News

  • Ask The Advisor May 2014

    If you have not filed a return for 2020, the IRS urges people with children to file one as soon as possible. Even if your grandson was not with you in 2020, eligible taxpayers have the opportunity to update information about changes in income, filing status or the number of qualifying children. The IRS is continuing to update information about this credit which can be found at: https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. .One of the most important results of this change is that the Senate Majority Leader controls what legislation moves through the Senate. That is crucial in determining what happens in terms of President Biden's agenda in the next two years. .The decision on when to start benefits is not a simple one. If you have some retirement savings, or equity in a home, it may be to your advantage to delay starting benefits and to use other resources for a few months while you look for other work. Your local senior center, or colleges or public libraries may also have programs provided by retirement and financial professionals that can help provide you with guidance. To learn more, download this publication from the Social Security Administration: How Work Affects Your Benefits. … Continued

  • 2019 Social Security Cola

    Medicare Advantage — Medicare Advantage (MA) plans are popular because they tend to have much lower, or even zero premiums. In addition, many MA plans offer drug coverage. These plans may have deductibles, and charge co-pays for most services, leaving you at risk of more in out-of-pocket costs when you use services. Starting in 2011 for the first time, all plans include a limit on out-of-pocket spending that cannot exceed ,700. .Your cost-of-living adjustment (COLA) "overpays" you. Yes, that is an outrageous statement — especially since you haven't gotten a COLA boost for two years. Nevertheless, calling it "The Moment of Truth Project," that's what the President's Fiscal Commission is saying in making the case for the government to switch to a more slowly- growing "chained" Consumer Price Index (CPI). .Sources: "Prescribers With Questionable Patterns In Medicare Part D," Department of Health and Human Services Office of Inspector General, June 201"Medicare Fraud Outrunning Enforcement Efforts," The Center For Public Integrity, July 3, 2013. … Continued

How Would Higher Medicare Costs Affect My Retirement Budget? .TSCL disagrees, and we fear that if triggered, the IPAB's recommendations could result in increased costs for beneficiaries or decreased access to quality medical care. In the weeks ahead, we will continue to advocate for legislation to repeal the cost-cutting board in the House and Senate, and we will post updates here in the Legislative News section of our website. .Eight Questions You Should Always Ask Your Doctor ."Opting out" of a former employer's coverage on occasion might be able to save you money, but it requires careful cost comparisons and sound guidance. Never make any change without first getting the unbiased advice from a trained Medicare benefits counselor. The service is provided free of charge through your State Health Insurance Program and is available at many local Agencies on Aging. Check your local yellow pages. .After a much-anticipated mid-term election and an active "lame duck" session on Capitol Hill, the 114th Congress has officially begun and The Senior Citizens League (TSCL) is gearing up for another busy year. With the November elections behind them, lawmakers will finally be able to focus on some of the complex policy issues that sit high on their agendas, like deficit reduction, Social Security reform, and an overhaul of the immigration system. .I am writing for assistance in applying for the Notch Settlement on behalf of my widowed mother who has been a supporter of this cause for several years. She currently draws my deceased father's Social Security since it is greater than what she would receive under her own amounts paid in. My father was born on Sept. 16, 1926, which would qualify her to receive the settlement of ,000. She also has an acquaintance who was in this same situation and she was able to obtain the ,000 in full under her husband's benefits and he was also born in 192We have made several attempts to contact Social Security and they simply will not respond to her request. Is there any assistance you may lend to resolve this issue? .One big difference between Social Security and a Ponzi scheme is the establishment of Social Security by law. Both the amount paid out and the financing coming in can be, and frequently has been, adjusted by Members of Congress. Unlike Ponzi schemes that are supported by voluntary investments, Social Security is supported by tax revenues from working individuals and taxes on a portion of Social Security benefits paid by seniors, both of which are required by law. While Ponzi promised phony payouts, Social Security payouts are established by law as well. They too, have been adjusted over the years. .The Social Security Subcommittee of the House Committee on Ways and Means held a hearing to discuss the problems facing seniors and the vital roll Social Security plays in the well-being of America's seniors. .The annual Medicare Advantage Open Enrollment period starts January 1 –March 3During this time, you will be allowed to switch to another MA plan or return to Medicare and a stand alone plan. However, if you give up your MA plan in favor of returning to original Medicare, that does not necessarily mean you would be able to buy a Medigap supplement. Medicare supplement insurers are not required by law to cover pre-existing conditions, other than during certain periods (when you first sign up for Part B or if you qualify for a Special Enrollment Period.)