News

  • Legislative Update Week Ending September 30 2016

    The study examined the increase in costs of 32 key items between 2000 and January 201The items were chosen because they are typical of the costs seniors must bear. Of the 32 costs analyzed, 20 exceeded the total percentage of increase in the COLA over the same period. .Wages were lower than expected and initial retirement benefits for Notch Babies were calculated on lower average earnings. Thus, benefits were lower than anticipated. In addition, inflation grew at double-digit rates over the same period, yet the new benefit formula failed to fully account for inflation for many Notch Babies, especially those who delayed their retirements (5). .Money for Life: Turn Your IRA and 401(k) Into a Lifetime Retirement Paycheck, Steve Vernon, September 2012. … Continued

  • March 2013 Beyond The Dow

    Major findings: .It's unlikely that Congress will move forward on this plan or any Medicare reform proposals before a critical election, but The Senior Citizens League will keep a close eye on the negotiations. .Sadly, Washington is feeding Americans misinformation about Medicare and how we are trying to save the program. No one in Washington wants to see our seniors suffer. But the truth is undeniable: If we don't address this now, together, Medicare really will end. If anyone else tells you differently they are not facing reality. We must take steps — even small steps — to address this. That's what this Resolution does: it forces us to consider two steps toward common ground. … Continued

The Bureau of Labor Statistics (BLS) the agency within the Department of Labor that gathers information about prices that consumers pay in order to determine the inflation rate, and therefore the COLA for next year, has let it be known that because of the virus they are going to have to estimate some of the costs of goods and services instead of finding out what they actually are. ."Most people 65 and over take more than one prescription drug, so to get the lowest-costing plan that's right for you, people need to do a drug plan comparison based on all the drugs they currently take, " Johnson explains. "In addition, you should carefully compare prices at network retail pharmacies as well as mail order — those prices can also vary significantly," Johnson notes. .TSCL believes that the Delay until Fully Functional Act represents a fair solution to the technical problems that the HealthCare.gov website has been experiencing for the past month. Millions of Americans – including seniors under the age of sixty-five – have been unable to purchase insurance coverage through the new marketplace due to the technical glitches. According to the law, those who fail to enroll before March 31st will be faced with a tax penalty of either or 1 percent of income, whichever is higher. .Efforts to lower the cost of prescription drugs have been taking place at the state level as well as at the national level. This week the New Mexico legislature sent a bill to their Governor that aims to make the state among the first to work with the federal government on wholesale drug importation from Canada. States including Vermont, Maine, Colorado, and Florida have passed similar bills.Backers said importing lower-cost drugs from Canada would help people who can't afford their prescriptions amid rising costs in the U.S. .The FDA is working with vaccine and drug manufacturers to develop new vaccines for and find more drugs to treat COVID-19 as quickly as possible. Meanwhile, some people and companies are trying to profit from this pandemic by selling unproven and illegally marketed products that make false claims, such as being effective against the coronavirus. ."The Reality Behind Generic Drug Inflation," Express Scripts, December 30, 2014, http://lab.express-scripts.com/insights/drug-options/the-reality-behind-generic-drug-inflation. .A number of the Commission's proposals would hit seniors particularly hard. Here are a few highlights: .Last year the House of Representatives passed major legislation to lower drug prices that included giving the Secretary of Health and Human Services (HHS) the authority to negotiate for lower drug prices with drug companies. .Since the start of CPI-E in 1983, the average difference between it and the CPI-W is roughly .25 percentage point per year. Sounds tiny but, like interest, it compounds over time. Had the CPI-E been used to determine COLAs since 2015, your benefit would be about 2% higher today. An average benefit of ,215 per month in 2015 will increase to ,298 per month in 2020. But had the CPI-E been used to calculate the COLAs, that benefit would have been per month more or ,324 in 2020.