News

  • President Biden Signs Bill To Delay Medicare Payment Cuts

    We want to emphasize that these are all projections based on the economic situation at the time they were developed. As we have seen in the past year, things can change dramatically and clearly, we still don't know how things will be in the coming months and year with regard to the pandemic. .Because of that, it now appears both the House and Senate will pass the NDAA and attempt to override the President's veto if he keeps his threat. .Even though I'm not on Medicare yet, these new quality initiatives will, one way or another will affect most patients, even those like me who are still under the age of 65 as doctors reorganize. I felt dumped. … Continued

  • Legislative Update Week Ending March 3 2017

    In reality, no Social Security reduction is small, because the loss compounds over time. The problem is especially unacceptable when this problem can be prevented by Congress in the first place. Individuals who were born in 1949 and who retired at age 66 with average benefits have lost about ,915 through the end of 2021, due to the reduction in the AWI in 200Their benefits today are about per month lower than what they otherwise would have received had they been born one year earlier. Even worse is the loss over time. Assuming that an individual lives to age 90, retirees born in 1949 would lose an additional ,297 in lifetime Social Security benefits—or even more, if their benefits are higher than average. This type of benefit reduction is known as a "notch" in benefits, and those affected might be referred to as the "1949 notch babies." .This week, one new cosponsor – Rep. John Sarbanes (MD-3) – signed on to the Protecting and Preserving Social Security Act (H.R. 1811), bringing the total up to eleven. If signed into law, H.R. 1811 would base Social Security cost-of-living adjustments (COLAs) on the Consumer Price Index for the Elderly (CPI-E) and it would gradually phase out the cap on income subject to the payroll tax. It would extend the program's solvency for decades into the future responsibly, without cutting benefits for seniors. .Last fall, as part of his deficit reduction plan, President Obama recommended charging a 30 percent surcharge on Part B premiums to new beneficiaries who purchase Medigap polices with "near first-dollar" coverage. But do Medigap supplements encourage the over use of services? According to the Kaiser Family Foundation, about 20% of Medicare beneficiaries have a Medigap policy and they paid an average of 8 per month for premiums in 2010 (premiums vary significantly). People purchase the policies specifically to protect against the considerable costs that Medicare does not cover, and to help keep budgets in retirement years more predictable. They have modest incomes, but don't qualify for Medicaid. About 66% have incomes below ,000 and nearly 31% have incomes below ,000. … Continued

Take all your prescriptions, vitamins, and supplements with you on your next visit to the doctor. Find out whether you still need to take them all and if there is a less-expensive brand name or generic you can try before settling on new medications. .Depending on your health, it might be to your advantage to start unemployment benefits and delay taking Social Security right away. Allow several months to search for a new job. The longer you can postpone starting Social Security, the higher your benefit will be. In addition, should you find a good job and start working again, your Social Security benefits could be reduced by excess earnings. If you are under your full retirement age you may earn ,480 in 2014 (,290 per month) before Social Security would withhold in benefits for every over that amount. .Today TSCL is calling on every Member of Congress to provide emergency COLA and Medicare relief for 2016, saying that Congress should: .Former doughnut hole coverage gap: After spending the initial coverage amount of ,005, you are responsible for 25% co-insurance for both generic and brand name drugs, plus a portion of the pharmacy dispensing fee which is approximately $$Your drug plan pays 75% of the cost of generic drugs and 5% on brand-name drugs. The drug manufacturer provides a 70% discount on brand-name drugs. Your total costs in this stage could run as high as ,345 between the end of the Initial Coverage Period and the Catastrophic stage of coverage begins. Altogether, beneficiaries could be responsible for as much as ,350 in TrOOP, which includes the drug costs paid by the beneficiary and the 70% discount on brand-name drugs provided by the drug manufacturer. Payments made by the drug plan DO NOT count TrOOP costs. .This week TSCL has been focused on two issues we are very concerned about. The first is the payroll tax cut that we told you about last week. As a reminder, President Trump has said he wants a payroll tax cut in the next financial relief legislation Congress develops in response to the coronavirus. TSCL opposes that because it would further damage the financial well-being of the Social Security and Medicare programs. Both programs already need fixing because the lack of financial resources in the coming years may result cutting benefits to seniors. In fact, Senate Majority Leader Mitch McConnell (R-Ky.) is among Congressional leaders who have already called for that, although they don't call it cutting benefits, they say there is a need to "reign in the costs" of the programs. .What is the full retirement age for Social Security? .TSCL looks forward to working with these veteran lawmakers, along with new Representatives and Senators, on the following issues in the 114th Congress: .Millions of middle-class Americans face a looming retirement crisis as a result of growing wealth inequality. Middle class wages have declined and the minimum wage has lost more than 30% of its value since 196Today, most Americans have less than ,000 in savings, and only one out of five workers has a traditional defined benefit pension with guaranteed income in retirement. .How much are you over-paying for your prescription drugs? The only way to find out is to do a drug plan comparison based on all the drugs you take. This is the time of year you can make changes during the Medicare Open Enrollment period, which runs through the month of November and ends December 7th. Give the Medicare Drug Plan Finder a try. You can get free one-on-one counseling by contacting your local Area on Aging, State Health Insurance Program (SHIP) or senior centers and ask for help comparing Medicare drug plans.