News
-
Category Issues Medicare Part D Articles Page 6
Eleven new cosponsors signed on to the Preventing and Reducing Improper Medicare and Medicaid Expenditures (PRIME) Act (S. 1123 and H.R. 2305) this week, bringing the total up to twenty in the Senate and thirty in the House. If signed into law, the comprehensive bill would take a number of steps to prevent fraud, waste, and abuse within the two programs – a problem that TSCL believes must be addressed in order to ensure that scarce program dollars are being spent properly. The new cosponsors are: Sen. John Boozman (AR), and Reps. Duncan Hunter (CA-50), Steve Stivers (OH-15), Dan Benishek (MI-1), Martha Roby (AL-2), Dennis Ross (FL-15), Thomas Rooney (FL-17), Shelley Moore Capito (WV-2), Ileana Ros-Lehtinen (FL-27), Allyson Schwartz (PA-13), Earl Blumenauer (OR-3), and Edward Royce (CA-39). .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: .Finance Committee Questions HHS Nominee … Continued
-
Category Issues Cola Articles Page 5
For information about town hall meetings near you in the days ahead, call the local offices of your elected officials. For contact information, click HERE. .Social Security benefits are one of the few sources of retirement benefits to be adjusted for inflation. The intention is to protect the buying power of benefits when prices increase. But retirees frequently notice that over time their Social Security benefits don't buy as much as they used to. This happens when the annual COLA doesn't keep pace with the increases in costs typically experienced by older and disabled beneficiaries. .COLA cuts: Use the "chained" Consumer Price Index (CPI) to calculate annual cost-of-living adjustments (COLAs). Supporters say that the difference would be small, reducing the COLA about .3 tenths of a percentage point per year. But TSCL estimates this "small" change would cost retirees, with average benefits of ,170 in 2011, some ,223 over a 25-year retirement. … Continued
If your mom has permanently moved out of the area served by her former private Medicare health, she will qualify for a Special Enrollment Period to switch to another private health plan. These plans are also known as Medicare Advantage plans. The rules covering the period you have to shop for and switch to a new plan depend on your circumstances, particularly, whether you notified her private health plan in advance, or after the move. In addition, how your health plan learns of her move, whether from you, the Centers for Medicare and Medicaid Services (CMS), or the postal service — also affects the period you have to switch to a new plan. .How much would your Social Security cost-of-living adjustment (COLA) be worth if it was more accurately based on your spending patterns as a retiree? Social Security legislation under debate in the U.S. House would tie the annual boost for inflation to the Consumer Price Index for the Elderly (CPI-E). Had that index been used to calculate the COLA for 2020, your annual boost would be 1.9%, versus the 1.6% that Social Security recipients are actually getting. .House Committee Discusses Retirement Security .According to the Associated Press, the AstraZeneca's COVID-19 vaccine, which is being used in Great Britain, does more than prevent people from falling seriously ill — it appears to reduce transmission of the virus and offers strong protection for three months on just a single dose, researchers said last week in an encouraging turn in the campaign to suppress the outbreak. .This week, The Senior Citizens League (TSCL) saw three critical bills – the Credit for Caring Act, the Social Security Fairness Act, and the Equal Treatment of Public Servants Act – gain new cosponsors on Capitol Hill. .In case Congress is not able to come to an agreement concerning legislation to lower prescription drug prices, there are reports that President Trump is considering executive action to cut drug prices ahead of the 2020 election as he enters his re-election seeking to rebut Democratic criticism that his policies have hurt U.S. health care. .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. .This is a much longer legislative update than usual but there is a lot of information about the pricing of prescription drugs that we believe is important for you to know and that you might be interested in. .Alexandria, VSpiking drug prices are taking large numbers of Medicare beneficiaries by surprise according to a new survey by The Senior Citizens League (TSCL). Sixty-one percent of people with Medicare drug coverage report higher co-pays and co-insurance costs than expected in 2014 according to more than 1,000 survey participants. The reason for the cost spikes may be tough for many beneficiaries to figure out, according to the survey. Sky-high drug prices are commonly associated with brand and newer specialty drugs, but cost spikes are now affecting generics as well.
