How Rising Medicare Part B Premiums May Impact Your Social Security Benefits
Therefore, they are considering using the "reconciliation" process because they would only need 51 votes. But if they do that, legislation passed over ten years ago dictates that they must either raise taxes or cut spending on current programs to pay for the new spending in the President's bill. .Many in Congress have been outspoken about the potential cuts. Last week, a bipartisan group of forty Senators sent a letter to CMS urging administrators to maintain current payment rates in order to protect seniors from potential benefit disruptions. TSCL has also been expressing its concerns to lawmakers, and we will continue to keep a close eye on the issue in the coming weeks. For updates, visit the Legislative News section of our website. .Congress has until the end of this Friday to pass legislation to fund the federal government for the remainder of fiscal year 202Very few people think they'll get it done. … Continued
H R 3118 Strengthening Social Security Act
If your mom has permanently moved out of the area served by her former private Medicare health, she will qualify for a Special Enrollment Period to switch to another private health plan. These plans are also known as Medicare Advantage plans. The rules covering the period you have to shop for and switch to a new plan depend on your circumstances, particularly, whether you notified her private health plan in advance, or after the move. In addition, how your health plan learns of her move, whether from you, the Centers for Medicare and Medicaid Services (CMS), or the postal service — also affects the period you have to switch to a new plan. .The Social Security Trustees estimated last year that SS payroll taxes in 2020 would be about 3.8 billion under average economic conditions. Thus the 6 billion cost of the payroll tax provision in the CARES Act appears to be as much as 42% of all anticipated Social Security revenues for 2020. .Use tools on www.medicare.gov. The Medicare website offers data bases that allow you to compare health plans and Medigap policies available in your area. There is also a drug plan finder. You will be able to find a significant volume of information, but much of it may appear difficult for the layman to interpret. Don't despair. Grit your teeth, print out information, and read it through. … Continued
The House of Representatives has outlined specific reforms that maintain the current Medicare program for those aged 55 and older with no disruption and saves Medicare for future seniors by offering those beneficiaries a premium support program. Specifically for younger workers, when they reach eligibility, Medicare will provide a payment and a list of guaranteed coverage options – including a traditional fee-for-service option from which recipients can choose a plan that best suits their needs. These future Medicare beneficiaries will be able to choose a plan the same way members of Congress do. Medicare will also provide additional assistance for lower-income beneficiaries and those with greater health care needs. Our plan also stops the raid on Medicare trust fund that was going to pay for the Patient Protection and Affordable Care Act, allowing any current Medicare savings to go directly to saving Medicare and not creating open-ended health entitlements. .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." .President Trump signed an executive order Thursday directing the federal government to buy certain drugs solely from American factories. .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. .Sources: "Cost, Logistics Of Obama Immigration Plan Raise Concerns Before Launch," Doug McKelway, Fox News, February 13, 201Testimony of Eileen O'Connor, Esq., Before The Senate Committee On Homeland Security And Government Affairs, February 4, 201"How Changes In Immigration Policy Might Affect The Federal Budget," The Congressional Budget Office, January 2015. .Make no mistake: millions of American families and our entire economy depend on getting mature workers the right skills for today's jobs. We need them back at work, earning good salaries, investing in their retirement, mentoring young workers and driving our economy forward. .The age at which you start receiving full Social Security benefits varies depending upon the year you were born. For people like you who turn 66 in 2021, your full retirement age is 66 and two months. For more retirement planning information visit www.SocialSecurity.gov. .Last year the House did pass a Medicare negotiations bill, which would cap out-of-pocket drug costs for older people and expand program benefits as well. But it has had no Republican support in the House, and it has no path forward in the Republican Senate because Senate Majority Leader Mitch McConnell (R-Ky.) has refused to bring it up for a vote. In addition, the White House calls it unworkable. .According to MedPAC, the Medicare fee schedule undervalues the important services that primary care physicians provide. This creates disparities in compensation between the primary care and specialty fields, and it deters medical students from choosing to enter primary care. To address the issue, MedPAC recommended an extension of a primary care bonus program that is set to expire in the near future. However, instead of offering bonus payments for each service that is provided, the Commission suggested that physicians be rewarded on a per beneficiary basis, which will help the Medicare program improve the coordination of care.