. Thereafter they can earn a specified limit, ,480 in 2013, before their benefits are eliminated. .Provide a guaranteed minimum COLA of 3 percent. Providing a COLA guarantee of 3 percent in years when no, or an extremely low COLA is payable would eliminate the triggering of hold harmless and subsequent Medicare premium spikes on a program-wide basis. Because the vast majority of beneficiaries would be able to afford their premium increase, the cost of Part B premiums would be shared over the greatest possible number of beneficiaries, keeping Part B increases lower. .The COLA will be announced on October 19th, and Medicare premiums and deductibles also will be announced in the fall. Seniors who are already retired and those nearing retirement have few options if the benefits they rely on today were to be cut. TSCL is fighting such proposals affecting the benefits of current retirees, believing that seniors need a COLA that more adequately protects the buying power of Social Security, and TSCL supports H.R. 776, the Guaranteed 3% COLA Act, introduced by Representative Eliot Engel (NY-17). .The agreement appears ambiguous on this issue, and TSCL has filed four Freedom of Information Act requests in order to obtain copies of estimates of the cost to Social Security. After receiving the first known copy of the agreement in December of 2006, which apparently had never been made public, even to Members of Congress, the battle to obtain key documents in federal court has continued for TSCL. According to the State Department, public disclosure of the withheld information would risk undermining U.S. efforts in important areas of U.S. foreign policy. TSCL rejects this and will ask the judge to look at documents to see if they have been properly withheld. Although current U.S. law forbids the payment of Social Security benefits to illegal immigrants, there are loopholes and exceptions. .In April, House lawmakers voted on a balanced budget amendment to the constitution that would have been disastrous for Social Security and Medicare beneficiaries if adopted. Did you support this drastic measure, and if so, why?