News
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December 19 2020
Negotiations on how to fund the Social Security payroll tax cut and the Medicare physician "doc fix" continued this week. House Ways and Means Committee Chairman Dave Camp (MI-4) and Senate Finance Committee Chairman Max Baucus (MT) led the 20 congressional conference committee members in talks aimed at producing a bill by the February 29th deadline. ."If you want to save money on health and prescription drug plans, it's more important than ever to compare and switch now during the fall Medicare Open Enrollment period which ends December 7th," Cates says. Free, unbiased, one – on – one counseling is available through State Health Insurance Assistance Programs (SHIP), many of which operate through local agencies on aging. .As prices increase, those who depend on Social Security benefits experience a decline in the buying power. In fact, according to my research, Social Security benefits have lost 30% of buying power over the past 20 years. For some retirees, that means a decline in their standard of living. … Continued
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Category Issues Medicare Part D Articles Page 2
This week, lawmakers in the Senate adopted a budget resolution that lays the groundwork for a repeal of the Affordable Care Act. In addition, The Senior Citizens League (TSCL) announced its support for three new bills in Congress. .Both chambers of Congress adjourned for the President's Day Holiday this week and are expected to return to Capitol Hill on Monday, February 25th. Meanwhile, Alan Simpson and Erskine Bowles, former co-chairs of the National Commission on Fiscal Responsibility and Reform, released a new proposal that would avert the looming sequester and trim .4 trillion from the deficit. In addition, two Members of Congress re-introduced a critical bill that would extend the solvency of the Social Security Trust Fund without cutting benefits. .Need more help? Free one-on-one counseling is available through State Health Insurance Programs (SHIP). To get contact info for your area visit http://shiptacenter.org. … Continued
To identify people in the country illegally, Medicare relies on information from the Social Security Administration in order to deny claims. The Social Security Administration receives data from the Department of Homeland Security and other agencies but CMS doesn't always receive information relating to unlawful presence in a timely manner, according to the Inspector General. .To strengthen Social Security and Medicare, 84% of respondents strongly agreed that Congress should focus on getting Americans back to work. Jobs and the payroll taxes paid by people during their working years finance the benefits received by today's Social Security and Medicare beneficiaries. While jobs were the top deficit fix, only 11% agree with cutting the Social Security payroll tax as a means to generate employment. Congressional leadership and the President are battling over spending cuts and higher taxes that will be needed to avoid hitting a "fiscal cliff" by the end of this year. .We want to emphasize that these are all projections based on the economic situation at the time they were developed. As we have seen in the past year, things can change dramatically and clearly, we still don't know how things will be in the coming months and year with regard to the pandemic. .You can learn more about Social Security disability benefits at https://www.ssa.gov/benefits/disability/. Find information about when to start retirement benefits here: https://www.ssa.gov/benefits/retirement/learn.html h3. ."The distinction between inpatient or outpatient can make a tremendous difference to what Medicare patients have to pay," says TSCL Executive Director, Shannon Benton. Inpatient stays are covered under Medicare Part A. Inpatients who are hospitalized for three days or more qualify for Medicare's limited nursing home stay coverage. Observation stays are considered outpatient services covered under Part B. Observation patients can have much higher copayments costs and sometimes get hit with huge bills for non-covered drugs. .Potential amendments to the bill were discussed at the hearing, and at this point in the process it seems that measures to strengthen border security and enhance Congressional oversight will be put forth. One committee member, Sen. Al Franken (MN), stated: "I and other Senators will do everything we can to amend this bill." Members of the Gang of Eight, on the other hand, have said they will band together to defeat any amendments that would weaken it. .Some MA plans, including UnitedHealth – the largest provider of MA coverage – have already begun modifying their offerings in order to accommodate the increasing financial pressure. Last year, UnitedHealth dropped thousands of physicians from its networks, which left many enrollees doctor-less. Without much notice, they had to either find new physicians, or pay more out-of-pocket to see their former, trusted and out-of-network doctors. Because the open enrollment period had already ended, seniors were unable to change plans in order to keep their physicians and their low costs. .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. .What strategies are key to better managing healthcare costs in retirement?
