News
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Legislative Update Week Ending January 27 2017
"The Senior Citizens League Wants to Know: "How Much Will You Spend on Medicare?"" .According to the study, the Social Security Cost-of-Living Adjustment (COLA) has increased benefits just 38% since 2000, while typical senior expenses have jumped 81 percent, more than twice as much. Seniors with average Social Security benefits in 2000 received about 6 per month, a figure that rose to ,129.80 by 201However, those seniors would require a Social Security benefit of ,477.00 per month in 2013 just to maintain their 2000 level of buying power. .Now, the Associated Press has reported that one administration official has said the odds are 75-25 that the program will not happen at all. … Continued
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Best Ways To Save Marchapril 2013 2
Meanwhile, Republicans argued that Medicare should not be expanded when its hospital fund is already slated to be insolvent in 2026. .Financial Management, Challenges in Meeting Requirements of the Improper Payments Information Act, GAO-05-417, March 200"Annual Statistical Survey 2004, Social Security Administration, Table 5.A.1. .1977 Changes Fixed An Earlier Flaw In The Benefit Formula … Continued
Beyond funding the government and raising the debt ceiling, TSCL was pleased that the Bipartisan Budget Act included the following three improvements to the Medicare program: .Three Key Bills Gain Cosponsors .The Medicare Trustees estimated in their April 2020 annual report that the base 2021 Part B premium would rise by .70 (6 percent), from 4.60 to 3.30.[1] The annual report was written prior to the coronavirus national emergency and does not incorporate the effects of the coronavirus caused recession, the interaction with an extremely low COLA. .The massive cost of both House and Senate tax bills, estimated to add .5 trillion to the deficit, will trigger automatic spending cuts in 2018 due to language in the Statutory Pay-as-You Go Act of 20The Act, commonly known as "pay-go", prevents legislation from adding too much money to the deficit. Because the .5 trillion cost of the bill is not adequately offset, the Medicare program will see billion in cuts in 2018, and other critical programs like Meals on Wheels would see their budgets slashed. Lawmakers have said they will pass legislation early next year to avert these cuts, but that remains uncertain. .Wall Street economists are in the midst of a growing debate over whether we are in for "the return of inflation." (Oh, go ahead and snort. I did too when I first read about this.) .The Obama administration recently proposed new regulations to deny Medicare to illegal immigrants and remove them from Medicare rolls. The Centers for Medicare and Medicaid Services (CMS) are proposing U.S. citizenship or lawful presence in the United States as a new requirement for getting Medicare. .The age at which you start Social Security is for most people the biggest financial decision you will ever make. But according to TSCL's annual Senior Survey, 71% of survey participants said that prior to starting Social Security benefits, they had no idea of the amount of money they could expect over a typical 20 to 30 year retirement. That lack of financial information can have big consequences for your standard of living in retirement, your success at making your retirement finances last, and ultimately how much you enjoy retirement. .Several lawmakers at Tuesday's hearings voiced concerns about Congressman Mulvaney's Social Security and Medicare reform positions. Senator Bernie Sanders (VT) – Ranking Member of the Senate Budget Committee – said: "The opinions and views of Mr. Mulvaney are way out of touch with what the American people want. And more importantly, they are way, way out of touch with what President Trump campaigned on." Congressman Mulvaney stated, "I haven't exactly been a shy Member of Congress in my six years here, and I don't expect to end that here today or if I am confirmed as Director of OMB." He said he would be "completely and brutally honest" as a budget advisor to President Trump. .Several lawmakers also expressed their concerns about rising prescription drug prices at Wednesday's hearing. When asked whether the administration would take action to assist seniors who fall into Medicare Part D's "doughnut hole," Congressman Price said: "It is imperative that we provide the greatest amount of opportunity for individual seniors to be able to gain access to the drugs that they need." Senator Bill Nelson (FL) expressed his dissatisfaction with that response, saying: "If I gave [seniors] that answer, I would get run out of the room."
