News

  • Legislative Update June 2010 Advisor

    Social Security defines an overpayment as "any time beneficiaries receive more than they should have." This occurs for a number for reasons, but most frequently when Social Security isn't notified of changes, such as a death of a beneficiary or excess earnings when working. Overpayments can also be due to errors by the Social Security Administration, but even when the overpayments are Social Security's own fault, the beneficiary must prove he or she is not at fault. .A number of vaccines, including those for flu and pneumonia, might be capable of improving immunity overall, according to one researcher. Scientists are looking at several other potential candidates, including vaccines against herpes viruses and tuberculosis. .Ways and Means Committee Chairman Kevin Brady (TX-8) said in a statement on Tuesday evening: "We are pleased with the progress we are making and we remain on schedule to take action and approve a bill at our Committee beginning next week." Ranking Member Richard Neal (MA-1), however, urged Republicans on the Committee to slow down. In a letter to Chairman Brady, he said: "I write to urge you in the strongest possible terms to slow this tax reform process to a pace that will allow for reasonable, informed deliberation." … Continued

  • Seven Ways To Avoid Being Overcharged For Your Prescriptions

    Nevertheless, Congress is considering ways to "redesign" Medicare. The Congressional Budget Office (CBO) estimates that changing the cost-sharing rules for Medicare and restricting Medigap coverage would save the federal government 4 billion over the next ten years.[1] Medicare supplements, better known as Medigap, cover Medicare's deductibles and other out-of-pocket costs. The plans are popular with seniors because they provide financial certainty by reducing unexpected out-of-pocket expenses. .Give yourself a Benefits Check Up: If your savings are gone, and you aren't able to get a side job, you might qualify for programs that can help pay for Medicare Part B premiums, drug costs, meals, heating and cooling your home, rental subsidies and other costs. Using the National Council on Aging's Benefits Check Up online tool is simple. You answer a few screening questions and you can get the contact information for programs in your area. .Senate Committee Discusses Social Security Benefit Maximization … Continued

On Wednesday afternoon, the Senate Finance Subcommittee on Social Security, Pensions, and Family Policy held a hearing titled: "Examining the Importance of Paid Family Leave for American Working Families." Those on the subcommittee heard from two of their colleagues – Senator Joni Ernst (IA) and Senator Kirsten Gillibrand (NY) – as well as three expert witnesses. .Proponents of cutting benefits argue that Social Security, as it is currently structured, is unstainable because there are fewer workers to support current retirees. Social Security is estimated to run short of funds in about 15 years. Without changes and soon, Social Security benefits would have to be reduced by about 22% to match the amount of revenues that the program receives. .More generous medical expense deductions for 2017 and 2018: The final tax bill retains the deduction for medical expenses and delays a previous change that would have limited the medical expense deduction for people age 65 and older in 2017 and thereafter. Under previous tax law, all taxpayers could deduct out-of-pocket medical expenses that exceed 10% of adjusted gross income, or only 7.5% for taxpayers age 65 or older. The amount of medical expenses that this group of taxpayers would be allowed to deduct was originally scheduled to rise to 10% in 201The new tax bill delayed that change, retaining the 7.5% threshold for medical expenses for taxpayers age 65 and over in 2017 and 201The change to 10% will go into effect beginning in 2019. .But a COVID-19 vaccine will have an actual price tag. And given the prevailing business-centric model of American drug pricing, it could well be budget breaking, perhaps making it unavailable to many. .Investigate insurance company ratings. You want a company that will still be here 30 years from now when you are. Check with rating agencies like Standard & Poor's or A.M. Best and only do business with insurance companies having the highest two ratings. .At the time of writing this update on Friday morning, the vote had not yet occurred. It is expected to take place on Friday afternoon, before the non-partisan Congressional Budget Office has a chance to evaluate the final version. It remains unclear whether or not the AHCA will gain the support needed to win passage. If adopted, the AHCA will move to the Senate, where its future remains even more uncertain. If it fails, Republican leaders on Capitol Hill have said they will move on to other legislative priorities, like tax reform. ."The proposal would apply to both Medicare Part B and Part D drugs, an expansion from an earlier version of the order. The order would apply to Part D drugs where ‘insufficient competition exists.'" .Instead they learned they received observation care, which is considered an outpatient service, and is billed under Medicare Part B. With that designation, patients can have higher out-of-pocket costs even though they may have the very same health problems as people admitted as inpatients. .Participants in The Senior Citizens League's surveys indicate that household medical expenses consume a significant portion of their monthly income. More than 39 percent of respondents to a recent survey say that they spend more than 0 per month on Medicare and other healthcare costs. In 2020, the average Social Security benefit is ,460, but the 1.6 percent COLA raised the average Social Security benefit by only .40 per month this year. The following chart illustrates ten of the fastest growing retiree costs since 2000.