News

  • July 2013 Pharmacy Choice

    Alexandria, VA (October 18, 2011) Irene H., a senior living in Central Virginia, will achieve a milestone this fall that few other 86-year olds can boast of. The thrifty senior, who takes three prescription medications every day, including an expensive brand-name eye drop for glaucoma, will cut her prescription drug costs by more than ,000 since 200Her secret? Every year during the fall Medicare Open Enrollment period, Irene learns about the changes in her drug plan for the upcoming year, and then compares all her options for drug coverage. She changes plans when she finds better coverage at a better cost. .Depending on your health, it might be to your advantage to start unemployment benefits and delay taking Social Security right away. Allow several months to search for a new job. The longer you can postpone starting Social Security, the higher your benefit will be. In addition, should you find a good job and start working again, your Social Security benefits could be reduced by excess earnings. If you are under your full retirement age you may earn ,480 in 2014 (,290 per month) before Social Security would withhold in benefits for every over that amount. .If Congress does not pass the new legislation, there will be a 2% cut starting April 1 and then a 4% cut in Medicare funding amounting to billion in early 202The cuts would be in place for each of the next five years. … Continued

  • Ask The Advisor March 2021

    "The proposal would apply to both Medicare Part B and Part D drugs, an expansion from an earlier version of the order. The order would apply to Part D drugs where ‘insufficient competition exists.'" .TSCL strongly supports legislation that would provide a minimum COLA in years when inflation is below average — such as the Guaranteed 3% COLA Act (H.R. 991) sponsored by Representative Eliot Engel (NY-16). How are low COLAs and higher costs affecting you? Let your Members of Congress know! Call 1-844-455-0045. ."The response we received from our supporters voicing their concerns through our petitions was extraordinary," said TSCL Executive Director Shannon Benton. "That message was loud and clear: Congress couldn't help but feel the fighting spirit and resolve of our supporters across the country." … Continued

Legislation passed in 1983 required all Members of Congress to pay into Social Security. That said, like all high-income workers, they only pay Social Security up to the maximum taxable wage, which in 2012 is 0,100. Thus Members of Congress pay no Social Security taxes on the additional ,900 they receive as salary. Since Members of Congress are high-income earners, they are also in line for the maximum tax break due to the payroll tax cut extension. The payroll tax rate has temporarily been cut by 2%, meaning Members of Congress will save ,002 in 2012. .This is good news. While we have disagreements with some doctors over things like surprise medical billings, this year has taught us how critical and valuable to us all are our medical personnel. This certainly was no time to try to balance the budget on the backs of those who have borne the weight of so many of us this year. .To learn more, download "When To Start Receiving Benefits" from the Social Security Administration. .The decision is complicated by significant trade offs that can reduce or even eliminate the money you are hoping to receive. Here are some factors that you need to consider. .New Social Security COLA Legislation Introduced .Congress last year expanded this program in the healthcare reform act, or the Patient Protection and Affordable Care Act (PPACA), which was signed into law in March 20The PPACA expanded "means testing" to Medicare Part D, and froze the income thresholds at which beneficiaries become subject to the "means test" at the 2010 levels through 201This year, depending on income, individuals who make more than ,000 and couples who make more than 0,000 will have to pay from .10 - 3.70 extra per month for their Part B premiums, and from .10 to .10 extra per month for their Part D premiums in 2011. .The Senior Citizens League is opposed to any payroll tax cut which would remove the major portion of Medicare Part A hospital insurance funding. That's money today's beneficiaries paid into the system during their working careers, and the same funds are needed today to reimburse hospital services for today's patients. .While a drop in inflation should mean that people don't have to spend as much money due to higher prices, that hasn't been the case for older households, according to a survey by TSCL. The majority of survey participants, 72 percent, reported that their household budgets had gone up per month during 2015 even though the CPI-W in 2015 indicated that no COLA (for 2016) was payable. ."Guest Worker" Immigration Reform Would Give Access to Social Security