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  • Ask The Advisor July 2011 Advisor

    Now, with the massive amounts of money being spent by Congress to deal with the coronavirus, which is all borrowed money, we cannot help but wonder what Congress will do when the trust funds for Social Security and Medicare become insolvent. There is still time to fix the programs if the trust funds remain as they are now but cutting the payroll would be devastating and would create a new crisis for seniors that we do not need and should not have to face. .Earlier this year, I introduced the Today's American Dream Act (H.R. 1084) to ensure that mature workers can get those new skills and get back to work. This bill contains two key provisions. The first creates and expands computer skill and resume writing job-training programs, exclusively for workers over the age of 5The second adds greater flexibility to existing programs so they can better target and serve mature workers who have unique skill gaps and needs, often because of family commitments. .Under the hospital price transparency rule, some 6,000 U.S. hospitals will have to publicly provide their negotiated rates with insurers for 300 common medical services, along with the discounted cash price they're willing to accept for those procedures. … Continued

  • 2016 Congressional Corner Government Needs A New Approach For Determining Colas

    When working Social Security recipients who are younger than full retirement age earn more than the annual earnings limit amount, their benefits will be reduced. The Social Security Administration likes to point out that these benefit reductions are "not truly lost because your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings." But as you have discovered, you can sometimes wind up owing money to Social Security that was not withheld properly. .The financial impact of six years of low COLAs isn't immediately apparent to the average person, but "It's a big one, " Cates says. A new analysis for TSCL that compared the increases from 2010 through 2015 against the prior 3% average found that, altogether, the benefits of the typical Social Security recipient will be about ,298 lower by the end of 201In 2015 the average monthly Social Security benefit will be about 3 lower, and ,356 less for the year. .According to a recent survey by The Senior Citizens League, 74 percent of survey participants favor applying the 12.4% Social Security payroll tax to all earnings. To learn more, visit . … Continued

While the other two rulings went against the Trump Administration, this one was a win on a key piece of Trump's health-care agenda at the end of his administration. .This week, The Senior Citizens League was pleased to see support grow for three important bills that would strengthen the Social Security program and reduce prescription drug prices for Medicare Part D beneficiaries if signed into law. .How Safe Are Electronic Social Security Benefits From Fraud? .Uncovered healthcare costs — In planning your budget, include costs that Medicare doesn't cover — dental care, eye exams and eyeglasses, for example. When shopping health plans, some MA plans may offer extra benefits like these. .Emergency 3% COLA, Social Security And Medicare Issues Land on the Congressional Priority List .Finally, two cosponsors also signed on to the Social Security Fairness Act (S. 896 and H.R. 1795) this week, bringing the total up to eleven in the Senate and eighty-five in the House. The new cosponsors are Sen. Bernard Sanders (VT) and Rep. Alan Lowenthal (CA-47). If signed into law, H.R. 1795 would repeal two provisions of the Social Security Act that unfairly reduce the earned benefits of millions of state and local government employees each year. The provisions – the Windfall Elimination Provision and the Government Pension Offset – prevent dedicated public servants from receiving the retirement security they have earned. .What is the range of the Notch years? .In the months ahead, TSCL will continue to advocate for these and other legislative efforts that would improve the solvency of Social Security and Medicare without cutting benefits for seniors. .I read that the Medicare Part D doughnut hole is closing. What does that mean? I recently started on Lantus insulin, which my drug plan covers, but with the other drugs I take, I expect to hit the doughnut hole with my April refill.