News

  • Legislative Update Week Ending August 19 2016

    The federal government could, for example, invoke a never-before-used power called "march-in rights," through which it can override a patent holder's rights if it doesn't make its medicines "available to the public on reasonable terms." (Unfortunately, in already-signed agreements with BARDA, some drug makers have explicitly watered down or eliminated that proviso.) .Currently, when hold harmless is triggered on a nationwide scale there is no provision of law to finance the unpaid portion of Medicare Part B premium increases. Instead, the entire burden of Part B costs is spread over a much smaller number of individuals, which is the 30 percent of Medicare Part B enrollees who are not protected by the hold harmless provision. This has led to significant spikes in Medicare Part B premiums during the hold harmless years, and in 2018 when a COLA finally became payable, to steep jumps in premiums for those whose Medicare Part B premiums were held lower in 2016 and 2017. .To learn how you can join the effort for an Emergency COLA and Medicare relief, Visit … Continued

  • Category Issues Social Security Faqs Page 5

    Other critics say that revising the government's purchasing rules will not provide a quick solution to the supply shortages of the current pandemic. "Making Buy American provisions tighter during the current crisis would likely do more harm than good," according to William Reinsch and Jack Caporal of the Center for Strategic and International Studies. .Congress Adjourns for Thanksgiving Break .The income threshold that subjects a portion of Social Security benefits to tax was first set by legislation in 198Before 1984 Social Security benefits weren't taxed, but a financial crisis threatened Social Security in the early ‘80s providing the impetus for Congress to impose the new tax in order to beef up revenues. The tax increase was sold to the public as a tax on "high income" beneficiaries, and it was — in 198At that time only 10% of Social Security beneficiaries paid the tax. But today, it is different. During the 2015 tax season an estimated 56% of Social Security beneficiary households like yours owe federal income taxes on part of their benefit income, according to the Social Security Administration. … Continued

Sources: "Choices for Debt Reduction," The Congressional Budget Office, November 2012. .In the weeks ahead, TSCL will keep a close eye on the issue, and we will advocate for solutions that will improve access without jeopardizing online security. For progress updates, visit the Legislative News section of our website or follow us on Twitter. .CMS Announces Preliminary MA Payment Changes .Provide Social Security beneficiaries with an emergency COLA. Medical costs are on the rise, and many seniors are currently experiencing excessive prescription drug price increases of 1,000% or more. Those increases are not reflected in the COLA since it is based on the way young, urban workers spend their money, using the CPI-W. TSCL feels strongly that a modest one-time payment of 0 would give seniors much-needed relief next year. .However, an estimated 15 million Medicare beneficiaries – including new enrollees, those who are dually eligible for Medicare and Medicaid, high-income beneficiaries, and beneficiaries who do not receive Social Security benefits – will see large premium and deductible hikes in January if Congress does not act before October 15th, less than one week from now. .Both Social Security and Medicare have come under intense scrutiny for benefit cuts in recent years of deficit reduction negotiations. Immigration proponents say that immigration reform would boost the payroll taxes flowing to both programs and prolong program solvency. Critics, including TSCL, say that giving hundreds of thousands of illegal immigrants new access to Social Security would boost long-term costs far more than the 2-year estimated gain in solvency that the Social Security program would receive. Under current law the government continues to calculate entitlement and the amount of the initial benefit based on all earnings, even for jobs worked under invalid or even fraudulent Social Security numbers prior to gaining legal work authorization. .The savings compound over time and are huge. The Congressional Budget Office estimates that chaining the CPI would cut COLAs by 2 billion from 2012021 alone and, if used in other federal retirement programs and for indexing taxes, would reduce deficits by about 0 billion over the next decade. ."Even though Medicare premiums and out-of-pocket drug costs are the fastest growing and biggest financial challenge in retirement, that growth is not accounted for in the annual COLA," Johnson says. The consumer price index used to calculate the COLA for retirees reflects the spending pattern of young urban workers, and explicitly excludes people over the age 6But younger workers don't get Medicare, and spend a much lower portion of their incomes on healthcare. .TSCL has been successful in gaining co-sponsors for legislation to address Notch reform. The Notch Fairness Act, introduced in House and Senate by Representative Mike McIntyre (NC-17) and Senator David Vitter (LA) would provide Notch Babies born 1917 through 1926 their choice of ,000 paid in four annual installments, or an improved monthly benefit. As of June 30, seventeen Members of Congress had signed on as co-sponsors. One new cosponsor said he was signing on to The Notch Fairness Act in honor of his father a Notch baby who recently passed away.