Medicare Spends Most Of Its Money On Only 10 Of Drugs
Here's how the coverage gap works. Once individuals and their Medicare Part D plans spend the initial coverage amount (,310 in 2016) on covered prescription drugs in a calendar year, beneficiaries hit the doughnut hole. Once in the doughnut hole, coinsurance on covered drugs is not only higher, one must also pay a substantial amount out-of-pocket to reach the limit for catastrophic coverage. For brand-name drugs in the coverage gap, individuals are responsible for 45% of the cost, and for generic drugs, they're responsible for 58%. Once out-of-pocket costs for those in the doughnut hole total ,850, catastrophic drug coverage takes effect, and Part D plans pay 95% of prescription drug costs until the calendar year ends. .Reports are coming in across the country of a new Social Security scam. Scammers use a threatening tone saying that due to illegal activity (such as an "account breach") your Social Security account has been "compromised" and will be closed unless you call a phone number to address the issue. .The Guaranteed 3 Percent COLA Act (H.R. 991) from Congressman Eliot Engel (NY-16) also gained one new cosponsor this week: Congressman Andre Carson (IN-7). If adopted, it would base the Social Security cost-of-living adjustment (COLA) on the more accurate Consumer Price Index for Elderly Consumers (CPI-E), and it would guarantee an annual benefit increase of at least 3 percent. The bill now has six cosponsors in the House. … Continued
Category Issues Social Security Faqs Page 3
Because of these risks, action will be required well before 2037 and the costs associated with delaying action grow each year. While TSCL understands that changes are needed to the Social Security system and some small changes are likely, harsh benefit cuts should not be tolerated. .TSCL Endorses New COLA Legislation .Candidates campaign for office saying they don't support cutting Social Security benefits of current retirees, or those close to retirement. Yet the two recently - enacted changes went into effect almost immediately after passage. People who are under the age of 66 by the end of April 2016 may no longer use file and suspend, and those who were under the age of 62 by the end of 2015 will no longer be able to use restricted applications for spousal benefits. … Continued
Understand what is covered and what isn't. First the good news: You are probably covered in case a meteorite strikes your home. Now the bad: Your coverage probably doesn't protect you from floods or even a sewer back up. You may be underinsured. Insurance industry surveys indicate, for example, that 43% of homeowners believe damage from heavy rain flooding is covered under the standard insurance policy. It isn't. To be protected you must purchase supplemental flood insurance or other types of riders to your homeowners policy. The same may be true of wild fires, mudslides, sink holes and other natural disasters. If you live in a high-risk zone, consider adding flood or other supplemental coverage. .Under the Affordable Care Act, or Obamacare, private and public sector large employers are responsible for providing health insurance for employees and contributing toward the cost of insurance. Generally, the federal health insurance exchange is only available for people who can't otherwise afford to purchase the insurance offered by their employer (according to thresholds set by law). But the fight to pass the 2010 Affordable Care Act was so contentious and controversial that some Members of Congress insisted that their colleagues set an example and be required to have the same coverage as all other Americans. .Florida's contact tracing program has been mired in controversy over reports that it is understaffed and ineffective. For instance, CNN called 27 Floridians who tested positive for COVID-19 and found that only five had been contacted by health authorities. (The Florida Department of Health did not respond to requests for an interview.) .Virtually all of the changes tend to show inflation as growing more slowly. Independent economist John Williams believes that the combined effect understates the measured rate of inflation by an astonishing 7 percentage points. One of the clearest illustrations of the impact of a major change is seen in the following chart of COLAs between 1976 and 1987. .Please, share this video with your friends (use the "Share" button above or copy the URL into an email). .Year after year, seniors are struggling with higher-priced groceries, copays, deductibles and prescription medications. To make matters worse, Republicans in Congress are passing bills that raise healthcare and housing costs for seniors. .Congress and President Obama are battling over the federal budget, but supporters in Congress aren't about to forget Notch Babies. The Notch Fairness Act bills (H.R. 155) and (S.90) were introduced by Representative Mike McIntrye (NC-7) and Senator David Vitter (LA). They were among the first bills to be re-introduced in the new session. The bills would provide Notch Babies born from 1917 through 1926, or spouses who receive benefits on their account, a choice of ,000 payable in four annual installments or, an improved monthly benefit. .Drug Discount Cards .Two cosponsors – Rep. Doris Matsui (CA-5) and Sen. Dean Heller (NV) – signed on to the Social Security Fairness Act (H.R. 1332, S. 2010) this week, bringing the totals up to 166 in the House and 13 in the Senate.