News

  • Legislative Update Februarymarch 2016

    In addition, we will be urging lawmakers to adopt legislation that would result in more fair and accurate COLAs in the future. Several bills before Congress would accomplish this, including the CPI-E Act (H.R. 3351), the Guaranteed 3% COLA Act (H.R. 3588), the Social Security 2100 Act (S. 1904, H.R. 1391), and the Social Security Expansion Act (S. 731). TSCL believes each of these bills would go a long way in ensuring the retirement security seniors have earned and deserve. .The costs shown in the chart below assumed plan coverage started on September 1, 2017 for a new enrollee. The Medicare Drug Plan Finder cost estimates include premiums, and out-of-pocket cost sharing for 201Costs shown are estimates and the actual costs may vary somewhat depending on pharmacy used. The prices illustrated in the chart are likely to change for 2018. .Living on a Social Security budget can make gift-giving tough. Here are five thoughtful ideas for do-it-yourself gifts that will make the season merrier for all: … Continued

  • Social Security Medicare Blamed Rising Deficits

    TSCL recently submitted comments on the draft FDA regulations, stating "classifying CAM products as drugs, the cost of access would increase, as consumers may have to visit and pay a doctor for a prescription, instead of being able to choose their own vitamins, minerals and dietary supplement intake." TSCL is further concerned about the impact such regulation would have upon Medicare beneficiaries. Currently, Medicare reimburses few CAM therapies and products and seniors must pay out of pocket. Most Part D drug plans, for example, don't cover vitamins and supplements. TSCL called on the FDA to withdraw the regulations. .To quickly determine whether a portion of benefits is taxable, taxpayers should take their adjusted gross income, and add any nontaxable interest, plus one - half of Social Security income. If the amount is over the thresholds shown then a portion of benefits are taxable. (For more information, see IRS publication 915 Social Security and Equivalent Railroad Retirement Benefits for worksheet and help in preparing tax returns). .The U.S. – Mexico Totalization Agreement—which was signed by the Social Security Administrations of both the U.S. and Mexico in 2004, and is due to undergo review by the current or future President(s)—continues to pose a threat to Social Security beneficiaries. Because of a loophole, if the President signs the final Executive Totalization Social Security Agreement with Mexico, it could lead to Social Security benefits going to individuals who worked in the U.S. while illegal. … Continued

Recent vaccines targeting more limited populations, such as a meningitis B vaccine for college students and the shingles vaccine for older adults, have a retail cost of 0 to 0 for a full course. .Editor's note: While I have a pretty reliable track record on estimating the COLA, this year's inflation is far different than at any previous time in the past 26+ years. Inflation has been so volatile that I worry my probability models may not work as well as they typically do. In most years I'm pretty certain about my September estimate of the COLA for the following year. But this time all bets are off. Be patient — I'm no psychic, and stay tuned to the news! .Should Congress hand over accountability for decisions about Medicare cuts to an unelected board? That's what lawmakers did in 2010 when they passed the Affordable Care Act. The law included a controversial provision to create a Medicare cost-cutting board, known as the Independent Payment Advisory Board (IPAB). .Anthony Cummings, a fugitive on the run from a child rape indictment in Georgia, improperly collected thousands of dollars in Supplemental Social Security Income (SSI) payments until the law finally caught up with him. The SSI program, which is administered by the Social Security Administration (SSA), will continue to pay fugitives at least million annually unless state fugitive files can be used to prevent such payments, the agency`s Inspector General recently warned. Auditors estimate that fugitives have collected between 8 million and 0 million in SSI benefits over the past four years. The SSA hopes to negotiate agreements by July to obtain fugitive records from all states. .Eighty percent of the nation's active pharmaceutical ingredients come from overseas — and China is its No. 2 supplier, behind only Canada. .If signed into law, H.R. 711 would repeal the Windfall Elimination Provision (WEP) – a provision of the Social Security Act that unfairly reduces the earned benefits of millions of public employees by as much as one-half each year. H.R. 711 would establish a new formula for the non-covered earnings of teachers, police officers, and other public servants, and it would modify the WEP for current retirees who are affected by it. .The U.S. Supreme Court is expected to decide a case in June that could have far -reaching implications for Social Security and Medicare. The Obama Administration has asked the Supreme Court to reinstate its executive action plan on immigration. The plan would give temporary relief from deportation and work permits to almost 5 million unauthorized immigrants. Should the Supreme Court find in favor of President Obama, his Administration would have 7 months to implement the program before his term ends. .Using the budget reconciliation process, lawmakers are expected to successfully repeal the Affordable Care Act by early February. The legislation will be filibuster-proof, and will only require a simple majority of fifty-one votes to win passage in the Senate. .Reports are coming in across the country of a new Social Security scam. Scammers use a threatening tone saying that due to illegal activity (such as an "account breach") your Social Security account has been "compromised" and will be closed unless you call a phone number to address the issue.