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  • Social Security Benefits Lose 22 Of Buying Power Since 2000

    The calculation of the COLA is based on the percentage of difference in the average third quarter change in the Consumer Price Index for Urban Clerical Workers and Wage Earners (CPI-W) from one year to the next. In late August of 2005, Hurricane Katrina knocked out petroleum production, causing gasoline and other consumer prices to surge in September. The CPI-W shot up an astonishing 1.5 percent between August and September of that year. But since Katrina, the CPI-W has increased .042 percent on average from August to September. "Even if costs were to rise as much as they did after Katrina, the COLA for 2018 would still be about 2 percent," Johnson says. .Our seniors worked hard all their lives and paid into the system – they've earned the right to true peace of mind. But the COLA formula in place right now just isn't providing that peace of mind. It's imbalanced and creating uncertainly for millions of Americans. .Your doctor or provider accepts "assignment" or the Medicare approved payment, as payment in full. There may be some doctors in your area that accept assignment, but fewer do that anymore. You will need to call your doctor to find out if he or she accepts assignment. Many are charging more than the Medicare-approved amount and you or your Medigap plan will need to cover the "excess" charges. Even if you do locate a doctor who accepts assignment, a growing number of doctors are not accepting new Medicare patients. To find a doctor who accepts assignment call the customer service number of your Medigap supplement. Then call the physician to find out if he or she is accepting new Medicare patients. … Continued

  • Category Issues Social Security Faqs Page 7

    Under both measures, the poverty rate increases with age, and was higher for people in relatively poor health. .In 2014 the Congressional Budget Office estimated that the average tax payment of Social Security households equaled 6.7 percent of benefit income — an amount that is estimated to grow to 9 percent of benefits by 203"That growth is likely to occur much more rapidly due to changes in the tax law, which uses a more slowly growing consumer price index to adjust the tax code," Johnson says. .We gave you the bad news about eating fried foods, which really is nothing very new. But there was some hopeful news last week that we want to pass along. … Continued

The drugs that would be affected by any Trump action are among the costliest taken by Americans. They include innovative therapies for cancer, immune disease and other disorders. The industry says that Part B pharmaceutical spending makes up just 3% of overall Medicare costs. .Four Bills Gain Support .We at TSCL believe that if the drug companies do not offer vaccines or treatments either free of charge, at-cost, or with only a small profit, Congress must take action to reduce the cost. It is simply unacceptable for the American taxpayers to have to pay a large amount of money for something that is so desperately needed by everyone and that has disrupted, and most likely permanently changed, our lives. .Should lawmakers fail to reach an agreement before midnight on Friday, April 28th, a federal government shutdown will occur. TSCL hopes that Congress will avert a shutdown since Social Security and Medicare beneficiaries would see negative impacts if one were to occur. We will be monitoring the negotiations closely in the coming hours and days and will post progress updates on Twitter. .Mary: Who tends to use anchors to influence our decisions, and when should we be wary? .The situation can be potentially dangerous for Medicare beneficiaries and their families. If you are approached or receive a call by someone offering money, free services, free groceries, free transportation or TVs for your Medicare number, say no. If you suspect fraud, Medicare has an area on its website where you can report fraud. .And the American government has no effective way to fight back. .According to TSCL studies, Social Security benefits have lost more than 31% of their buying power since 2000. "Yet the vast majority of seniors can't absorb any loss in buying power," Cates says. According to the Social Security Administration, 53% of senior households depend on Social Security for more than half of their income. The median income of seniors aged 65 and older is just ,757 – only 220% above the federal poverty level for an individual. .The total cost for a single year of treatment with the nation's most expensive specialty drugs can cost more than the entire retirement savings for many retirees. The annual cost of the cancer drug Idhifa, for example, is 0,85According to a new study by the non-partisan Kaiser Family Foundation, the median out-of-pocket cost that Medicare Part D beneficiaries will pay out-of-pocket for specialty drugs in 2019 would be ,55Patients suffering from multiple sclerosis could pay an estimated out-of-pocket of ,409 in 2019 for Glatiramer acetate. Even on the "low side," the annual out-of-pocket for Hepatitis C drug, Zepatier runs ,622.