News

  • Social Security Benefits Lose 30 Of Buying Power Since 2000 No Cola Likely For 2021

    Many seniors are struggling with their vastly diminished retirement accounts following the stock market crash. Additionally, the inventory of unsold houses has now reached record highs and the forecasts for retirees who need to get their cash out of real estate are gloomy indeed. .Earnings from work could cause Social Security to withhold your benefits. Should you be successful in your job search, your earnings could affect what you receive in Social Security benefits. Social Security will deduct in benefits for every you earn above the annual limit, which is adjusted annually and is ,720 in 201If for example, you started a job and earn ,000 in 2017, you would earn ,280 more than the exempt ,720. That means Social Security with withhold about ,140 in benefits. If you are receiving a reduced survivors monthly benefit of 5, or ,100 annually, then you would receive only 0 in benefits for the entire year of 201You would receive no benefits at all for 10 months out of the year. .The last thing we need to happen to our healthcare system is to limit access to quality care. Already, 1-in-3 physicians are limiting the number of Medicare patients they see, and 1-in-8 physicians are refusing Medicare patients all together. Furthermore, the Affordable Care Act created the Independent Payment Advisory Board to control Medicare cost. This would place 15 bureaucrats, appointed by the president, in a position to control the future of Medicare and is another example of the Federal Government forcing themselves into your health care decisions. … Continued

  • Legislative Update For Week Ending April 5 2019

    TSCL has been concerned that the coronavirus pandemic could accelerate the impending insolvency of the Medicare Trust Fund. With record numbers of Americans out of work, fewer payroll taxes are coming in to fund Medicare spending. At the same time, the number of beneficiaries is rising and, earlier this year, Congress accessed Medicare's reserves to fund COVID-19 relief efforts. .TSCL Calls On Congress To Close The Loop Hole .Both Social Security and Medicare have come under intense scrutiny for benefit cuts in recent years of deficit reduction negotiations. Immigration proponents say that immigration reform would boost the payroll taxes flowing to both programs and prolong program solvency. Critics, including TSCL, say that giving hundreds of thousands of illegal immigrants new access to Social Security would boost long-term costs far more than the 2-year estimated gain in solvency that the Social Security program would receive. Under current law the government continues to calculate entitlement and the amount of the initial benefit based on all earnings, even for jobs worked under invalid or even fraudulent Social Security numbers prior to gaining legal work authorization. … Continued

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. .CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence without regard to political affiliation. CBO does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis. .He also did not provide any more money to help renters. The executive order calls only for Treasury Secretary Steven Mnuchin and Housing and Urban Development Secretary Ben Carson to see if they can find any more funds to help. It does not promise more aid. .The new guidance is as follows: .Will you be able to Afford the Vaccine for COVID-19 Once it is Developed? .Despite the fact that leaders are holding steadfast on their positions, a small bipartisan group in the House proposed a plan on Thursday that would fund the government for six months and repeal the health care law's controversial tax on medical devices. The leaders of the bipartisan group – Reps. Ron Kind (WI-3) and Charlie Dent (PA-15) – believe their proposal represents a fair compromise that both sides can support. .The senator wants his measure included in the next coronavirus legislation and plans to move ahead "with or without Democrats," his spokesman said. .The good news is that reducing drug costs appears to have bipartisan support. Two critical congressional committees – the Senate Finance Committee and the House Oversight and Reform Committee – have launched investigations into the pricing practices of the pharmaceutical industry. .However, price negotiations could be included later this year in a reconciliation bill, a fast-track budgetary move that only needs 51 votes to pass the Senate and cannot be blocked using a filibuster.