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  • Chained Cpi Affects More Than Just Colas 2

    When working Social Security recipients who are younger than full retirement age earn more than the annual earnings limit amount, their benefits will be reduced. The Social Security Administration likes to point out that these benefit reductions are "not truly lost because your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings." But as you have discovered, you can sometimes wind up owing money to Social Security that was not withheld properly. .Lawmakers compromised on the policy parameters of a long-term solution more than a year ago, but since then, they have been unable to come up with an offset to cover the cost of the 4 billion package. This week, Rep. Tom Price (GA-6), Chairman of the House Budget Committee, said, "We spend .6 trillion a year in this town – to come up with a pay-for ought to be relatively easy. There are things we have used before. There are areas in federal pensions … and rescission money that's available out there. We ought to be able to find some resources to pay for this patch." .What you can do: Public opinion can sway votes in Congress! Take TSCL's 2012 Senior Survey. TSCL will publicize the results and share your comments with elected lawmakers in our visits to Capitol Hill. … Continued

  • Category Legislative News Page 30

    Finally, when older workers do land new jobs, they typically experience a steep drop in income and benefits. Median wages for people who take new jobs in their fifties fall by a median of 57 percent, and 25 percent lose their health insurance. .Many seniors have been confused by Medicare Advantage plans, because they are aggressively marketed as offering Part D drug coverage, in addition to hospitalization and doctor's insurance. Some seniors have enrolled in the plans thinking they were getting drug coverage only to add to supplemental coverage they already had. .Extremely low cost-of-living adjustments (COLAs) not only affect Social Security benefits, the 0.3% COLA also affects the amount of Medicare Part B premium people will pay in 201When no, or a very low, COLA occurs, a provision of law known as "hold harmless" is triggered. Under the provision, when an individual's Social Security COLA is insufficient to cover the increase in the individual's Medicare Part B premium, the Part B premium is adjusted so that the Social Security benefit isn't reduced from one year to the next. … Continued

The House of Representatives did not return to Washington but on Friday they held a vote on a resolution about whether to start conducting official votes by using proxies. To do so would end more than 200 years of precedent and now allow lawmakers serve as proxies for colleagues quarantined or otherwise stuck at home during the pandemic. .This week, The Senior Citizens League was pleased to see support grow for three key bills that would strengthen and protect the Social Security and Medicare programs. .Enrollees in Medicare Advantage (MA) plans should take a careful look at changes in their health plan for 201These Medicare health plans have new leeway to offer new supplemental benefits. While some of the new benefits may be valuable to some families, other changes, which give plans greater leeway to "tier" the co-pay structure for healthcare providers, may mean higher out-of-pocket costs when non-preferred or out-of-network providers are used. .TREA Senior Citizens League (TSCL) was formed in 1993 to protect "earned" Social Security and Medicare benefits. Many TSCL members are affected by the Notch, and rank Notch Reform as their top legislative priority. TSCL is the only national senior citizens action organization to continue to lobby for Notch Reform. To date, TSCL has 1.3 million members and supporters who participate in a number of grassroots lobbying and public education campaigns. .Do you have a plan for changing health and lifestyle that may affect your income? How would you cope if you developed a chronic health condition that required expensive drugs? How would you know if you start having memory problems? Have you looked into the various types of senior housing, including those with plans that provide greater continuing long term care as you age? Have you discussed your plan or desires with family or other caregivers? .Do not engage with these calls or provide any personal information! If you get such a call or any call demanding your Social Security or bank account number, hang up. Don't respond to any recorded message. If you tend to get such calls, consider setting your phone up to allow an answering machine or voice mail to record or prescreen your calls. .Passage of this new rule will allow the House to start conducting business on a larger scale than has been happening since the beginning of the coronavirus social distancing measures. .This week, lawmakers in the House debated legislation to repeal the controversial Medicare cost-cutting panel, the Independent Payment Advisory Board (IPAB). In addition, The Senior Citizens League (TSCL) saw one key bill gain four cosponsors. .Some of our members have told us that they've also joined AARP for the benefits. We're all for seniors saving money, so if you want to join AARP for the discounts, go for it. But we hope you will choose The Senior Citizens League as the group fighting for you on Capitol Hill.