Legislative Update For Week Ending February 28 2014
The next twelve months is one of the most critical periods for the nation's seniors and disabled who receive Social Security and Medicare. The failure of a special Joint Committee of Congress known as the "super committee," means automatic budget cuts totaling billions of dollars that are scheduled to kick in by 2013 unless Congress enacts different plans. Although Social Security and Medicaid appear to have escaped the knife for now, billions in Medicare spending would be cut from payments to hospitals and other providers. .As prices. Low COLA & 038; COVID-19 Costs Could Trigger A Medicare Premium Spike When the Social Security Administration announced that the cost-of-living adjustment (COLA) for 2016 would be zero, a stunning thing occurred. The Medicare Trustees projected that the monthly Part B premium would increase by an unprecedented .50 (52%) between 2015 and 2016— from 4.90 to 9.30 per month. What does this have to do with the. Retirement Benefits Could Be Subject To "Inaccurate CPI Information" TSCL is forecasting a 1.3% Social Security cost-of-living adjustment (COLA) for 202Our forecast is based on the most recent consumer price data from the U.S. Bureau of Labor Statistics (through August) and uses the same formula that the Social Security Administration uses to calculate the annual inflation boost. .Mary: What is the "anchor effect" and could you give an example? … Continued
Best Ways To Save On Medicare Costs
At the hearing, the Ranking Member of the Committee – Senator Bob Casey (PA) – presented a bill he introduced called the Beneficiary Enrollment Notification and Eligibility Simplification (BENES) Act. If adopted, his bill would simplify the Medicare enrollment process and help those nearing eligibility avoid costly penalties for late enrollment. .The CPI-W gives less weight to medical care and housing costs — two categories that have climbed by more than 7 percent and almost 5 percent, respectively, over the past 12 months — and more weight to gasoline, which has deeply plunged over the past year. Older Americans tend to use more medical services and spend more of their budgets on housing than younger workers. Because the CPI-W excludes the spending patterns of people over the age of 62, it does not include things like rising Medicare premiums, which are one of the fastest growing costs in retirement. .Sources: "Social Security, Treasury Target Taxpayers For Their Parents' Decades-Old Debts," Marc Fisher, The Washington Post, April 10, 201 … Continued
If you have a question about a treatment or test found online, talk to your health care provider or doctor. If you have a question about a medication, call your pharmacist or the FDA. The FDA's Division of Drug Information (DDI) will answer almost any drug question. DDI pharmacists are available by email, [email protected], and by phone, 1-855-543-DRUG (3784) and 301-796-3400. .Which dentists and dental specialists in your area are in the plan's network? Does the dental plan require you to use a network of dentists, or do you have the freedom to choose any provider who accepts your insurance? Are you willing to switch dentists in order for your care to be covered? It's especially important to learn what periodontists and other specialists in your area are in the dental plan's network. If you need to get a tooth pulled and an implant, but no periodontist accepts your dental coverage, you may wind up needing to spend ,000 or more out-of-pocket for an implant. .When no, or a very low, COLA occurs, a provision of law known as "hold harmless" is triggered. Under the provision, when an individual's Social Security COLA is insufficient to cover the increase in the Medicare Part B premium, the Part B premium is adjusted so that one's Social Security benefit isn't reduced from one year to the next. About 70% of Medicare beneficiaries are protected by hold harmless from rising premiums. .This week, four new cosponsors signed on to the Social Security Fairness Act (H.R. 1795), bringing the total up to one hundred and thirteen. The new cosponsors are: Reps. Michael Fitzpatrick (PA-8), Frank LoBiondo (NJ-2), Brett Guthrie (KY-2), and Katherine Clark (MA-5). If signed into law, the Social Security Fairness Act would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two federal provisions that unfairly reduce the earned Social Security benefits of millions of teachers, fire fighters, peace officers, and other state or local government employees each year. .The study examined the increase in costs of 40 key items between 2000 and January 2020. The items were chosen because they are typical of the costs of most Social Security recipients, and include expenditures, like the Medicare Part B premium, that are not measured by the index currently used to calculate the COLA. Of the 40 items analyzed, 26 exceeded the COLA over the same period while 14 were lower than the COLA. .Analysts say that deeper Medicare cuts may be back on the table by the end of the year. One of the most controversial proposals would convert Medicare into a system called "premium support." Under the proposal, the government would allocate a fixed amount of money for Medicare beneficiaries' premiums; and people would then purchase coverage from private health plans that would provide all their care. .Can I expect a cost of living increase this next year? Something needs to happen! .My drug plan is offering a new mail order system. I normally fill my prescriptions at the pharmacy. Does this really save any money? What would I do if I need a prescription quickly? .TSCL feels that individuals should not be penalized financially if they are unable to enroll on time due to technical issues with the website, and we enthusiastically support the Delay until Fully Functional Act. We look forward to working with Sen. Rubio and Rep. Radel in the coming months to help build support for their bill.