Legislative Update For Week Ending December 11 2015
Also this week, Senate Finance Committee Chairman Charles Grassley (R-Iowa) expressed optimism that he will gain support for the bill to lower prescription drug prices that he and Senator Ron Wyden (D-Ore.) have written. Grassley's remarks came in the light of President Trump's State of the Union speech where he thanked Grassley for his work on the drug price issue and urged Congress to get a bill passed and sent to him. .Now, another warning has been issued that some sanitizers made in both the U.S. and China contain benzene, a chemical known to cause blood cancers such as leukemias. .By delaying the start of your benefit until your full retirement age of 66, your benefit will be 25% higher. Delay until age 70, and your Social Security payment will be 65% higher than if you start it at age 6This can make a huge difference in the monthly income you receive. For example, if entitled to a monthly benefit of ,000 at age 66, you would receive only 0 per month at age 6And if you can delay until age 70 you could take a retirement benefit of ,320. … Continued
Trump Budget Proposes 64 Billion Social Security Disability Cuts
This study illustrates why legislation is needed to provide a more fair and adequate COLA. To put it in perspective, for every 0 worth of groceries a retiree could afford in 2000, they can only buy worth today. To help protect the buying power of benefits, TSCL supports legislation that would provide a modest boost in benefits and base COLAs on the Consumer Price Index for the Elderly (CPI-E) or guarantee that the COLA would be a minimum of 3 percent. To learn more, visit . .The costs shown in the chart below assume coverage started on September 1, 201Costs include premiums, deductibles, and out-of-pocket cost sharing for 201Costs are estimates, and actual costs may vary somewhat depending on the pharmacy. The prices in our chart are likely to change for 2018. .Today we are going to be hearing from people in their own words about Congress's neglect to help the very citizens we are sworn to serve. … Continued
Advancing age puts many retirees at risk of oral health problems. A common cause of cavities is dry mouth, a side effect of more than 500 medications. Periodontal disease is widespread, even though it can be prevented with regular visits to the dentist and cleanings. In addition, research shows a strong link between oral health and a host of other diseases. .And, in case you had any doubts about why you need that Medicare Advantage plan in the first place, here are the general types of costs if you have Medicare Advantage plan coverage compared with having traditional Medicare with a Medigap supplement. .3 Social Security scenarios show vastly different results .To date, no government agency has released any complete estimate of the potential cost of illegal earnings to the Social Security Trust Fund. The best indication of the potential cost is contained in the Social Security Administration's "earnings suspense file" (ESF). .Few employers outside the federal government and the military have taken up the option. Costco Wholesale Corp., United Parcel Service Inc. and FedEx Corp. are among employers that have said they aren't participating. .I hate that we're placing seniors in no-win situations, and that's why I've re-introduced My Seniors' Security Act. It ensures that COLA increases aren't just eaten up by rising health care costs and it recalculates COLAs completely. Specifically, my act would create a ‘circuit breaker' of sorts, so seniors never lose more than 30% of their COLA to Medicare premiums. .The measure has bipartisan backing in the Senate, as well as support from some moderate House Democrats. However, it is facing opposition from House leaders who say the legislation is a roundabout way to cut Social Security benefits. .Thus, if you need to replace lost income right away, and you don't have a lot of savings or other resources to finance a waiting period for benefits, your husband may be better off simply filing a claim now for Social Security retirement benefits. While those benefits would be reduced due to starting benefits prior to his full retirement age, the application process is straightforward and can be accomplished easily online. Benefits could be started on the effective date you choose. .The legislative proposal also does not specify whether the locality pay adjustment would be applied in addition to the COLA or used instead of a COLA. If the intention is to add a second adjustment in addition to the COLA my guess is that many retirees would welcome the additional boost. Should the proposal be intended to replace the COLA that brings a higher level of uncertainty to the annual adjustments than we already experience. For people who live in areas where private sector pay is on an even level with federal pay or lower, those retirees may wind up with little or no locality pay adjustment, perhaps over the course of many years.