Legislative Update Week Ending June 16 2017
Again, according to Bloomberg News, "Manufacturers have to offer Medicaid plans their lowest possible price under federal regulations in order to participate in other federal drug programs, which is likely why the Medicaid prices are so low." .Seventy-eight percent of the prescriptions ordered by one Florida physician were for Schedule II drugs. For one beneficiary, this physician prescribed a 605-day supply of morphine, a 52day supply of oxycodone, a 460 - day supply of fentanyl, and a 34day supply of hydromophone. .(Washington, DC) – Half of retirees participating in a new survey by The Senior Citizens League (TSCL) say they paid income taxes on a portion of their Social Security benefit income for the 2019 tax year. "There was no change from previous years in the 50 percent of retiree households who report that they pay tax on a portion of their benefits, despite the 2017 tax reform law, says Mary Johnson, a Social Security and Medicare policy analyst for The Senior Citizens League. … Continued
Legislative Update March 2015
This week, two new cosponsors – Reps. Mike Burgess (TX-26) and Lamar Smith (TX-21) – signed on as cosponsors to the No Social Security for Illegal Immigrants Act (H.R. 1716). The cosponsor total is now up to thirty-one. .In addition, major changes to RMD rules were already underway prior to the CARES Act. The SECURE Act, which passed in 2019, extended the age requirement for starting RMDs. If you reach age 70 ½ in 2020 or thereafter, you may wait until April 1 of the year after you reach age 72 to take your first RMD. For you, that's April 1, 202That gives your 401(k) more time to recover. .Early data show that the vaccines may help keep people from spreading COVID-19, but we are learning more as more people get vaccinated. … Continued
Medicare Part B premiums increased to 4 month in 2017 – and the higher costs continue to hit older adults, including a large number of low-income individuals who struggle to make ends meet. For these seniors who live paycheck-to-paycheck on Social Security, our failed system means they're facing impossible choices. A meal or medicine? A raincoat or rent payment? .Members of the Finance Committee seemed receptive to Blum's suggestions on Wednesday, but it remains to be seen whether they will act in the coming months. Thus far, one of the greatest hurdles for lawmakers has been coming up with an offset to cover the cost of the repeal – the Congressional Budget Office has estimated that the price tag will be nearly 0 billion over ten years. TSCL is hopeful that lawmakers will repeal and replace the SGR by the end of this year in order to preserve seniors' access to quality medical care. As the discussions evolve over the coming months, we will continue to post updates here in the Legislative News section of our website. .Medicare Pays More for Drugs than Medicaid . A divorced spouse can receive Social Security benefits on the account of an ex-wife (or husband) just the same as a surviving widower or widow. To qualify, your marriage must have lasted 10 years or more, and you did not remarry prior to age 60. You can receive a widower's benefit while you delay claiming your own retirement benefit to allow it to grow until age 70. You may claim your own retirement benefit, anytime it is higher than what you receive in survivors benefits up to age 70. .How Does TSCL Project the Social Security COLA? .Britain, France, and Italy generally have the lowest prescription drug prices, while Canada, Germany and Japan tend to have higher prices, the data showed. .On Thursday, with a vote of 326-96, lawmakers in the House passed legislation that will fund the federal government past December 9th. The short-term continuing resolution (CR) will provide funding at a .07 trillion rate – up slightly from the current rate of .067 trillion – through April 28, 2017. .With so many grandparents becoming more involved in the day – to - day care of their grandchildren you may learn that you qualify for other programs that can reduce healthcare, food, and other expenses. We recommend that you take time to try the National Council on Aging's online "BenefitsCheckUp" screening tool to learn about benefit programs in your area. .The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don't have earned income or don't owe any income taxes.