News

  • Medicare Part D Will Cost Me More Feed

    "If the Secretary of the Department of Health and Human Services and Congress take no action to lower the Part B premium, most of those who were protected by "hold harmless" will need a hefty COLA in order to raise their benefit just to cover the cost of Medicare Part B premiums in 2018," Johnson says. .The Medicare Physician Payment Innovation Act (H.R. 574) also gained a cosponsor – Rep. Pete Gallego (TX-23) – this week, bringing the total up to thirty-five. If signed into law, H.R. 574 would repeal and replace the SGR, bringing increased stability to the Medicare program for both physicians and beneficiaries. .Second, four new cosponsors signed on to the Social Security Fairness Act (S. 915, H.R. 1205), bringing the cosponsor total up to twenty-seven in the Senate and 190 in the House. The new cosponsors are: Senator Patty Murray (WA), Senator Tom Udall (NM), Representative Debbie Wasserman Schultz (FL-23), and Representative Vicky Hartzler (MO-4). If adopted, the Social Security Fairness Act would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two provisions that unfairly reduce the earned Social Security benefits of millions of teachers, police officers, and other state and local government employees each year. … Continued

  • Senior Citizens League Opposes Use Of Social Security Funds For Tax Cut Press Release

    For example, one Maine resident worked in the private sector, paying into Social Security for fifteen years before she returned to the teaching profession. Her earned Social Security benefits would have totaled 0 a month. However, due to the WEP, she receives only 0 each month from the program. She is also unable to collect Social Security spousal benefits due to the GPO, even though her spouse paid into the system throughout his entire career. In retirement, she must rely almost entirely upon her teaching pension, which is modest since she spent only a decade in the profession. She told the National Education Association, "If I had known the severe financial penalty I was to pay for returning to teaching, I don't think I would have done it." .43% support very gradually increasing the Social Security payroll tax rate paid by employers and employees. .Home care, though, is much cheaper, overall. The yearly average cost, per person, of a nursing home to Medicaid is ,000 compared with ,000 for home care workers, according to one expert. … Continued

On Thursday, the House Ways and Means Social Security Subcommittee held a hearing to discuss the findings of the new 2018 Social Security Trustees Report. Those on the subcommittee heard from Stephen Goss, Chief Actuary at the Social Security Administration. .The report attributed the rapid increase to "an aging population, rising health care costs, and an expansion of federal subsidies for health insurance." In 2039, Social Security, Medicare, Medicaid, and other federal healthcare programs are expected to cost approximately 14 percent of the economy, which is double the 7 percent average that has held steady over the past forty years. .Most Committee Members seemed to agree with him but as the hearing went on, it became clear just how difficult the task will become under strict time constraints and in a politically-charged environment. Most Members shifted their focus toward reforming the corporate code, since it will likely be more politically feasible. Co-chair Jeb Hensarling (TX) stated, "Fundamental tax reform, even if limited to American businesses, can result in both revenues for economic growth and jobs for the American people." By lowering the corporate tax rate from 35 percent to 25 percent and by eliminating loopholes, Hensarling said that 2.1 million jobs would be created over ten years. .The decision on when to start benefits is not a simple one. If you have some retirement savings, or equity in a home, it may be to your advantage to delay starting benefits and to use other resources for a few months while you look for other work. Your local senior center, or colleges or public libraries may also have programs provided by retirement and financial professionals that can help provide you with guidance. To learn more, download this publication from the Social Security Administration: How Work Affects Your Benefits. .If adopted, this key bill would improve Social Security COLAs by basing them on the CPI-E, and it would cover the cost by phasing out the payroll tax cap over the course of seven years. Together, these changes would improve the adequacy of Social Security benefits and strengthen the solvency of the Trust Funds past 2035. .Rick retired from the U.S. Air Force as a First Sergeant with the rank of Master Sergeant in October of 1989 and makes his home in Warner Robins, Georgia, with his wife of 43 years, Pat. . Find out which drug store has the lowest cost-sharing before you fill. Your cost sharing can be dramatically higher depending on where and how you fill your prescription (retail versus mail order). Make sure you are using a preferred vs. standard network pharmacy and compare the prices of retail pharmacies with getting a 90-day supply from your drug plan's mail order pharmacy. For example, if you are enrolled in the Wellcare Wellness Rx plan and get your Eliquis from a standard in-network pharmacy, your copay for Eliquis after the 5 deductible would be during the initial coverage phase, and 7.38 in the Part D coverage gap. However, if you get your Eliquis from a preferred in-network pharmacy the co-pay is .00 during the initial coverage phase and 3.36 in the coverage gap. Depending on where you live, and your drug plan's mail order pharmacy, sometimes you may save a little more using mail order. .Manufacturers have traditionally claimed that only the lure of windfall profits would encourage them to take the necessary risks, since drug development is expensive and there's no way of knowing whether they're putting their money on a horse that will finish first, or scratch. .TSCL is carefully monitoring these recommendations and believes they would be financially punitive to seniors who are depending on Medigap supplements to provide a more secure retirement.