News

  • Category Congressional Corner Page 3

    When you start retirement benefits before your full retirement age– which for you is 66 — you may work, but Social Security will withhold one dollar in benefits for every in earnings above the limit. The question for many people who go this route is when the withholding starts. .The proposal is not new. Former Federal Reserve Chairman Alan Greenspan supported a similar proposal in the late 1990s. In fact, it's one of a series of technical changes to the CPI recommended by the Boskin Commission in 1996 — which said that the CPI overstates inflation and that the COLA overpays seniors by about 1.1%. The Bureau of Labor Statistics busily instituted a number of those changes from 1995 through 2000 that, by my estimates, have already cut the rate of growth in the CPI and average Social Security benefits, compared to previous CPI measurement methodology by about 5 annually over the past ten years. If Congress were to adopt the chained CPI to calculate COLA starting with the COLA payable in 2012, that would additionally cut the growth in average benefits by about ,429 over the next ten years. .No. In fact whether he's aware of it or not, your brother-in-law may be involved in a Medicare fraud. If he's receiving payment, free goods or services in exchange for his Medicare number, that's considered a crime than can result in jail time. It's becoming more common, especially in Medicare fraud hot spots like Los Angeles, New York, Chicago and the south Florida area where you live. … Continued

  • Changes In Medicare Benefits Uncertain

    The FAIR Social Security Act (H.R. 1984), introduced by Representative Peter DeFazio (OR-4). This bill would make COLAs more accurate by basing them on the Consumer Price Index for the Elderly (CPI-E). In a letter to his colleagues in Congress, Rep. DeFazio wrote: "Defying all common sense, COLAs are currently calculated based on the cost of goods that aren't purchased in large numbers by seniors … Social Security COLAs should be based on accuracy, not austerity." According to his office, adopting the CPI-E would amount to a monthly benefit increase at the age of 80 for the average retiree, and an increase of per month at the age of 90. .House Committee Discusses Retirement Security .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. … Continued

TSCL believes this is good news for the Social Security and Medicare systems, but there is no doubt that if the deferred taxes are never re-paid, it will cause major damage to both programs. .TSCL is encouraged by the President's comments on drug prices, and we urge the administration to do everything in its power to bring down costs for consumers in the months ahead. In the meantime, our legislative team will continue to advocate for legislation like the Improving Access to Affordable Prescription Drugs Act (S. 771, H.R. 1776), which would take comprehensive steps to lower costs for Medicare Part D beneficiaries. .TSCL feels the closing of the World War II Memorial is a prime example of backwards Administration priorities. Access to that memorial should never be barred in the first place. Its construction was funded heavily by donations from the public rather than solely by tax revenues, and many donations came from Notch Babies who formed the bulk of the fighting forces during World War II. In fact, TSCL members and supporters alone donated over ,749 for the World War II Memorial Foundation. .TSCL is a strong supporter of H.R. 973, and we were pleased to see support grow for it this week. .Nineteen percent (19%) have postponed filling one or more prescriptions due to quarantine or emergency orders to stay home. .On Thursday, the Social Security Administration (SSA) announced that beneficiaries will receive a 2.8 percent cost-of-living adjustment (COLA) in 201It will be the largest Social Security COLA since 2012, but around 5 million seniors with the lowest Social Security benefits are expected see no net increase in their monthly checks after Medicare Part B premiums are deducted. Those with benefits of around 5 per month or less are expected to see no net increase. ."Many of the most-expensive medications are the biologic treatments that we often see advertised on television," Mulcahy said. ."While there's nothing unlawful per se about rushing to enact policy in the final days of a presidential administration (indeed, it's a time-honored tradition), executive branch officials may not circumvent clear legal requirements in the eleventh hour to achieve goals they couldn't accomplish in the normal course," he said. .TSCL is concerned because even though illegals approved for the program don't gain legal status, they do gain work-authorized Social Security numbers. This work-authorized number is all that the government requires to later allow non-citizens to file a claim for Social Security benefits. Under current law, the government uses all earnings to determine entitlement, as well as the amount of the initial retirement or disability benefit, even if jobs were worked illegally.