News

  • July 2013 Social Security Report 2

    I hate that we're placing seniors in no-win situations, and that's why I've re-introduced My Seniors' Security Act. It ensures that COLA increases aren't just eaten up by rising health care costs and it recalculates COLAs completely. Specifically, my act would create a ‘circuit breaker' of sorts, so seniors never lose more than 30% of their COLA to Medicare premiums. .Diversify if you can. If you have the savings, it might be wise to spread your investment between two companies or consider having a portion of yours savings in fixed annuity and a portion in a variable annuity. .In March 1988, the General Accounting Office (now General Accountability Office) cited an example of two Notch Babies who were sisters. Edith and Audrey started work at the same book bindery on the same day. Audrey was born in March 191Edith was born in June 191When they retired, Edith received a monthly benefit of 1.80 less than Audrey, a difference of almost 18%. … Continued

  • Double Digit Healthcare Cost Shock Has Budgets On Life Support

    TSCL enthusiastically supports H.R. 1902 and H.R. 242, and we were pleased to see support grow for both of them this week. For more information, visit the Bill Tracking section of our website. .According to the new survey by The Senior Citizens League, the majority of Medicare beneficiaries (72 percent) report spending for prescription drugs that was less than the Part D initial coverage limit in 2020. But 28 percent of survey participants report a level of monthly drug spending (at least per month and more for co-pays and co-insurance) that puts them at risk of exceeding the Medicare Part D initial coverage limit and hitting the "coverage gap" or "doughnut hole" — the point at which drug costs can be higher than under initial coverage. In addition, one quarter of survey participants, 25 percent, said they postponed filling one or more prescriptions in 2020 due to high cost or shortages. Under current law there is no annual cap on out of pocket spending in Part D, except for the lowest income beneficiaries who qualify for Medicare Extra Help which covers most of their out of pocket costs. .How frequently is this test recommended for a person of my age and medical history? … Continued

Last week, Treasury Secretary Steven Mnuchin warned lawmakers that the suspension of the debt limit would expire on March 15th. That deadline has come and gone without congressional action, and the Treasury Department is now using "extraordinary measures" – like postponing contributions to retirement accounts for federal employees – to prevent a default. .At a time when Congress is deeply divided on many issues, we need to find a way to break through the gridlock to pass bipartisan, commonsense measures to support our nation's seniors. In that spirit, I introduced the bipartisan SAFE ID Act to ensure that seniors can retire without fear of having their identity stolen or losing their savings. With nine of the ten top cities for tax-ID fraud located in Florida, many seniors in my home state have fallen prey to identity theft and other forms of fraud. This bipartisan legislation will eliminate one big source of identity theft by allowing a shortened taxpayer identity number to be used in place of a social security number on taxpayer forms like W-2s. .Require Medicare beneficiaries to pay a higher portion of the Part B premium. Premiums for Part B cover physician and hospital outpatient services. The premiums of most seniors, those with incomes under ,000, equal 25 percent of Medicare's total cost of services, and the federal government covers the other 75 percent of the cost. This proposal would require seniors to pay 35 percent instead - like higher-income seniors do now. The 2010 Medicare Trustee report estimates that Part B premiums at the 35% level would be 9.30 per month in 2012. .Background Information: Once Congress returns from the August recess, they will only have until September 30th to raise the debt ceiling and prevent the government from shutting down. In the past, government shutdowns have meant a delay in payments for Social Security benefits, causing unnecessary fiscal hardship for many seniors. Question: What are you doing to ensure the government avoids defaulting on the federal debt? .The makers of all three vaccines have said that their shots proved to be anywhere from 70% to 95% effective in clinical trials in protecting people from illness caused by the virus. But it was unclear whether the vaccines could also suppress transmission of the virus — that is, whether someone inoculated could still acquire the virus without getting sick and spread it to others. .Check to see if your drug plan has a deductible, and how much the deductible should be. The number of drug plans that are charging a deductible increased in 2020, and a larger percentage of the plans is charging the full standard deductible of 5 in 2020. A deductible is the amount you pay before your coverage kicks in. Deductibles can vary in how they are applied. You may get coverage for generics from day one, but you are probably going to be required to satisfy a deductible for your Eliquis. Of particular note, enrollees in the SilverScript Choice plan paid no deductible in many regions of the U.S. last year, but they will pay as much as 5 in 2020. A similar situation affects enrollees of the Humana Enhanced plan, who paid no deductible in 201For those who chose to remain in the plan — which is now called Humana Premier Rx, they will pay a 5 deductible. .This week, action on Capitol Hill slowed down as both Houses of Congress adjourned for a district work period. However, The Senior Citizens League (TSCL) did see support grow for one key piece of legislation. .Nutritious food through the Supplemental Nutrition Program (SNAP). .TSCL Endorses New COLA Legislation