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  • March 2014 Insurancenewsnet Com

    TSCL is contacting Members of Congress to make them aware of the likelihood that the COLA in 2021 could be one of the lowest ever paid, and to propose an emergency COLA of 2.5%. We drew the 2.5% from the current estimated Social Security baseline budget produced by the Congressional Budget Office (CBO). In January, the CBO estimated that the 2021 COLA would be 2.5%, thus providing an emergency COLA of that amount is already factored into Social Security Trust Fund calculations. .Wages in the ESF since the end of 1999 grew by 3.20 billion to 5 billion, nearly doubling from 1.8 billion. In other words, it took 63 years to accumulate 1.8 billion in wages in the ESF. In the five most recent years, the amount of wages rose by 93%. This growth is illustrated in the charts in Tables 1, 2 and 3, which follow. .On Tuesday evening, President Obama gave his fifth State of the Union Address before both chambers of Congress. To The Senior Citizens League's (TSCL's) surprise, the sixty-five minute speech included no mention of Social Security or Medicare, but the President did speak briefly about immigration reform and a new retirement savings plan called "myRA." … Continued

  • Best Ways To Save Aprilmay 2013

    A new online survey by The Senior Citizens League (TSCL) finds that older Americans overwhelmingly want Congress to take action to lower the cost of prescription drugs by reducing Medicare Part D's out-of-pocket spending requirements. Fifty-six percent of participants in the survey indicate that they spend more than 2 a year on prescription drugs. About one-out-of-five retirees spends more than 0 per month on prescription medications. .TSCL agrees that lawmakers must take action soon to stabilize the individual health insurance market and to bring down skyrocketing prescription drug prices. In the coming months, our legislative team will continue to monitor and support legislation like the Improving Access to Affordable Prescription Drugs Act (S. 771, H.R. 1776), which would reduce costs and improve care for older Americans. For updates on this bill and others like it, visit the Bill Tracking section of our website or follow TSCL on Twitter. .How Safe Are Electronic Social Security Benefits From Fraud? … Continued

CBO's current estimate of the Old Age and Survivor's Insurance fund's exhaustion date is 2031, one year earlier than its estimate was in 201If current laws generally did not change, CBO estimated the balance of the Disability Insurance fund would be exhausted in 2026. .For the last couple of weeks we've also reported on a hearing by the House Committee on Oversight and Reform regarding the prices that drug companies are charging for some of their drugs that are critical for the health of many seniors. .I recently introduced H.R. 4521, SNAP Simplification for the Elderly Act, as one of the focal points for my "Let's Feed America Campaign." The bill would eliminate burdensome red tape and make it easier for the low-income elderly and disabled individuals to receive SNAP, Supplemental Security Income (SSI) and the Medicare Savings Program (MSP) benefits. .Congressional Recess Comes to a Close .First, two new cosponsors – Senator Chris Van Hollen (MD) and Senator Deb Fischer (NE) – signed on to the bipartisan Know the Lowest Price Act (S. 2553), bringing the total up to thirteen. If adopted, the bill would prohibit "gag clauses" that prevent pharmacists from telling patients when their prescriptions would be cheaper out-of-pocket than through their insurance plans. .Finally, one new cosponsor – Senator Richard Blumenthal (CT) – signed on to the Medicare Drug Price Negotiation Act (S. 99), bringing the cosponsor total up to eight. If adopted, this bill would require the Secretary of Health and Human Services to negotiate lower prescription drug prices on behalf of Medicare Part D beneficiaries. .TSCL is concerned because even though illegals approved for the program don't gain legal status, they do gain work-authorized Social Security numbers. This work-authorized number is all that the government requires to later allow non-citizens to file a claim for Social Security benefits. Under current law, the government uses all earnings to determine entitlement, as well as the amount of the initial retirement or disability benefit, even if jobs were worked illegally. .In addition, other medical supplies, including masks, gloves, and gowns are also made, in large measure, in China. .Fifth, one new cosponsor – Representative Steve Cohen (TN-9) – signed on to the Nursing Home CARE Act (H.R. 4704), bringing the total up to twenty-five. If adopted, H.R. 4704 would protect Medicare and Medicaid beneficiaries by more quickly codifying emergency preparedness rules for nursing home facilities that receive funding from the federal government.