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  • Best Ways Save August 2016

    Sens. Tom Carper (DE) and Tom Coburn (OK) introduced S. 1123 on June 10, 201It has since been referred to the Committee on Finance. .The Senior Citizens League is conducting an online survey of healthcare costs experienced by Medicare beneficiaries and invites seniors and the disabled with Medicare to participate at . The information will be used to educate both lawmakers in Congress and the public about the financial challenges of keeping Medicare affordable for beneficiaries while ensuring program financing remains sound for the future. To learn more about changes to Medicare, get tips on reducing your Medicare costs and to participate in TSCL's new online Medicare healthcare cost survey visit: . .The CARES Act will not impact payment of Social Security benefits because funding from the projected Social Security payroll taxes will be credited to the Trust Fund. Increased borrowing and increased debt costs may put added pressure on Social Security for changes to improve solvency in the near future, though. … Continued

  • Hospitals Told To Stop Hiding Their Prices From Patients

    This sounds similar to the current Medicare Advantage system except for one big difference — the Health and Human Services secretary would be given authority to set beneficiary cost-sharing "based on evidence of the value of services." Under this criterion, who do you think would be more likely to get the best coverage for expensive services like CT scans that can cost ,000 — an 84-year-old, or a 43-year-old mother with two children? Finally, the recommendation would require insurers to pay a surcharge on the Medigap policies that they offer to beneficiaries. This proposal is not new. .The lack of growth in Social Security benefits is eroding the buying power of more than 60 million people who depend on Social Security. There was no annual boost again this year. But according to a recent TSCL survey of more than 1,100 people age 62 and over, retiree household expenses continued to climb. Some 72 percent of survey respondents reported their monthly expenses grew by more than in 2015. ."Reducing the cost of prescription drugs is essential for both Medicare beneficiaries and Medicare's finances," says Mary Johnson, a Medicare policy analyst for The Senior Citizens League (TSCL). The average monthly Social Security retiree benefit is just ,552, while spending on prescription drugs is the fastest growing cost that most retirees face in retirement," she says. Over time, drug costs take a growing portion of Social Security income, because prices are rising several times faster than annual cost of living adjustments (COLAs). … Continued

Mail order can also help you save if your drug plan is increasing co-pays or drug costs, dropping coverage or making similar changes for 201Orders placed by December 31, 2011 will be filled by your 2011 drug plan mail order pharmacy, and covered at the costs when you place your order your prescription in December. .TSCL is gearing up to fight legislation that would cut the current rate of COLA growth any further. To the contrary 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). Why not take a few minutes now to send your Representative an email explaining how you need a Social Security COLA you can rely on? Be sure to ask your Representative to co-sponsor H.R. 776, the Guaranteed 3% COLA Act. .Last May the House of Representatives passed a second coronavirus-related economic stimulus bill that addressed the on-going economic and medical hardships resulting from the pandemic. The legislation, which passed the House, included over trillion in relief for state and local governments, around 0 billion in hazard pay for essential workers, and billion for coronavirus testing and contact tracing. .As of yet the White House has not put out President Biden's plans for drug pricing legislation, or how strongly they will push for it. .In a statement that was released on Thursday, Mary Johnson – Policy Analyst for The Senior Citizens League – said: "The bottom line is that Medicare Part B premiums rise several times faster than COLAs, and those premiums are now high enough to cause the net Social Security benefits of millions of people to remain flat for years at a time … This would make the fourth year in a row that this particular group has not seen a boost in their net Social Security benefits." .Under current law, if an illegal immigrant eventually gets a work-authorized Social Security number through "guest worker" immigration legislation, or work covered under the Totalization Agreement, that worker could then eventually apply for Social Security benefits once eligibility requirements are met. Regardless of citizenship status, once an immigrant has a "work-authorized" Social Security number, that person may claim credit for all earnings, even those earned while working illegally. .If it seems too good to be true, it probably is. .The 1977 legislation was intended to correct an earlier flaw in the Social Security benefit formula. That flaw raised the initial retirement benefits for future retirees too quickly. Government economists predicted at the time that, if not corrected, the initial monthly benefits of future retirees could be greater than their monthly earnings prior to retirement - far above the levels ever anticipated (2). The flawed benefit formula would bankrupt Social Security. .for a Worker With Average Earnings, Retiring at Age 65