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  • The Advisor Archive Feed

    Most working Americans contribute 6.2 percent of every paycheck to Social Security, but due to the payroll tax cap, people earning more than 7,200 contribute nothing over that amount. Do you support legislation like the newly-introduced Social Security 2100 Act (H.R. 1902), which would extend the solvency of the program by requiring millionaires and billionaires to pay their fair share? .To learn more about the problems of disability listen to the NPR story "Unfit for Work" The startling rise of disability in America. .TSCL is working for legislation that would provide greater retirement security for older Americans as well as strengthening financing for Social Security. To learn more, visit . … Continued

  • Congressional Corner Medicare 50 Years Strong

    Background Information: Social Security beneficiaries received another record-low cost-of-living adjustment (COLA) of just 0.3% this year. But if the COLA were based on a more accurate measure of inflation for seniors like the Consumer Price Index for the Elderly (CPI-E), they would be receiving an increase of 2.1% according to data from the Bureau of Labor Statistics. Question: Do you support legislation that would give older Americans a more fair and adequate Social Security COLA? .Nearly 1.5 million teachers and other public servants see their earned Social Security benefits reduced by as much as 40 percent due to the Windfall Elimination Provision. What do you feel should be done about this? .Medicare Has a Tele-Scam Problem Telephone scammers are bilking Medicare out of billions of dollars, and bombarding millions of older U.S. consumers with multiple daily automated phone calls for everything from "free" back braces to genetic tests. While Medicare scams have been with us for decades, what's new is the use of automated calling technology, and the massive international scale. Medicare Advantage Insurers Overcharged Medicare By Nearly Billion Medicare Advantage plans have overcharged Medicare by almost billion in recent years, but so far officials have only recovered a small fraction of that money. The federal government has announced it is stepping up efforts to recover those funds and TSCL is closely watching to see that it does. … Continued

As you know, the medical expense deduction is essential for older Americans who disproportionately experience high medical costs for prescription drugs, medical equipment, or services like nursing home care. Around 5 million taxpayers, most of whom are over the age of sixty-five, rely upon the tax deduction when their out-of-pocket medical costs total more than 10 percent of their annual income. .If it has been less than 2 weeks since your shot, or if you still need to get your second dose, you are NOT fully protected. Keep taking all prevention steps until you are fully vaccinated. .When Should Single People Move to Assisted Living? .Raise the age—currently 67 for people born in 1960 or later— at which workers become eligible for full retirement benefits; or .Yes, of course, Americans' health is priceless, and reining in a deadly virus that has trashed the economy would be invaluable. .As a result of the inadequate funding, both the both the Old-Age and Survivors Insurance (OASI) and the Disability Insurance (DI) programs have been struggling to serve the public. More than one million applicants are currently waiting to hear whether they qualify for DI benefits, and those who have appealed recent rejections must wait 600 days or longer for their cases to be re-heard. In 2017, 10,000 individuals died while waiting on their DI eligibility decisions. While waiting, they had no access to DI benefits or Medicare coverage, which recipients with long-term disabilities can receive after they are enrolled in the program for two years. .Social Security recipients will receive the highest cost-of-living adjustment (COLA) in 5 years, effective January 1st. The Social Security Administration recently announced a COLA of 2%. While the boost is critically needed for almost 61.5 million beneficiaries to maintain their purchasing power, the 2% COLA extends a disturbing 8-year pattern of low COLAs that have been far below the 4% average established in the decade prior to 2010 and the Great Recession. .Likewise, AstraZeneca, a top competitor, has received a BARDA promise of up to .2 billion for commercializing a product derived from research at the University of Oxford. .Premium support by itself is no shoo-in for cutting federal spending. In fact, the track record is pretty messy. The costs for Medicare Part D have been lower than originally projected. Competition between Part D drug plans seems to be working, for now, to keep costs down both for the government and for some seniors — particularly those who carefully shop and compare drug plans each year.