News
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Legislative Update For Week Ending January 10 2014
"Chaining" the CPI would be a deficit reduction double-hitter. The CPI is used to calculate COLAs, a host of other federal retirement benefits (like military) and federal income tax exemptions, deductions and tax brackets. Thus, switching to a more slowly growing measure would dramatically cut government spending on the annual boosts for Social Security and a host of other federal benefit programs, in addition to quietly raising everyone's taxes. .But New Co-Pay "Tiers" May Raise Some Costs .Recently the House Budget Committee and the House Energy and Commerce Committee both held hearings on the controversial Independent Payment Advisory Board (IPAB). The IPAB was created under the healthcare reform law to slow rising Medicare costs. If costs grow too fast, the IPAB would recommend cuts that would go into effect unless Congress comes up with the same amount of savings. Both Committees heard testimony from Health and Human Services (HHS) Secretary Kathleen Sebelius, among many others. … Continued
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Legislative Update For Week Ending February 1 2013
At Thursday's hearing, Mr. Mathur updated the subcommittee members on the progress the administration is making to modernize the program's information technology. The administration is in the process of implementing a five-year plan that will result in improved service, stronger cyber security, and lower operating costs. Mr. Mathur reported that SSA's IT modernization efforts are currently on schedule and on budget, and that the outdated system should be fully replaced by 2022. .Repurpose "heirlooms in time." If you have boxes of "almost antiques" hidden away in antiques or basements pick out a few to repurpose for a second time around. Restring those old broken beads, cut apart shrunken felted sweaters and sew into new tote bags for the market. Drill holes in into old loose-leaf tea cans and plant some thyme, rosemary or a small parsley plant for a sunny windowsill. A great place to get inspiration is www.Pintrest.com. .Read all notices from the Social Security Administration and carefully check the deposit information. If it doesn't agree with your bank account, contact Social Security at once. … Continued
If the Social Security COLA were based on a more accurate measure of inflation for senior citizens, next year's increase would not be 0.3 percent – it would be 2.1 percent according to the Bureau of Labor Statistics. Do you support legislation that would base the COLA on a more accurate inflation index like the Consumer Price Index for the Elderly? .With respect to cookies: The Senior Citizens League uses cookies to record session information, such as items that visitors add to their shopping cart. .According to the Congressional Research Service (CRS), for an age 65 retiree with average wages, a maximum benefit disparity of 10% would have arisen between the highest benefit under the old rules and the lowest benefit under the new rules if the 1977 assumptions had materialized. Under the economic conditions that actually arose, the disparity was 25%-two and one half times greater. .In 1988, a report by the former U. S. General Accounting Office, now the Government Accountability Office (GAO), cited an example of two sisters who started working at the same book bindery, on the same day, in October 195Audrey was born in March 1916, and Edith in June of 191The two had almost identical lifetime earnings. The younger sister Edith (born 1917) received a monthly benefit of 2.60, 1.80 less than her older sister Audrey (born 1916), who received 4.40 per month. .Employers are only required to check SSNs and report wages, but aren't required to verify whether individual workers have legal authorization to work in this country. When employers submit wage reports with SSNs that don't match those of Social Security, the reports wind up in the Earnings Suspense File until they can be reconciled. .Big bills for uncovered charges are surprising some seniors after some hospital stays that aren't considered inpatient services by Medicare. The problem occurs when the hospital classifies your stay as "observation" which is billed as outpatient care under Part B, rather than inpatient care which is billed under Part A. Your physician may order your admission as an inpatient, but in some cases the hospital later reverses the status retroactively. Whether you are an inpatient or an outpatient is extremely important, though, because it will determine how much you pay out-of-pocket, especially if you later need nursing home care. .House Passes Prescription Drug Legislation .While Part D and Medicare Advantage have proven popular with seniors, nobody is lining up at the doors during the fall Open Enrollment to shop for and compare plans. The vast majority of beneficiaries, more than 80% according to TSCL Senior Surveys, don't compare their Part D or Medicare Advantage plan, and consequently don't reap any savings from competition between plans. If Congress were to convert all of Medicare to premium support in the future, the devil will be in the funding details — finding the balance between saving the federal government money while still keeping the program affordable for beneficiaries. And so far premium support hasn't been any magic bullet for reducing federal spending on Medicare. ."We've always known that vaccines are very important to our overall health," reported Maria Carrillo, chief science officer of the Alzheimer's Association. "And maybe they even contribute to protecting our memory, our cognition, our brain."
