News

  • Ask The Advisor December 2019

    "Based on the new data through August, there's a downward inflation trend," Johnson says. "Although my calculator indicates the COLA could be 6.1 percent, the chances of inflation remaining high enough for that to occur is only 10 percent based on 20 years of historic trends. The chances of the data dropping to 6 percent are twice that high, 20 percent. "With the July and August consumer price data, inflation is plateauing," Johnson says. ."This year's zero COLA combined with next year's insufficient increase will have a devastating impact on the long term adequacy of Social Security benefits for millions of Americans … we hope that you will act swiftly and responsibly before the end of this year," the letter stated. .The committee found that AbbVie inflated prices for the drugs while its executives pocketed growing bonuses. The committee's two-year investigation found that AbbVie "pursued a variety of tactics to increase drug sales while raising prices for Americans, including exploiting the patent system to extend its market monopoly, abusing orphan drug protections to further block competition, and engaging in anticompetitive pricing practices." … Continued

  • Ask The Advisor July 2011 Advisor Feed

    with less in the household budget. To learn more, visit . .If adopted, his bill would: provide beneficiaries with a 2 percent boost in benefits, improve the adequacy of the Social Security cost-of-living adjustment (COLA) by basing it on the Consumer Price Index for the Elderly (CPI-E), create a new minimum benefit set at 125 percent of the poverty line, and cut taxes for millions of seniors who pay taxes on a portion of their Social Security benefits. The bill would also extend the solvency of the Trust Funds by applying the payroll tax to income over 0,000 and gradually increase the payroll tax rate from 6.2 percent to 7.4 percent. .Comprehensive immigration reform has been topping the legislative agenda in Congress for months, but so far most policy wonks and lawmakers have kept quiet about the ways in which reform would affect Social Security. Millions would become eligible to collect Social Security benefits based on work done illegally, under invalid or fraudulent Social Security numbers. TSCL is concerned about the ethical implications of this, and we believe that it would put additional strains on the Social Security and Medicare Trust Funds. … Continued

Thus beneficiaries will continue to be hit with steep costs when they fall into the coverage gap in the foreseeable future. To keep prices as low as possible in the doughnut hole, beneficiaries can look into using mail-order pharmacies, which require 90-day prescriptions and are often cheaper per dose than a 30-day supply. People with limited incomes may also qualify for Extra Help or other pharmaceutical assistance programs. TSCL also recommends that Part D beneficiaries talk to their doctors at each visit to discuss potential alternatives to their high-cost prescriptions. .This week, action on Capitol Hill slowed down as both Houses of Congress adjourned for a district work period. However, The Senior Citizens League (TSCL) did see support grow for one key piece of legislation. ."This leaves 20 percent of survey participants who just aren't sure if their Social Security benefits will be taxable this tax season or not, more than triple the 6 percent who were uncertain about the 2019 tax year," Johnson says. The survey, which was conducted online from mid-January through February, had more than 864 participants. .As debate intensifies over the cost of medicines, a new analysis found that prescription drug prices were on average 2.5 times more expensive in the U.S. than in 32 other countries. And that gap widened to 3.4 times costlier when looking specifically at brand-name medications. .This week, lawmakers returned to Capitol Hill following a week-long holiday recess. They have just one week to reach a deal to fund most of the federal government past Friday, December 7th. Should they fail to reach an agreement before then, part of the federal government will shut down like it did earlier this year. .Medicare does not usually cover eyeglasses or contact lenses. However, Medicare Part B helps pay for corrective lenses when the patient has cataract surgery to implant an intraocular lens. Corrective lenses include one pair of eyeglasses with standard frames or one set of contact lenses. .If adopted, this key bill would improve Social Security COLAs by basing them on the CPI-E, and it would cover the cost by phasing out the payroll tax cap over the course of seven years. Together, these changes would improve the adequacy of Social Security benefits and strengthen the solvency of the Trust Funds past 2035. .Sen. Tom Harkin (IA) introduced S. 567 on March 14, 201It has since been referred to the Committee on Finance. .In his opening statement, Budget Committee Chairman John Yarmuth (KY-3) said: "[Social Security] is facing serious long-term funding shortfalls, with promised benefits facing cuts as high as 20 percent as soon as 2035 if Congress does not act. Cuts of this level would be devastating for the individuals who rely on Social Security … Congress has a responsibility to act and honor the promise of retirement security."