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  • Ask The Advisor January 2021

    Changes to federal immigration policy affect the revenues that Social Security and Medicare receive and would also increase the number of people eligible for benefits in the future, according to the Congressional Budget Office. Both Social Security and Medicare face solvency and funding challenges. .TSCL is carefully monitoring these recommendations and believes they would be financially punitive to seniors who are depending on Medigap supplements to provide a more secure retirement. .The new study takes a closer look at the Social Security "hold harmless" provision. Typically, Social Security benefits tend to grow slightly each year as COLAs compound over time. But when the Medicare premium increases more than an individual's COLA that can trigger this special provision of law. Hold harmless protects Social Security benefits when the dollar amount of an individual's annual COLA increase is not sufficient to cover the increase in the Medicare Part B premium increase. If the increase in Medicare Part B premium would cause an individual's net Social Security benefit to be less than it was the year before, then the Part B premium is reduced to ensure the individual's Social Security benefit does not decline. … Continued

  • Four Secrets To Maximizing Your Social Security Benefit

    Chairman Johnson said: "I know that fixing Social Security will require tough choices that will affect the lives of millions of Americans. Congress has a responsibility to the American people to make these choices. And the longer we wait, the harder it gets. If we wait until the Trust Funds are exhausted, some options won't even be available anymore. We must take this responsibility seriously. Americans want, need, and deserve nothing less." .TSCL agrees that improvements must be made to ensure that older Americans are better informed about their benefit claiming options, and we are hopeful that SSA will carefully consider the proposals made at Wednesday's hearing. In addition, TSCL hopes that Congress will appropriate adequate funding to SSA in the months ahead so that field offices around the country can provide the highest quality service possible to individuals nearing and in retirement. For progress updates, follow TSCL's advocacy efforts on Twitter. .Popular with Medicare recipients, Medicare Advantage plans typically offer very low, or even no, monthly premiums, lower costs for some services than traditional fee-for-service Medicare, and coverage for some services that traditional Medicare does not cover, such as dental and vision care. Enrollment in Medicare Advantage plans has more than doubled over the last decade, from 11.1 million in 2010, to 24.1 million in 2020. Ensuring the proper payment level is important not only for the federal government, but also for beneficiaries, since overpayments to Medicare Advantage plans drive up overall Part B costs and cause higher Part B premiums for all beneficiaries, even those not enrolled in a Medicare Advantage plan. … Continued

TSCL is hopeful that Congress will pass these commonsense solutions as soon as possible to restore the solvency of the Social Security and Medicare programs. For more information on legislation that would strengthen these programs, visit the Bill Tracking section of our website. . Zero premiums are also likely to end very soon. If Congress should cut reimbursements to plans as has happened in the past, some plans may respond by no longer offering coverage at all. Should Paula enroll in a Medicare Advantage plan and her plan ceases to offer coverage in the future, Paula could have problems finding something comparable that she could afford. .Despite the new endorsement from the Freedom Caucus, leaders in the House do not yet have the votes needed to win passage. On Thursday evening, House Majority Leader Kevin McCarthy (CA-23) told reporters, "We've been making great progress, and when we have the votes we'll vote on it." .Medicare's therapy cap on rehabilitation services, such as physical, occupational and speech therapy, has a long and sordid history in Washington D.C. The therapy cap sought to keep the Medicare budget under control but often hurt patients who need care after traumatic medical events. In practice, this cap limits access to Medicare - covered rehabilitation services. Patients are faced with either footing the bill for additional expensive care out of their own pocket or purchasing additional supplementary coverage if they can afford it. .The total cost for a single year of treatment with the nation's most expensive specialty drugs can cost more than the entire retirement savings for many retirees. The annual cost of the cancer drug Idhifa, for example, is 0,85According to a new study by the non-partisan Kaiser Family Foundation, the median out-of-pocket cost that Medicare Part D beneficiaries will pay out-of-pocket for specialty drugs in 2019 would be ,55Patients suffering from multiple sclerosis could pay an estimated out-of-pocket of ,409 in 2019 for Glatiramer acetate. Even on the "low side," the annual out-of-pocket for Hepatitis C drug, Zepatier runs ,622. .Perhaps the single biggest difference between Ponzi schemes and Social Security is you and your vote. Voters have a tremendous influence in the choices that elected Members of Congress make to ensure that the program remains sound today and in the future. Social Security has been in continuous operation since 193Ponzi's scheme lasted barely 200 days. .The term "Notch" refers to the disparity in Social Security benefits paid to people born from 1917 through 1926 and those paid to people born before and after them with similar work/earnings records. Many of those born during the Notch period feel they have not been treated fairly and are not receiving the benefits that Congress intended. On the other hand, the Social Security Administration (SSA), some government officials, and the AARP (formerly the American Association of Retired Persons) say that those born during the Notch period are treated fairly and receiving the benefits that Congress intended. The SSA and the AARP say that Social Security does not promise a specific amount of benefits, rather Social Security is designed to replace a certain percentage of pre-retirement earnings. Who is correct? .Sources: Options For Reducing The Deficit: 2014 to 2023, Congressional Budget Office, November 2013. .It remains to be seen whether or not lawmakers in the Senate will reach an agreement before the midnight deadline. If not, the federal government will shut down like it did back in 201While not likely, an extended government shutdown could result in negative impacts for Social Security beneficiaries and doctors who treat Medicare patients.