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  • Social Security Medicare Qa Is It True Social Security Pays Non Contributors Feed

    On Wednesday, President Donald Trump signed two bills – the Know the Lowest Price Act (S. 2553) and the Patient Right to Know Drug Prices Act (S. 2554) – into law that will protect Medicare beneficiaries and privately insured individuals from "gag clauses" at pharmacies. "Gag clauses" prevent pharmacists from telling consumers when it would be cheaper to purchase their prescriptions out-of-pocket than through their Medicare Part D or health insurance plans. .Fraudulent Use of Social Security Numbers Is Not Penalized .The Board of Trustees for Social Security and Medicare recently released a bombshell of a report that shows this essential health safety net is coming apart at the seams. The report estimates the Medicare trust fund will run dry in 2024, five years earlier than last year's estimate, and went on to explain, "The fund is not adequately financed over the next ten years." In an alternate estimate also released, the Centers for Medicare and Medicaid Services' Chief Actuary Rick Foster painted an even more dire picture, reporting that Medicare's unfunded obligations could be significantly higher, and long-term costs could dramatically increase from the numbers provided in the Board of Trustee's report. … Continued

  • Benefit Bulletin September 2013

    The Senate-passed bill includes a repeal of the Affordable Care Act's individual mandate, which experts predict will result in a loss of health insurance coverage for 4 million individuals, many of whom are older Americans who are not yet eligible for Medicare. Those who remain insured through the individual market are expected to see premium increases of 10 percent or more – a hike that would make health insurance unaffordable for many. Most House Republicans have said they support a repeal of the mandate, and it is expected to be included in the final version of the bill. .How the Coronavirus Pandemic Is Affecting the Finances of Older Households .Nineteen percent (19%) have postponed filling one or more prescriptions due to quarantine or emergency orders to stay home. … Continued

The Covid-19 pandemic has both heightened the urgency of reining in pharmaceutical costs yet also made it harder for lawmakers to act. Drug makers say limiting their profits could hamper efforts to create a vaccine against the virus, but medicines to treat it come with significant price tags. Gilead Sciences, Inc., set the price for its widely used Remdesivir at ,340 for a five-day treatment. .There could be several reasons that can cause sticker shock at the pharmacy. Here are some tips for checking the charges and understanding the costs associated with your new drug plan: .Social Security Cost-of-Living Adjustment – Ensure a fair, accurate, and guaranteed COLA. .Social Security benefits are determined by the income earned (up to the taxable maximum) over a working career, and the number of years worked. The more money you make and pay taxes on, and the more years you work the larger your monthly Social Security benefit will be. The Social Security Administration calculates your benefits based on the 35 years in which you earned the most money. But many women, especially those who become mothers or caregivers, give up a substantial portion of their earnings to care for a family. .Source: "Senators Introduced Medicare Reform Plan: The Congressional Health Care for Seniors Act," Paul.Senate.Gov, March 15, 2012. .Wages in the ESF since the end of 1999 grew by 3.20 billion to 5 billion, nearly doubling from 1.8 billion. In other words, it took 63 years to accumulate 1.8 billion in wages in the ESF. In the five most recent years, the amount of wages rose by 93%. This growth is illustrated in the charts in Tables 1, 2 and 3, which follow. .Apply for Medicaid coverage while you wait. Check with a counselor at your local area Agency on Aging or local Medicaid department. Medicaid can take several months to start. .But lower COLAs and changes that would increase seniors' Medicare costs still remain key targets of plans to lower federal spending. Late last year, the budget conference committee responsible for heading off another government shutdown heard deficit reduction options from the Congressional Budget Office (CBO). Among those having the biggest impact on reducing government spending are proposals to increase deductibles and co-insurance for Medicare — cutting federal spending about 4 billion. In addition, moving to using the more slowly-growing chained CPI to determine COLAs would cut government spending by an estimated 8.5 billion on Social Security and other federal benefit programs, like military retirement, through 2023. .Medicare Pays More for Drugs than Medicaid