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  • Debt Limit Showdown Government Nearly Defaults On Social Security Payments

    TSCL feels that individuals should not be penalized financially if they are unable to enroll on time due to technical issues with the website, and we enthusiastically support the Delay until Fully Functional Act. We look forward to working with Sen. Rubio and Rep. Radel in the coming months to help build support for their bill. .It remains to be seen how the CR debate will unfold in the coming weeks, but TSCL will monitor it closely since another government shutdown could have serious effects on Social Security and Medicare beneficiaries. For updates as the situation develops, visit the Legislative News section of our website. .Nearly 50 years ago, we made a promise to ensure quality, affordable healthcare for all American seniors. In order to protect that promise, we must promote excellence and efficiency in Medicare, while being more fiscally responsible. One of the most important ways we can achieve those critical goals is to fix the broken Medicare physician payment system, which has created uncertainty and instability for seniors, healthcare providers, and the federal budget for decades. Because of the failed physician payment system, there is a looming crisis facing seniors and the doctors who care for them: on January 1, 2013 doctors could be hit with a scheduled reduction in Medicare payments of more than 30 percent. … Continued

  • Category Congressional Corner Page 6

    August Congressional Recess Continues .To put the problem of Medicare's cost growth into perspective, the following table illustrates what common food items would cost in 2014, if they had increased as rapidly as Medicare Part B premiums. To give a fuller picture, this table spans a 3year period, the length many Baby Boomers can expect to live in retirement. Medicare Part B premiums are twelve times higher today than 34 years ago in 1980. .In addition, when lawmakers return to Capitol Hill on Monday to begin the lame-duck session, TSCL will keep a close eye on the evolving budget negotiations. Lawmakers have until December 9th to negotiate legislation to keep the federal government operating. Should they fail to miss the looming deadline, the federal government will shut down like it did back in 2013, and Social Security and Medicare beneficiaries could see negative impacts. For progress updates from Capitol Hill, visit the Legislative News section of our website, or follow TSCL on Twitter. … Continued

We are still learning how well COVID-19 vaccines keep people from spreading the disease. .By Representative Donald Norcross (NJ-01) .Johnson conducts research on the growth of the prices of goods and services that form a major part of a retirees' household budgets. According to Johnson, Medicare beneficiaries' out-of-pocket spending for prescription drugs was a total cost of ,097 in 2020 (including what beneficiaries and their drug plans pay). "Although drug plans vary, under the standard Part D benefit, the beneficiary is responsible for about 25% of that amount, and drug plans cover the remaining 75% up to an initial coverage limit which is ,130 in 2021," Johnson says. .What sort of income will your resources generate? Will the income generated by your retirement savings be enough to cover the loss of income, expenses, and taxes if any, if you die? .The Affordable Care Act made changes that slowly close the doughnut hole, but it's a lot like trying to fill a bathtub when the drain is still open. In 2017, those who fall into the coverage gap will have lower coinsurance, paying 40% of brand-name prices and 51% of generic prices. In 2018, those numbers will fall to 35% and 44%, respectively. And in 2020, they will be responsible for the standard 25% of the costs of both brand-name and generic drugs. However, beneficiaries will continue to be saddled with an ever-growing out-of-pocket maximum that must be paid before catastrophic coverage begins. Over the next eight years, that maximum will grow from this year's ,850 to ,300 in 2024. .Key Social Security Bills Gain Support .Background Information: Social Security beneficiaries received another record-low cost-of-living adjustment (COLA) of just 0.3% this year. But if the COLA were based on a more accurate measure of inflation for seniors like the Consumer Price Index for the Elderly (CPI-E), they would be receiving an increase of 2.1% according to data from the Bureau of Labor Statistics. Question: Do you support legislation that would give older Americans a more fair and adequate Social Security COLA? .U.S. law requires that, in order to meet the requirements, ANP beneficiaries must "establish physical presence" in the United States to receive benefits. One of the easiest options is to "enter the U.S. for any part of 1 day before 30 days elapse." .Social Security benefits are one of the few sources of retirement benefits to be adjusted for inflation. The intention is to protect the buying power of benefits when prices increase. But retirees frequently notice that over time their Social Security benefits don't buy as much as they used to. This happens when the annual COLA doesn't keep pace with the increases in costs typically experienced by older and disabled beneficiaries.