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  • How Much Less Do Notch Babies Receive 2 Feed

    The Social Security Fairness Act, if signed into law, would amend the Social Security Act by repealing the government pension offset (GPO) and the windfall elimination provision (WEP). These two provisions unfairly reduce the earned Social Security benefits of millions of teachers, firefighters, peace officers, and other state or local government employees each year. TSCL believes that Congress should repeal the GPO and the WEP so that dedicated public servants receive the retirement security they deserve. .Investors already smell big money for a COVID-19 vaccine. .Research that I've conducted over more than 20 years indicates that retirees would receive a higher COLA in most years using a "seniors" CPI, rather than by using the current method of indexing which is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). One of the bigger problems with using the CPI-W is the fact that retirees spend their money very differently than younger working adults. Retirees must spend more on healthcare and housing, and less on gasoline and consumer electronics. … Continued

  • Legislative Update August 2012

    Still, COLA cuts remain a key proposal of major debt reduction plans. In his budget last year, President Obama proposed changing the way COLAs are calculated by using a more slowly-growing measure of inflation, known as the "chained" CPI. "If our nation is going to correct income inequality, it should start with payroll taxes," Cates says. "Under current law, millionaires pay no Social Security taxes at all on earnings over 7,000, while average workers pay Social Security taxes on every dime they earn," Cates points out. "Cutting the benefits of financially vulnerable seniors and others can't be justified when millionaires are getting a multibillion dollar tax break," Cates asserts. "TSCL urges President Obama NOT to use Social Security COLAs to cut the debt," he adds. .Super-Committee Republicans offer a 300 billion dollar tax-revenue concession. After an initial pledge not to raise taxes over the next decade, Republicans are willing to allow tax increases to help meet the 1.2 trillion dollar debt-reduction mandate by November 23rd. .The Medicare portion of spending, officials say, grew 6.2 percent in 2011, after growing just 4.3 percent in 20A major factor holding down costs was the recession. As tens of thousands of working seniors lost jobs, and their healthcare coverage, other seniors were hit by the crash of retirement savings and real estate values. This was followed by two years without any cost-of-living adjustment (COLA) in 2010 or 2011. … Continued

The Super Committee deadline looms and two important bills for seniors are introduced. .The amount you pay for your CT scan will vary by your Medicare Advantage plan and whether you get your CT scan from a preferred provider. You will need to call your plan to learn the out-of-pocket cost details, and to make sure the facility, doctors, and medical technicians performing the CT scan are preferred providers with your Medicare Advantage plan. You could pay considerably more if you use providers who are not under contract with your Medicare Advantage plan. Call the customer service number on the back of your health plan's card, have your questions written down and be ready to take notes. .This week, action on Capitol Hill slowed down as Members of Congress adjourned for a holiday recess. .On Tuesday, The Senior Citizens League released new data that shows nearly 80 percent of older Americans believe Medicare should cover dental, vision, and hearing services. Under current law, the Medicare program is prohibited from covering these critical services, and many older Americans living on fixed incomes cannot afford to pay out-of-pocket for costly care and assistive technologies like eyeglasses or hearing aids. .That's because COLAs are currently based upon the way young, urban workers, rather than seniors spend their money. The Bureau of Labor Statistics (BLS) uses an inflation index called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). It regularly underestimates the spending inflation that seniors experience since it fails to capture the rising costs of medical care, upon which older Americans spend a disproportionate share of their income. .The Senior Citizens League is pleased that lawmakers successfully advanced legislation that will result in lower out-of-pocket costs at pharmacies, but we believe Congress can and must do more to reduce prescription drug prices. In the months ahead, we will continue to advocate for comprehensive legislation like the Improving Access to Affordable Prescription Drug Prices Act (S. 771, H.R. 1776), which would lead to significantly lower costs for seniors if adopted. For progress updates, follow The Senior Citizens League on Twitter or visit the Bill Tracking section of our website. .You make an excellent point! The Senior Citizens League (TSCL) uses the most recent data for the consumer price index for urban wage earners and clerical workers (CPI-W), the index that is used to calculate the annual Social Security cost of living adjustment (COLA). New data is released monthly from the Bureau of Labor Statistics. .House Committee Discusses Retirement Security .Here's how the coverage gap works. Once individuals and their Medicare Part D plans spend the initial coverage amount (,310 in 2016) on covered prescription drugs in a calendar year, beneficiaries hit the doughnut hole. Once in the doughnut hole, coinsurance on covered drugs is not only higher, one must also pay a substantial amount out-of-pocket to reach the limit for catastrophic coverage. For brand-name drugs in the coverage gap, individuals are responsible for 45% of the cost, and for generic drugs, they're responsible for 58%. Once out-of-pocket costs for those in the doughnut hole total ,850, catastrophic drug coverage takes effect, and Part D plans pay 95% of prescription drug costs until the calendar year ends.