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  • Tag Medicare Part D Feed

    In Washington, my priority is helping improve the lives of the American people, and that includes addressing our nation's retirement system to ensure it serves our seniors more effectively. One way Congress did this was by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 201This bill, which passed with my support, will streamline and update our nation's retirement system in several ways, including removing the age limitation on IRA contributions, increasing access to retirement plans by allowing small businesses to join together to offer plans, and allowing penalty-free distributions from a retirement account for the birth or adoption of a child. This legislation isn't perfect, but it is a step forward, and I am glad the SECURE Act was passed into law at the end of 201While approximately half of American households still don't have an option for work-based retirement plans, as a nation we must continue to work to advance access to retirement savings vehicles and decrease barriers to entry for small employers who want to offer savings plans to their employees. .Since you were born in 1959, your full retirement age is 66 and 10 months. Starting benefits prior to your full retirement age will lower your monthly payments. If you were to retire at age 62 instead of age 66 and 10 months, a ,000 per month benefit would be permanently reduced to ,416— a reduction of about 29.17%. The longer you delay starting your benefit, the more you will receive. But age 66 and 10 months is NOT your maximum benefit age. Your maximum benefit comes at age 70, no matter when you were born. .TSCL originally made this proposal with the massive support of our members. It is designed to provide fair compensation for the lower benefits Notch Victims receive. It has now been introduced as Bills in Congress. If passed, it will provide a Settlement payment of ,000 to each living Notch Victim or their beneficiary spouse. … Continued

  • Category Tips For Seniors Page 7

    This week, one new cosponsor, Rep. Michael Fitzpatrick (PA-8) signed on to the Public Servant Retirement Protection Act (H.R. 2797), bringing the cosponsor total up to eight. If signed into law, H.R. 2797 would repeal the windfall elimination provision (WEP) from the Social Security Act and establish a new formula for equalizing benefits for those with non-covered earnings. TSCL is very supportive of the Public Servant Retirement Protection Act since it would go a long way in granting dedicated public servants the retirement security they deserve. We were pleased to see one new cosponsor sign on this week, and we hope that support continues to grow in the coming months. .TSCL is a non-partisan organization which means we work with whomever supports our legislative agenda, regardless of what party they belong to. We look forward to working with the new chairmen and women of the various Senate committees and with the minority members of the committees in achieving our goals. .Sources: "The Out-of-Pocket Cost Burden For Specialty Drugs in Medicare Part D in 2019," Juliette Cubanski, Wyatt Koma, Tricia Neuman, Kaiser Family Foundation, January 201https://www.kff.org/medicare/issue-brief/the-out-of-pocket-cost-burden-for-specialty-drugs-in-medicare-part-d-in-2019/ "How Trump's Latest Plan to Cut Drug Prices Will Affect You," Katie Thomas and Reed Abelson, The New York Times, February 5, 2019/ … Continued

Several new bills have recently been introduced in Congress that would reduce prescription drug costs. A number of them have bipartisan support. To read more details about these bills see —"Stories About High Drug Costs Lead To Congressional Investigation of Pharmaceutical Pricing." .Will Medicare Soon Include Dental Coverage and More? .For most retirees the average Social Security benefit of ,100 is their main source of income. But the sluggish economy has made the federal budget deficit, including that of Social Security, balloon more rapidly than expected, according to a new report from the Congressional Budget Office (CBO). In 2010, for the first time since 1983, annual costs for Social Security exceed annual revenues, and that won't improve very much in coming years. Instead, it will become a persistent problem. .TSCL feels strongly that Social Security beneficiaries are entitled to transparency and honesty from the federal government, and we believe that Congressman Jones's H.R. 3500 would go a long way in ensuring that. We enthusiastically support the Honesty in CPI Reporting Act, and we look forward to working with Congressman Jones in the coming months to help build support for it. .This is the same bill he introduced in 2019 which TSCL endorsed then and we have endorsed this new bill once again. .To learn more about your Medicare benefits download a copy of the "2011 Medicare & You" handbook by visiting www.medicare.gov or call 1-800-MEDICARE ( 7). .I would like to know the deductible of my Medicare. .Welcome to the month of February! This week, President Donald Trump addressed the nation in his first State of the Union, and The Senior Citizens League (TSCL) monitored negotiations at one Senate hearing. In addition, four key bills gained new cosponsors in the House and Senate. .Policy experts question how patients will make up postponed care (some services can't be made up) and the degree to which delays in getting care will have adverse health consequences. Both of these concerns suggest that another type of surge for hospitals—the aftermath of postponed care — may be coming next. Cutting hospital reimbursements now could potentially limit access to care when Medicare beneficiaries need it the most.