Congressional Corner Tackling High Cost Prescription Drugs
It would have to report to Congress every two years on regulatory and financial developments that affect older investors. Reports would have to include recommendations for possible regulatory or legislative action. .While Congress continues to discuss similar changes to the Social Security benefit formula today, Notch Reform remains a legislative priority for TSCL. TSCL estimates that 2.7 million Notch babies and their spouses or widows would benefit from passage of The Notch Fairness Act. The legislation would provide Notch Babies, born 1917 through 1926, ,000 payable in four annual installments, or an improved monthly benefit. Representative Mike McIntyre (NC-7) introduced the legislation in the House where it has 17 cosponsors, and Senator David Vitter (LA) has introduced a corresponding bill in the Senate. TSCL continues to work for passage. .In April, more than 150 House lawmakers proposed a budget blueprint that would have reformed the Medicare program and cut Social Security benefits by adopting the "chained" CPI, eliminating the COLA for some seniors, and raising the eligibility age. Did you support this budget blueprint, and if so, why? … Continued
Democrats Seek To Pass Healthcare Changes Later This Year
In addition, the agreements allow workers who split their careers in two or more nations to combine or "totalize" work credits from both countries. That allows them to become eligible for retirement benefits proportional to the amount of credits earned in either country. Although the U.S. has 24 such totalization agreements, most are with countries like the U.K. and Canada that have economies similar to ours. At issue in totalization with Mexico is whether millions of immigrants who have worked in this country without legal work authorization, along with their family dependents, would become eligible for U.S. Social Security benefits under the agreement. .This week, TSCL endorsed one new bill sponsored by Congressman Eliot Engel (NY-16) – the Guaranteed 3 Percent COLA for Seniors Act (H.R. 3588). If signed into law, the bill would base Social Security cost-of-living adjustments on an inflation index specifically for seniors, and it would guarantee a minimum increase of 3 percent each year. .The Covid-19 pandemic has both heightened the urgency of reining in pharmaceutical costs yet also made it harder for lawmakers to act. Drug makers say limiting their profits could hamper efforts to create a vaccine against the virus, but medicines to treat it come with significant price tags. Gilead Sciences, Inc., set the price for its widely used Remdesivir at ,340 for a five-day treatment. … Continued
TSCL is gearing up to fight legislation that would cut the current rate of COLA growth any further. To the contrary seniors need a COLA that more adequately protects the buying power of Social Security, and TSCL supports H.R. 776, the Guaranteed 3% COLA Act, introduced by Representative Eliot Engel (NY-17). Why not take a few minutes now to send your Representative an email explaining how you need a Social Security COLA you can rely on? Be sure to ask your Representative to co-sponsor H.R. 776, the Guaranteed 3% COLA Act. .What Happened To My Higher Retirement Benefit? .On behalf of The Senior Citizens League's (TSCL's) one million members nation-wide – 4,803 of whom are your constituents – I urge you and your colleagues in Congress to reject the elimination of the medical expense deduction. .TSCL Supports Bill To Kill The Medicare Cutting Board .The 113th Congress: A New Opportunity for TSCL .Last July 24 President Trump announced his intention to sign four executive orders regarding prescription drugs, including one that would tie the cost of drugs in the US to drug prices in other countries. At the same time, he said he would delay signing the order and give pharmaceutical companies, which have vigorously opposed such a move, time to come up with their own plan to lower drug prices. .Do you have a mortgage? A recent survey by national mortgage banker American Financing found that 44% of Americans between the ages of 60 and 70 have a mortgage when they retire. Of that group, almost one-in-three expect to be paying on their mortgage for at least eight more years. Life insurance can cover mortgage payments if you die, and a term life policy can be timed to end with debt payments. .Your required minimum distribution (RMD) is the minimum amount that you must withdraw from retirement accounts each year. Failure to do so by your deadline can result in a penalty equal to 50% of the required amount not withdrawn. .Few diseases or conditions can be treated quickly, so be suspicious of any therapy claimed as a "quick fix."