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  • 2 11 20 Loss Of Buying Power

    Call your plan's mail-order service and compare the prescription costs, including any shipping. Often you can get a three-month supply of your prescription by mail for less money than you would pay for a one-or two-month supply purchased at a standard retail pharmacy, and pay nothing for shipping. But using mail order requires advance planning on your part because you need to allow up to two weeks for delivery. .Changes in your earnings: Did you report increases in salary or commissions? You need to keep Social Security informed of higher earnings in order for your benefits to be accurately withheld. .Regarding Social Security, TSCL was pleased to see that the President's proposal did not include the "chained" CPI, as it did last year. Many in Congress were also relieved by its absence. Shortly after the blueprint was released, Sen. Bernie Sanders (VT) – founder of the Defending Social Security Caucus – said, "I am especially proud that the President did not renew his proposal to cut Social Security benefits. With … more people living in poverty than ever before, we cannot afford to make life even more difficult for seniors." … Continued

  • Social Security Medicare Questions June 2015

    Expanding Medicare coverage to include dental care. Millions of seniors are afflicted with age-related oral health issues. Yet under current law, the Medicare program is prohibited from covering most routine and emergency dental procedures, including fillings, root canals, extractions, and cleanings. The Medicare Dental Benefit Act (S. 22) would expand Medicare Part B coverage to include basic dental services and ensure that older Americans have access to the primary and preventive care that is needed to ensure good health in retirement. .Should Congress approve the ,000 Lump-Sum Settlement, you would continue to receive your monthly Social Security benefit without any adjustment. However, as the legislation is written, you will have a choice of annual additional lump-sum payments OR an increased monthly check. .In 2017, there was a tiny 0.3% COLA and raising Sally's benefit from ,000 to ,00But in 2017 the Medicare Part B premium took a stiff jump to Once again, because the COLA was so low, Sally's share of the Medicare premium was adjusted downward so that her Social Security benefit would not be reduced. However, virtually all of her .00 per month COLA was put toward the increased Part B premium, and today Sally pays a monthly Part B premium of 7.90. … Continued

TSCL is also concerned about the debt limit because in prior debates to lift the ceiling, Social Security benefits have been used as a bargaining chip, and retirees have seen unexpected benefit cuts. For example, in 2015, following the passage of the Bipartisan Budget Act, millions of seniors already eligible for Social Security benefits learned a popular claiming method called "file and suspend" would no longer be available to them. The unexpected change received no public debate, it went into effect almost immediately, and it hit seniors who were just months away from retirement. .In his opening statement, Budget Committee Chairman John Yarmuth (KY-3) said: "[Social Security] is facing serious long-term funding shortfalls, with promised benefits facing cuts as high as 20 percent as soon as 2035 if Congress does not act. Cuts of this level would be devastating for the individuals who rely on Social Security … Congress has a responsibility to act and honor the promise of retirement security." .In her opening statement, Chairman Susan Collins (ME), said: "Deciding at what age to begin claiming Social Security retirement benefits is the single most important financial decision that many Americans will ever make. Few, however, understand that making the wrong choice can end up costing them tens of thousands of dollars, or more, during their retirement." Retirees who qualify for Social Security benefits are entitled to begin collecting at 62, but for each delayed year, benefits grow by 8 percent until they reach their maximum amount at age 70. According to Chairman Collins, deciding when to file for benefits "could make the difference between a secure retirement and living in poverty." .Due to changes made to the Social Security benefit formula in the late 1970s, Notch Babies receive lower Social Security benefits than other Social Security recipients born before and after them with almost identical earnings. To learn more, or to add your name to TSCL's Notch Register, call 1-800-333-TSCL (8725). .By Noah Y. Kim SEPTEMBER 10, 2020 Kaiser Health News .You can also sign a petition to your Members of Congress, find contact information for your Senators and Representatives, and stay updated with the latest news on Capitol Hill. .This week, five new cosponsors signed on to the Social Security Fairness Act (S. 896 and H.R. 1795), bringing the total up to thirteen in the Senate and ninety-two in the House. The new cosponsors are Sen. Jeff Merkley (OR) and Reps. Charles Boustany, Jr. (LA-3), Thomas Massie (KY-4), Bill Shuster (PA-9), and Barbara Lee (CA-13). If signed into law, H.R. 1795 would repeal two provisions of the Social Security Act that unfairly reduce the earned benefits of millions of state and local government employees each year. The provisions – the Windfall Elimination Provision and the Government Pension Offset – prevent dedicated public servants from receiving the retirement security they have earned. .As debate intensifies over the cost of medicines, a new analysis found that prescription drug prices were on average 2.5 times more expensive in the U.S. than in 32 other countries. And that gap widened to 3.4 times costlier when looking specifically at brand-name medications. .The issue is of huge importance. Feds Shut Down .2 Billion Medicare Scheme — Finally , editor