2017 Loss Buying Power Report
TSCL is a non-partisan organization which means we work with whomever supports our legislative agenda, regardless of what party they belong to. We look forward to working with the new chairmen and women of the various Senate committees and with the minority members of the committees in achieving our goals. .The decision is complicated by significant trade offs that can reduce or even eliminate the money you are hoping to receive. Here are some factors that you need to consider. .(Washington, DC) – The upcoming Supreme Court Case on immigration could have significant consequences for Social Security and Medicare, says a report , released today by The Senior Citizens League (TSCL). The U.S. Supreme Court is expected to hear arguments April 18th on President Obama's executive action on immigration. The president's immigration policy changes would allow an estimated 5 million undocumented immigrants, including parents of U.S. citizens or lawful residents, to obtain temporary deferral of deportation, work authorization and potential access to Social Security and Medicare benefits. … Continued
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Sources: 0.3% COLA Announced, The Social Security Administration, October 19, 201"Long Term Impact of Low COLA Growth," Mary Johnson, TSCL, August 31, 2016. .Super-Committee Republicans offer a 300 billion dollar tax-revenue concession. After an initial pledge not to raise taxes over the next decade, Republicans are willing to allow tax increases to help meet the 1.2 trillion dollar debt-reduction mandate by November 23rd. .Alexandria, V An overwhelming majority of seniors oppose two Medicare changes that are among the most widely - discussed reforms in Congress, according to a new survey by The Senior Citizens League (TSCL). Eighty-one percent of seniors strongly oppose a proposal that would impose a significantly higher annual deductible while restricting supplemental Medigap plans from covering the cost. Only 1 percent of those responding favored the idea. Seventy - four percent also strongly oppose replacing Medicare with a premium support system of private health plans, and giving beneficiaries a premium subsidy or voucher to shop for a new health plan. Just 5 percent said they favored this idea. "Both plans shift costs to seniors, something the vast majority can ill afford," says TSCL Chairman Ed Cates. … Continued
Recently Congressional Budget Office estimated in its 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 full impact of cost shifting that occurs when people with low Social Security benefits are protected from reductions due to high Medicare Part B premium increases. Thus, the base monthly Part B premium increase for 2020 could be even higher than .40, and closer to the spike seen in 2016. .Many seniors have been confused by Medicare Advantage plans, because they are aggressively marketed as offering Part D drug coverage, in addition to hospitalization and doctor's insurance. Some seniors have enrolled in the plans thinking they were getting drug coverage only to add to supplemental coverage they already had. .43% support very gradually increasing the Social Security payroll tax rate paid by employers and employees. .The number of older taxpayers who find that a portion of their Social Security benefits are taxable tends to grow over time. Unlike income brackets that are adjusted for inflation, the income thresholds that subject Social Security benefits to taxation have never been adjusted since Social Security benefits became taxable in 198When the law was first passed, less than 10 percent of all Social Security recipients were estimated to have incomes high enough to be affected by the tax on benefits. But today, even retirees with modest incomes can be affected by the tax. .Source: "Audits Of Some Medicare Advantage Plans Reveal Pervasive Overcharging," Fred Schulte, Center For Public Integrity," NPR, August 29, 201"Medicare Advantage: Fundamental Improvements Needed in CMS's Effort to Recover Substantial Amounts of Improper Payments, Government Accountability Office, April 2016. .On Wednesday, the budget conference that was created in last month's deal to raise the debt ceiling and re-open the government met publicly for the first time. Each of the twenty-nine members – including seven House members and all twenty-two members of the Senate Budget Committee – made opening statements to establish their positions. As expected, many of the conferees seemed split along party lines on Wednesday, but each of them stressed a strong desire to reach an agreement. .Get quotes from 5 to 10 highly-rated insurance companies. Make sure you are getting apples–to–apples comparisons for the same type of annuity. .The Obama Administration and proponents of Obamacare have continued to downplay the cancellations of the health insurance of 4.7 million individual policy-holders (including yours truly) who received notices that our polices would be ending in 2014 because they didn't comply with the new healthcare law. I was able to temporarily renew my so-called. .For many lawmakers and citizens, this news was disturbing but not surprising. This is exactly why Republicans are demanding that we stop raiding the current program and reform of the system for future generations. Doing nothing is not an option. The status quo will mean the end of Medicare as we know it. Yet instead of putting forth new ideas to reform the program and use the savings to shore up Medicare for future generations, Democrats transferred 0 billion out of Medicare to fund their latest entitlement program, the massive health care law.