News

  • Legislative Update Week Ending May 25 2018

    For example, RMDs for retirees who turned 70 ½ in 2019 would have been based on the value of their retirement accounts on December 31, 201At that time the Dow was 28,462 compared to 24,101 on April 1, 2020, when their RMD was due. However, the CARES Act waiver applies to this group as well as people like you who turn 70 ½ in 2020. .Unlike Medigap plans, Medicare Advantage plans charge a co-payment every time you visit a doctor, use a lab, or have a brief hospital stay. In fact, Medicare Advantage plans can charge a very hefty 5 — 5 per day co-payments for hospital stays that generally would cost nothing at all under Medigap supplements for the same period. Seniors, especially those who are older, and who might require hospitalizations or have chronic health conditions, may wind up spending as much or even more out-of-pocket in a low, or no premium Medicare Advantage Plan as they would with under a Medigap plan. Medicare Advantage plans appear to be more advantageous for seniors who: .For progress updates or for more information about these and other bills that would strengthen Social Security and Medicare programs, visit the our website at , follow TSCL on Twitter or Facebook. … Continued

  • Democrats Seek To Pass Healthcare Changes Later This Year

    Sources: "Miami Actor, Cable Station Founder, Arrested In Medicare Fraud Takedown," Jay Weaver, The Miami Herald, May 14, 2013. .Prices like these are not only unaffordable for most Medicare recipients, these costs also place pressure on Medicare's finances, since Medicare pays 80% of Part D costs during the catastrophic phase of coverage. Although drug plans vary significantly, the 2019 "standard Part D benefit" has a 5 deductible and a 25% co-insurance up to an initial coverage limit of ,820 in total drug costs. That includes both what consumers and their drug plans pay. Once total costs exceed that amount, beneficiaries hit the Part D "doughnut hole" or coverage gap. Under that stage of coverage, beneficiaries pay 25% coinsurance on the discounted price of brand name drugs, and 37% co-insurance for generics until they have spent a total out-of-pocket of ,100. At that point beneficiaries enter the catastrophic phase of coverage, but are still on the hook for 5% of the cost of their prescriptions. .The revenues from taxation of benefits are earmarked for funding Social Security and Medicare benefits. "Those revenues take on added importance for the 2020 tax year, as the coronavirus takes a significant toll on Social Security and Medicare payroll tax revenues," Johnson says. … Continued

Improving and maintaining access to affordable, lifesaving prescription drugs is a top concern for TSCL's supporters, most of whom live on fixed incomes and cannot afford steep and sudden cost increases. .The House passed the bill yesterday and the Senate is expected to take it up next week. .This week, HHS announced several important numbers that will affect Social Security and Medicare benefits beginning in January. On Monday, the Centers for Medicare and Medicaid Services (CMS) announced that the Medicare Part B monthly premium will be left unchanged in 2014, and it will be set at 4.90. The Part B deductible will also be left unchanged, and it will remain at CMS officials noted on Monday that the past five years have been among the slowest-growing for Part B premiums in the Medicare program's history. .Among the bills that make up the GOP plan is one that would establish congressional review boards to examine the long-term solvency of the three trust funds, a topic that long has been politically fraught. .Resource: Essential Retirement Planning for Solo Agers, A retirement and aging roadmap for single and childless adults, Sara Zeff Geber, PhD .Forty-five percent (45%) say their retirement savings dropped significantly in value and that they have cut back on spending. Another 13 percent (13%) say their retirement savings have dropped, but they are unable to cut back any further. .To counter concerns over the cost of "fixing" the Notch and the financial solvency of the Social Security Trust Fund, TSCL backs an alternative "capped-cost" solution. "The Notch Fairness Act" would provide Notch Babies born from 1917 through 1926, or their survivors who receive benefits based on their accounts, a choice of either improved monthly benefits, or a lump-sum of ,000 payable over a four-year period. Recent surveys of TSCL members show more than 75% favor the lump-sum legislation. .As for job hunting tips, my book has a chapter called "Six Rules for Job Hunting." I discuss how to package yourself as the solution to an employer's problems, how to keep your skill set fresh and relevant, 21st Century networking techniques, and several other key strategies. .Impose new Medicare deductibles and impose new coverage restrictions on Medigap plans: Impose a new 0 deductible for both Medicare Part A and Part B that Medigap plans would be restricted from covering. Would also limit the co-insurance or co-pays that Medigap plans could cover to 50 percent of the next ,000 in Medicare cost-sharing. Currently plans pay most, or all, of the Medicare cost sharing.