How Has The Recession Affected Funding For Your Social Security And Medicare Benefits
We are no longer physically able to work, so we're concerned that current Social Security and Medicare benefits and future COLAs will be cut via D.C. shenanigans and slight-of-hand legislation, thus making our financial situation worse. .To learn more, download "When To Start Receiving Benefits" from the Social Security Administration. .(Photo: iStockphoto) … Continued
Legislative Update Week Ending July 21 2017
The massive cost of both House and Senate tax bills, estimated to add .5 trillion to the deficit, will trigger automatic spending cuts in 2018 due to language in the Statutory Pay-as-You Go Act of 20The Act, commonly known as "pay-go", prevents legislation from adding too much money to the deficit. Because the .5 trillion cost of the bill is not adequately offset, the Medicare program will see billion in cuts in 2018, and other critical programs like Meals on Wheels would see their budgets slashed. Lawmakers have said they will pass legislation early next year to avert these cuts, but that remains uncertain. .The SNAP Simplification for the Elderly Act (H.R. 4521) gained one new cosponsor in Representative Tulsi Gabbard (HI-02), bringing the new cosponsor total up to 20. If enacted, H.R. 4521 would streamline the application process for senior citizens to receive help from the Supplemental Nutrition Assistance Program (SNAP). The bill would also encourage collaboration between local Social Security offices and the SNAP programs to help seniors at risk of hunger enroll in both benefits simultaneously. .In an ironic twist, the proposal runs counter to Republicans' belief in the free market system and Congressional Republicans have long opposed it, while Democrats, including Senator Bernie Sanders (I-Vt.), have long advocated it. … Continued
Furthermore, this hurricane season is predicted to be a very bad one and money taken from FEMA for unemployment payments may be needed to deal with the destruction caused by the storms. What is more, the California fire season appears to be underway and federal funds are often used for relief efforts with those. .In addition, two new cosponsors – Congressmen Jim Langevin (RI-2) and Gregorio Kilili Camacho Sablan (MP) – signed on to the Protecting and Preserving Social Security Act (H.R. 3302), which was recently introduced by Congressman Ted Deutch (FL-22). If adopted, his bill would base the COLA on the CPI-E and cover the cost by removing the Social Security payroll tax cap for high earners. H.R. 3302 now has nine cosponsors in the House. .According to the new survey by The Senior Citizens League, the majority of Medicare beneficiaries (72 percent) report spending for prescription drugs that was less than the Part D initial coverage limit in 2020. But 28 percent of survey participants report a level of monthly drug spending (at least per month and more for co-pays and co-insurance) that puts them at risk of exceeding the Medicare Part D initial coverage limit and hitting the "coverage gap" or "doughnut hole" — the point at which drug costs can be higher than under initial coverage. In addition, one quarter of survey participants, 25 percent, said they postponed filling one or more prescriptions in 2020 due to high cost or shortages. Under current law there is no annual cap on out of pocket spending in Part D, except for the lowest income beneficiaries who qualify for Medicare Extra Help which covers most of their out of pocket costs. .The judge's order stops the implementation of the rule until the completion of the notice and comment process. .A number of Social Security recipients told their stories to the members of the subcommittee and explained the problems they face, as well as their desires for improvements to the program. .Set up a healthcare worksheet with your basic expenses. That can include Medicare premiums for Part B (deducted from your Social Security), Medicare supplement premiums and Part D premiums OR Medicare Advantage premiums. You also need to include deductibles, out-of-pocket co-pays or co-insurance. In addition, include the costs for premiums or out-of-pocket costs for services that Medicare does not cover, including dental, vision and audio. Include the cost of glasses and hearing aids and batteries if you use them. ."Anything that puts you in contact with more people is going to increase your risk," said Cindy Prins, a clinical associate professor of epidemiology at the University of Florida College of Public Health and Health Professions. "If you compare it to just staying at home and quick trips to the grocery store, you'd have to put it above" that level of risk. .If signed into law, the Social Security Protection and Truth in Budgeting Act would amend the Social Security Act to ensure that receipts and disbursements of the Social Security Trust Funds are not included in a unified federal budget. It would also mandate that Trust Fund monies cannot be diverted to create private accounts. .With 1.2 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association. Visit for more information.