Why Isnt There Any Cola Next Year When Medicare Costs Are Spiking
The rule would require drug companies to give Medicare beneficiaries rebates that now go to insurers and PBMs. The nonpartisan Congressional Budget Office estimates it would increase taxpayer costs by 7 billion over 10 years. .On Thursday, lawmakers in the House began considering legislation (H.R. 1190) to repeal the IPAB, the unelected 15-member board that was created by the Affordable Care Act (ACA) to manage Medicare's growth. The House Ways and Means Committee advanced the bill with a vote of 31-8 two weeks ago, and earlier this week it was approved by the House Rules Committee. .Compare your drug and health plan options NOW during the Medicare Open Enrollment period before it ends on December 7th. Does your current drug plan even cover your expensive new prescription? If not, you need to check your other options. Chances are another plan will. Use the Drug and Health Plan Finder at www.Medicare.gov. Make sure you carefully enter every prescription drug you take in order to get a custom comparison of your best drug plan choices. Costs can vary by hundreds, even thousands, of dollars, and you may be very surprised by the savings from switching to a better plan. … Continued
The Seniors Citizens League Weekly Update
War Savings to Fund "Doc Fix" Extension? .First, re-shop your Medicare prescription drug coverage every fall during Open Enrollment season -- and the same goes for Medicare Advantage if you're in one of these plans. Insurance companies often change their offerings year-to-year in ways that can increase drug costs by hundreds of dollars, or make it more difficult to get certain drugs. At the same time, your drug needs may have changed since the last plan selection period in ways that make a plan less beneficial for you. .Before recommending the zero premiums, I helped Paula estimate potential costs. New managed care Medicare Advantage plans differ from traditional Medicare supplements by charging co-payments that can be substantial for each hospitalization, visit to the doctor, or other service received. Supplements tend to charge high premiums, but cover most, or all, of the co-insurance costs, leaving beneficiaries to pay little or nothing when they receive a service. If Paula had to be hospitalized or developed a serious illness, the co-payments charged by the Medicare Advantage plan could quickly add up to be just as much, possibly more, than what she would pay in premiums for her state retiree Medicare supplement. … Continued
On Wednesday, the Senate Finance Committee held a hearing to question Congressman Tom Price (GA-6), an orthopedic surgeon from Georgia who was nominated by President Trump to become the next Secretary of the Department of Health and Human Services (HHS). If confirmed, Congressman Price will lead the agency that has jurisdiction over Medicare, Medicaid, Social Security, and many other critical health programs. .The President Introduces his Plan to Lower Drug Prices .Sources: "Prescribers With Questionable Patterns In Medicare Part D," Department of Health and Human Services Office of Inspector General, June 201"Medicare Fraud Outrunning Enforcement Efforts," The Center For Public Integrity, July 3, 2013. .If adopted, the Ways and Means Committee's tax bill would consolidate the existing individual tax brackets, phase in a repeal of the estate tax, and permanently reduce the corporate tax rate, among many other provisions. The bill does not include reductions to the limits on 401(k) contributions as many – including TSCL – expected. It would keep the current limits on 401(k) contributions unchanged at ,000 per year (or ,000 for those over the age of fifty). .Some want legislation to correct inequities for those born from 1917 through 1921, while others believe Notch reform must include the years through 192It is important to remember that hundreds of our elected officials agree that there is a Notch, and that Notch Victims deserve justice. However, some interpret the complicated rules affecting Social Security differently from others. We respect and continue to support all Members of Congress who are courageous enough to advocate Notch Reform of any sort. To read more on the Notch, click here: What is the "Notch"? .The cost of veterinarian services is growing nearly three times faster than Social Security benefits. While retirees are making do with a 1.6% COLA in 2020, veterinarian services increased 4.7% from January 2019 to January 2020. Over the same period, costs for physicians of human patients rose just 0.7%. .TSCL believes the time has come for Congress to put the needs of U.S. senior citizens and taxpayers first. We support legislation that would ban the use of illegal earnings in determining entitlement to Social Security such as S. 95, to Prevent Social Security Credit from Being Earned without Legal Status, introduced by Senator David Vitter (LA), and "No Social Security for Illegal Immigrants Act" (H.R. 787), introduced by Representative Dana Rohrabacher (CA). .Support Grows for Key Bill .In addition, three new cosponsors signed on to the Preventing and Reducing Improper Medicare and Medicaid Expenditures (PRIME) Act (S. 1123 and H.R. 2305) this week, bringing the total up to twenty-four in the Senate and thirty-four in the House. If signed into law, the comprehensive bill would take a number of steps to prevent fraud, waste, and abuse within the two programs – a problem that TSCL believes must be addressed in order to ensure that scarce program dollars are being spent properly. The new cosponsors are Sen. Sheldon Whitehouse (RI), Rep. Carol Shea-Porter (NH-1), and Rep. Jackie Speier (CA-14).