News

  • Prescription Drugs

    Each year, due to a faulty formula that's used to determine Medicare's reimbursement rates, doctors are threatened with sizable pay cuts. This year, if Congress fails to act, doctors will face a 25 percent cut. Lawmakers consistently override scheduled pay cuts with temporary "fixes," but many doctors have grown tired of the ritual and have stopped treating Medicare patients. The estimated cost of repealing the formula has recently dropped dramatically, and many are hoping to replace it in the coming months. Doing so would provide much-needed stability for Medicare beneficiaries. .As we have previously written, there is a bill that has passed out of the Senate Finance Committee called the Grassley-Wyden bill but Senator McConnell also refuses to bring that bill to the floor for consideration. The Grassley-Wyden bill is co-sponsored by Senate Finance Committee Chairman Chuck Grassley (R-IA) and the top Democrat on the Finance Committee, Ron Wyden (D-OR). .Yes, of course, Americans' health is priceless, and reining in a deadly virus that has trashed the economy would be invaluable. … Continued

  • Ask The Advisor September 2012

    The Moment of Truth Project report calls it a technical correction and argues that government would simply be making the CPI more accurate. But if that's true, why haven't the economists at the BLS gone ahead and changed it already? They can't. The reality is that it requires a legislative change. It's not simply a matter for BLS economists. It's a matter for Congress —the same lawmakers who are answerable to you and me. .Provide a modest boost in monthly benefits to retirees to make up for years when no COLA, or only a negligible COLA, was payable. .Watch your mail for information from your current Medicare supplemental or Medicare Advantage, and drug plan insurers. Your insurers will send you notification of changes in coverage, such as premiums, deductible, and co-insurance or co-payment costs for 200Carefully review these documents and compare them with your costs in 200File these documents where you can easily refer to them because you will need to use them for comparison when comparing other insurance options. … Continued

Again, next year, a number of physicians and medical specialists were facing sharp Medicare pay cuts. This was to come, of course, in the face of the worst pandemic in our lifetimes and one which has worn so many physicians and nurses to the point of exhaustion. .Discussion of these meetings centered around the Social Security issues of Notch Fairness and Cost of Living Adjustment (COLA) bills. The goal of these meetings was to secure support, or sponsorship, for these pre-existing pieces of legislation. As a result of our meetings, two Representatives to date have pledged their support for the Notch Fairness Act (H.R. 1001): Jesse Jackson, Jr. (IL-2), and Christopher Smith (NJ-4). .In addition, twelve new cosponsors signed on to the Medicare Prescription Drug Price Negotiation Act (H.R. 242) this week, bringing the total up to twenty-nine. The new cosponsors are: Representatives Zoe Lofgren (CA-19), Thomas Suozzi (NY-3), John Sarbanes (MD-3), Peter DeFazio (OR-4), Chellie Pingree (ME-1), Brad Sherman (CA-30), Peter Visclosky (IN-1), Earl Blumenauer (OR-3), Tulsi Gabbard (HI-2), Jared Huffman (CA-2), Dave Loebsack (IA-2), and Jamie Raskin (MD-8). .However, it differs from the House version which means it must go back to the House to see if it will agree with the changes that were made. .How did the coronavirus affect you? Your answer helps Congress understand the needs of older Americans. Please participate in TSCL's 2020 Senior Cost Survey at /2020-senior-cost-survey. .Finally, locality pay is subject to the approval of the President, and thus subject to politics. In 2019, the average locality pay adjustment was 0.5%. The annual COLA was 2.8%. The calculation has also been challenged by economists and the nonpartisan CBO as not being accurate. What do you think about using locality pay adjustment rates to adjust Social Security? To send a comment or take a poll on this topic visit . .However, the statisticians behind it at the University of Washington have since changed their methods, and they now estimate that doing away with social distancing measures could entail vast numbers of deaths, and that widespread mask-wearing in public could save tens of thousands of lives. .Offsets Complicate SGR Talks .Social Security Reform – Extending the program's solvency without enacting harmful cuts.