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  • October 2014 Fox Business

    On Wednesday, Members of the Senate Budget Committee held a hearing called "The Coming Crisis: Social Security Disability Trust Fund Insolvency." They heard from a number of expert witnesses, including Carolyn Colvin, the Acting Social Security Commissioner. .The COLA will be announced on October 19th, and Medicare premiums and deductibles also will be announced in the fall. Seniors who are already retired and those nearing retirement have few options if the benefits they rely on today were to be cut. TSCL is fighting such proposals affecting the benefits of current retirees, believing that seniors need a COLA that more adequately protects the buying power of Social Security, and TSCL supports H.R. 776, the Guaranteed 3% COLA Act, introduced by Representative Eliot Engel (NY-17). .Several subcommittee members at Thursday's hearing spoke about the importance of stable and reliable funding for the administration in the coming years so that it can continue its efforts to modernize the program's IT system. The Senior Citizens League agrees that adequate administrative funding is critical, and we will continue to advocate for the Social Security Administration Fairness Act (S. 6251, H.R. 3147) in the months ahead. That bill, if adopted, would set SSA's funding level at 1.5 percent of overall benefit payments, and it would implement a moratorium on field office closures so that beneficiaries receive the service they have earned and deserve. … Continued

  • Want To Know Ahead Of Time What Your Hospital Will Charge Forget About It

    Medicare's Trustees reported in April that the Part A Trust Fund, which covers hospital insurance and inpatient care, would run out of money by 202That estimate, however, does not factor in the impact of the coronavirus on the program. New estimates are coming in that the pandemic could cause the Part A Trust Fund to become insolvent much sooner. The Committee for a Responsible Federal Budget, a group of nonpartisan budget experts focused on fiscal policy, estimates that the pandemic will cause Medicare Part A to run low in 2023 or 2024 —as little as two to three years from now. .Medicare Therapy Caps: A Long Battle for Patient Access .President Delivers State of the Union Address … Continued

Before recommending the zero premiums, I helped Paula estimate potential costs. New managed care Medicare Advantage plans differ from traditional Medicare supplements by charging co-payments that can be substantial for each hospitalization, visit to the doctor, or other service received. Supplements tend to charge high premiums, but cover most, or all, of the co-insurance costs, leaving beneficiaries to pay little or nothing when they receive a service. If Paula had to be hospitalized or developed a serious illness, the co-payments charged by the Medicare Advantage plan could quickly add up to be just as much, possibly more, than what she would pay in premiums for her state retiree Medicare supplement. .TSCL enthusiastically supports the bills mentioned above, and we were pleased to see support grow for each of them this week. .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. .Since 1980, the BLS has manipulated the CPI several times so that it no longer measures price inflation. Rather, it measures an ever-changing "market basket" of goods that is adjusted as prices drop and increase. It assumes that shoppers will purchase chicken when steak becomes too expensive, or apples instead of oranges when their prices drop. This has resulted in a more slowly growing COLA for Social Security beneficiaries. Instead of allowing seniors to keep up with rising costs, today's COLA requires them to constantly adjust to lower standards of living. .As a result of the new rule, consumers will have to pay more for their prescriptions, as a growing number of people rely on the programs offered by drug makers to lower their copays. .According to experts, the risk of catching the coronavirus on a plane is relatively low if the airline is following the procedures laid out by public health experts: enforcing mask compliance, spacing out available seats and screening for sick passengers. .Budget Moves Through Committee .Sources: "Income of the Population 55 or Older," 2008, Social Security Administration. "Health Care On A Budget," Kaiser Family Foundation, June 2011. .Use tools on www.medicare.gov. The Medicare website offers data bases that allow you to compare health plans and Medigap policies available in your area. There is also a drug plan finder. You will be able to find a significant volume of information, but much of it may appear difficult for the layman to interpret. Don't despair. Grit your teeth, print out information, and read it through.