News

  • H R 860 Social Security 2100 Act

    As you know, the medical expense deduction is essential for older Americans who disproportionately experience high medical costs for prescription drugs, medical equipment, or services like nursing home care. Around 5 million taxpayers, most of whom are over the age of sixty-five, rely upon the tax deduction when their out-of-pocket medical costs total more than 10 percent of their annual income. .After a bill passes Congress there is a certain process that must be followed when it is transmitted to the President for his signature. That is why the extra time is needed at this point. .Initial coverage stage: 4.61 from the lowest-cost drug plan but, as you have discovered, the total cost of the drug is so expensive that you rapidly use up the initial ,820 in the first three months once you factor in the portion that your drug plan pays. … Continued

  • Legislative Update For Week Ending January 15 2016

    If signed into law, S. 960 would base Social Security cost-of-living adjustments on the Consumer Price Index for Elderly Consumers (CPI-E) and gradually phase out the cap on income subject to the payroll tax. ."For the third year in a row, millions of older Americans will once again see no increase in their net operating Social Security payments, particularly if Medicare Part B premiums remain 4 per month in 2018, as currently forecast by the Medicare Trustees," says TSCL's Social Security and Medicare Policy Analyst, Mary Johnson. "The problem is that a substantial portion of beneficiaries currently are paying a Part B premium that is about less than that now," Johnson says. ."For those who don't like these executive actions, there's time to get to the table and back a legislative solution," Grassley said in a statement. "I will continue the fight in Congress until significant prescription drug pricing legislation becomes law. The next coronavirus relief bill presents the perfect opportunity for Congress to meet the moment." … Continued

To put the problem of Medicare's cost growth into perspective, the following table illustrates what common food items would cost in 2014, if they had increased as rapidly as Medicare Part B premiums. To give a fuller picture, this table spans a 3year period, the length many Baby Boomers can expect to live in retirement. Medicare Part B premiums are twelve times higher today than 34 years ago in 1980. .When it comes to generic drugs, a "substantial portion" of U.S. imports come either directly from China or third countries such as India, which use active ingredients sourced from China. .Fraud is so prevalent that prevention is only part of the solution. One in 20 seniors in the U.S. is a target of fraud schemes. Yet, the National Adult Protective Services Association has found that only one in 44 seniors report that they are victims of a fraud scheme, suggesting seniors lack information on how to file a complaint. .That report estimates the Social Security trust fund could be depleted by 2030, five years earlier than the official government estimate, because of the recession and long-term near-zero interest rates triggered by the pandemic. .TSCL agrees with Rep. Johnson, and we believe Congress must begin formulating a serious plan to fix the program's finances. Recently, we announced our support for two pieces of legislation that we believe are long overdue. One bill (S. 499 / H.R. 918) would prevent beneficiaries from collecting both unemployment benefits and disability insurance benefits at the same time. The second bill (S. 1198 / H.R. 1936) would ensure that evidence from convicted felons and other criminals is excluded when determining whether an individual is eligible for disability benefits. .Both bills are now awaiting the signature of President Donald Trump. He is expected to sign them into law in the very near future. The Senior Citizens League is pleased that lawmakers successfully advanced legislation that will protect the American public from "gag clauses" that result in higher out-of-pocket costs at pharmacies. .Your husband would need to apply for Social Security disability benefits to learn if his medical condition meets the Social Security Administration's definition of disability. But before getting started, it's important to understand your choices, since your husband is also old enough to start Social Security retirement benefits. .TSCL's surveys have found that moving Medicare Part D to a pricing system that has similarities with Medicaid has strong support among older adults. Seventy percent of those who participated in our 2019 Senior Survey support allowing Medicare to negotiate prices for prescription drugs using a similar system to Medicaid's. .Investigate national and community charitable programs and organizations. An excellent guide to Prescription Drug Assistance Programs is available from The American Cancer Society. Even if you don't have cancer, the information is pertinent to all drug assistance programs. For more information call 1-800-ACS-2345 or download the publication at http://www.cancer.org/Treatment/FindingandPayingforTreatment/ManagingInsuranceIssues/PrescriptionDrugAssistancePrograms/index