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  • Category Issues Totalization Articles Page 6

    Between age 55 and 64, it's as if our body's warranty expires and everything just crashes. By the time we turn 65 and eligible for Medicare, chances are we may have a chronic health condition that requires regular check-ups. Often, it's insidiously hard to tell whether a problem really is serious or whether it's just a "natural part of growing older," which in any case feels just as crummy. .Since 2009, COLAs have been at record lows, averaging just 1.4% — less than half the more typical 3% that COLAs averaged in the prior decade. According to the TSCL analysis, over the last seven years, average Social Security benefits will be about 3 a month lower in 2016 than if inflation had been the more normal levels of about 3%. For example, had a married couple — retired since 2009 and receiving about ,330 per month received a more typical 3% COLA — their total Social Security income would be about ,700 more than it has actually been since 20009. .TSCL believes that the Delay until Fully Functional Act represents a fair solution to the technical problems that the HealthCare.gov website has been experiencing for the past month. Millions of Americans – including seniors under the age of sixty-five – have been unable to purchase insurance coverage through the new marketplace due to the technical glitches. According to the law, those who fail to enroll before March 31st will be faced with a tax penalty of either or 1 percent of income, whichever is higher. … Continued

  • 2021 Loss Of Buying Power Study

    Throughout the remainder of the 113th Congress, TSCL will continue to urge Members of Congress to pass the Social Security Fairness Act since we believe strongly that it would go far in ensuring the retirement security of millions of seniors. To aid us in our efforts, we encourage you to contact your elected officials to request their support for S. 896 and H.R. 1795. .At Wednesday's hearing, many lawmakers seemed to agree that Congress should begin working seriously towards a long-term plan, but it was clear that there is no consensus on what that plan should look like. One member of the committee, Senator Bob Corker (TN), said he would support a plan similar to the Simpson-Bowles proposal of 2010 that would increase Social Security's age of eligibility and adopt the "chained" CPI, among other things. .Having income to supplement Social Security benefits that lasts your entire life, no matter how long you live, is a challenge for many seniors. If you don't get a sizable pension from an employer, but you have some savings built up in retirement accounts, "longevity insurance policies," better known as annuities, might be worth considering. … Continued

The absence of a Social Security cost-of living adjustment (COLA), or even an extremely low one, triggers a provision of law that, while a valuable protection of Social Security benefits, has led to several steep increases in the Medicare Part B premium over the past decade. The deep recession caused by the COVID-19 coronavirus and shortages have caused consumer prices to plunge, then rise like a roller coaster in 2020. If consumer prices remain low through September 2020, it is likely there will be an extremely low annual Social Security COLA for 2021, and this provision of law will be triggered to some extent again.[1] .Meanwhile, some of the highest-priced drugs in the United States are brand-name drugs that can cost thousands of dollars per dose and are used to treat life-threatening illness such as hepatitis C or cancer, the researchers said. .Medicare Pays More for Drugs than Medicaid .According to the committee report, a (now retired) Social Security judge, David B. Daugherty, schemed with a disability attorney Eric C. Conn, improperly awarding benefits to "virtually all" of Conn's 1,823 clients. The decisions were based on recommendations by an unusually loyal group of doctors who "often examined Conn's clients right in his law offices" according to a CBS News "60 Minutes" program. .Notification dates: Because you started working and received about 6 months of Social Security payments prior to your notification of Social Security, these payments may not have been properly accounted for in your withholdings and may form a substantial portion of the overpayment. It's very important to notify Social Security, either in advance or immediately, if you work. .In other words, next year's COLA could be calculated based at least in part on guesses. That could be disastrous for seniors. .Before the New Year even started, TSCL had been working to convince Members of our new Congress of the immediate need to replace 2021's meager 1.3% cost-of-living adjustment (COLA) with a 3% emergency inflation adjustment. We strongly support "The 3% Emergency COLA Act," introduced by Representatives Peter DeFazio (OR-4) and John Larson (CT-1) and efforts to include provisions of this bill in emergency stimulus funding legislation. .Again, according to Bloomberg News, "Manufacturers have to offer Medicaid plans their lowest possible price under federal regulations in order to participate in other federal drug programs, which is likely why the Medicaid prices are so low." .TSCL is a non-partisan organization which means we work with whomever supports our legislative agenda, regardless of what party they belong to. We look forward to working with the new chairmen and women of the various Senate committees and with the minority members of the committees in achieving our goals.