News

  • Category Best Ways To Save Feed

    In his opening statement, Dr. Conway said, "This proposal is part of the Administration's broader strategy to encourage better care, smarter spending, and healthier people by paying for what works, unlocking health care data, and finding new ways to coordinate and integrate care to improve quality." .In fact, your best bet, and one that could help you save hundreds of dollars on your health insurance costs, is to get the unbiased advice of a trained Medicare benefits counselor through your state Health Insurance Assistance Program. The program provides free one-on-one local health insurance counseling through many local Area Agencies on Aging. To find the agency nearest you, consult your phone book or The Eldercare Locator. You may find the information resources at www.eldercare.gov/Eldercare/Public/Home.asp or you may speak to an Eldercare Locator information specialist by calling toll-free at 1-800-677-1116 weekdays, 9:00 a.m. to 8:00 p.m. (ET). ."The loss of a job not only means the loss of income, but it also can mean the loss of healthcare benefits, and both employee and employer contributions to retirement accounts," Johnson notes. Depending on how long older workers remain out work, a growing number may turn to Social Security and file claims for benefits earlier than originally planned. That can mean permanently reduced benefits for people who haven't reached their full retirement age. … Continued

  • Surprise Billing Issues Still Not Settled

    The House passed H.R. 1868 by a vote of 246-175 on March 19, with 29 Republicans voting in favor of the bill. .Ohio Sen. Sherrod Brown announced a consumer price index bill for elderly consumers on Wednesday. Under the Consumer Price Index for Elderly Consumers Act, the cost-of-living adjustment (COLA) would be amended to use a formula that reflects the spending patterns of seniors. The current index is based on the spending patterns of urban workers. .Payment Reform Bill Passes First Hurdle … Continued

"That estimate tracks closely with the CPI data through August," Johnson says. "Overall inflation readings are very low, but that's almost entirely due to the dramatic drop in oil prices again this year," she notes. Meanwhile, the data show some big jumps in the cost of goods and services that older and disabled Americans use the most. But that won't necessarily translate into higher COLAs, because the index used to calculate the annual Social Security boost is based on the spending patterns of younger working adults. Younger people tend to spend less on health care and housing, and more on gasoline and electronics, two categories that have gone down in recent years. .Former doughnut hole coverage gap: After spending the initial coverage amount of ,005, you are responsible for 25% co-insurance for both generic and brand name drugs, plus a portion of the pharmacy dispensing fee which is approximately $$Your drug plan pays 75% of the cost of generic drugs and 5% on brand-name drugs. The drug manufacturer provides a 70% discount on brand-name drugs. Your total costs in this stage could run as high as ,345 between the end of the Initial Coverage Period and the Catastrophic stage of coverage begins. Altogether, beneficiaries could be responsible for as much as ,350 in TrOOP, which includes the drug costs paid by the beneficiary and the 70% discount on brand-name drugs provided by the drug manufacturer. Payments made by the drug plan DO NOT count TrOOP costs. .1977 Changes Fixed An Earlier Flaw In The Benefit Formula .Increasing the payroll tax cap. Under current law, the 12.4 percent payroll tax is applied only to the first 7,200 in earned annual income. Individuals earning more than that pay nothing in Social Security taxes on the rest of their earnings. Several proposals now before Congress would modify this policy so that higher income workers contribute more fairly to the program. .Companies requiring mandatory arbitration say it saves money and time for resolving complaints. But older consumers still may wind up with legal fees, and may wind up having to pay a share of the arbitration fees. .The Social Security Fairness Act, if adopted, would make the Social Security program more equitable by repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These two provisions of law unfairly cut the Social Security benefits of millions of teachers, police officers, and other state or local government employees, often by 40 percent or more. By repealing both provisions, the Social Security Fairness Act would ensure that public servants receive the Social Security benefits they have earned and deserve. .Sources: "Under New Cost-Cutting Medicare Rule, Same Surgery, Same Place, Different Bill," Susan Jaffe, Kaiser Health News, March 23, 2021. .Lawmakers Discuss Drug Costs with President Trump .How Would Higher Medicare Costs Affect My Retirement Budget?