Category News Tips For Seniors Savings
Pressure politicians. "Candidates who don't take a stand on Social Security in this important election year choose to put the program's strength at risk in the long-term," AARP CEO Jo Ann Jenkins said in a statement. "Though people of all ages rely on it, its importance to older Americans — already under tremendous pressure from wage stagnation and shrinking pensions — is only likely to grow." .The Department of Justice (DOJ) has filed charges against more than half a dozen people accused of pushing silver products and other fake treatments for Covid-1The Federal Trade Commission (FTC) has gotten the marketer of a Vitamin C supplement to stop claiming it can treat the virus. And the FTC and Food and Drug Administration have been sending dozens of joint warning letters to companies for touting unapproved treatments or preventatives. .Consider selling off personal effects that you aren't using. If you have antiques and collectibles, or just an attic full of stuff in storage, consider selling it by auction, Ebay, or to dealers. Consumer Reports has this advice on "The Best Ways to Sell Your Stuff." … Continued
Legislative Update For Week Ending April 8 2016
Leaders in Congress are reportedly already discussing their next budgetary move – a long-term deal that would fund the entire government for the next two years. It remains to be seen whether they will reach a compromise before the looming deadline. According to House Appropriations Chairman Hal Rogers (KY-5), they will need to have the parameters for the deal set by November 11th so that appropriators have the time needed to negotiate the details. .More than 30% of all Medicare beneficiaries were enrolled in Medicare Advantage plans last year. The federal government pays plans a monthly fee to deliver all their healthcare needs — a fee that's based for the most part on risk scores. In 2015 plans like Humana received on average about ,900 per person for the year. According to government estimates, Medicare made nearly billion in improper payments to Medicare Advantage plans from 2008 through 2013, mostly due to inflated risk scores. .The following chart illustrates 5 examples: … Continued
TSCL would like to thank Reps. Larry Bucshon (IN-8), Richard Hanna (NY-24), Mike Conaway (TX-11), Rodney Alexander (LA-5), Jesse Jackson, Jr. (IL-2), Gregory Meeks (NY-6), and Christopher Smith (NJ-4) for taking the time to meet and discuss important issues for seniors. TSCL also met with top staffers in the following offices: Reps. Grace Napolitano (CA-39), Randy Hultgren (IL-14), Roscoe Bartlett (MD-6), Steve Southerland (FL-2), Dennis Kucinich (OH-10), and Peter Visclosky (IL-1). .Seniors have lost almost one-third of their buying power since 2000, according to the 2013 Annual Survey of Senior Costs, conducted by The Senior Citizens League (TSCL). TSCL's latest report adds fuel to the heated debate over controversial budget proposals to cut Social Security cost-of-living adjustments (COLAs). .TSCL agrees, and we enthusiastically support the PRIME Act. We look forward to working with Reps. Roskam and Carney through the remainder of the 114th Congress to help build support for the critical piece of legislation. .Because a high percentage of taxpayers were affected by under-withholdings due to the problematic tax tables, the IRS allowed a waiver of penalties for both 2009 and 2010 tax years. But taxpayers have to request the waiver of penalties in order to receive it. According to the Treasury Inspector General, last year virtually no taxpayer surveyed knew they could request a waiver. .It's up to us to see that they do. We must hold our elected lawmakers accountable. TSCL, our members and their families, friends, and supporters will not allow the Notch Issue to quietly die away, but continue to press for enactment of Notch Reform legislation. .This week, two new cosponsors – Reps. Louise McIntosh Slaughter (NY-25) and Joyce Beatty (OH-3) – signed on to the Strengthening Social Security Act (H.R. 3118), bringing the total up fifty-four. If signed into law, the bill would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would adopt the Consumer Price Index for Elderly Consumers (CPI-E), resulting in more accurate cost-of-living adjustments (COLAs), and it would lift the cap on income subject to the payroll tax. TSCL enthusiastically supports H.R. 3118 since it would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. We were pleased to see support grow for it this week. .Impose new Medicare deductibles and impose new coverage restrictions on Medigap plans: Impose a new 0 deductible for both Medicare Part A and Part B that Medigap plans would be restricted from covering. Would also limit the co-insurance or co-pays that Medigap plans could cover to 50 percent of the next ,000 in Medicare cost-sharing. Currently plans pay most, or all, of the Medicare cost sharing. .The Drug Plan Finder can help you get very specific information because you can input the prescriptions you currently use and then find the lowest cost plan that covers your drugs. However, the lowest cost plan may not always be your wisest choice, especially since your doctor may change your prescriptions in the future or you may be close to the doughnut hole coverage gap. You may benefit by spending a little more and getting a plan that covers 95% of all drugs and covers at least generics in the gap. .On Wednesday, TSCL's Board of Trustees, along with former Congressman David Funderburk and Mrs. Betty Funderburk, and legislative analyst Jessie Gibbons, held meetings on Capitol Hill in six Congressional offices. TSCL's dedicated, all-volunteer Board of Trustees consists of the following members: chairman Larry Hyland, vice-chairman Tom O'Connell, secretary Charlie Flowers, treasurer Ed Cates, political action committee (PAC) treasurer Michael Gales, and board liaison and president of The Retired Enlisted Association (TREA) Arthur Cooper.