News

  • Legislative Update Week Ending November 3 2017

    In addition, one new cosponsor – Rep. John Duncan, Jr. (TN-2) – signed on to the Preventing and Reducing Improper Medicare and Medicaid Expenditures (PRIME) Act (H.R. 2305). The total is now up to sixty-three. If signed into law, the PRIME Act would take a number of steps to comprehensively 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. .Congress has a number of options to pay for the higher benefits that drew strong support in our 2020 Senior Survey: .CBO's current estimate of the Old Age and Survivor's Insurance fund's exhaustion date is 2031, one year earlier than its estimate was in 201If current laws generally did not change, CBO estimated the balance of the Disability Insurance fund would be exhausted in 2026. … Continued

  • Benefit Bulletin August 2012

    The study, which examined price changes from January of 2019 to January of this year found that, since 2000, the buying power of Social Security benefits improved 3 percentage points— from a loss of 33 percent as of 2019 to 30 percent in 2020. Between January of 2000 and January of 2020, Social Security COLAs increased Social Security benefits by 53 percent, but the costs of goods and services purchased by typical retirees rose almost twice as much — 99.3 percent. Medicare premiums and out-of-pocket costs, housing, and homeowner's insurance were among the most rapidly - rising costs over the past year. .Compare costs. Before making any decision to drop your current plan ask for a breakdown of costs of the plan you are considering. However, keep in mind the information supplied by an insurer or agent may be incomplete or omit important cost information. Don't sign anything without consulting several outside sources of information. .The reserves held in the Social Security Trust Fund are special non-marketable bonds, or I.O.Us — money that the U.S. Treasury owes to the Social Security Trust Fund for revenues borrowed during years since the late 1980's when more payroll taxes were received than needed to pay benefits. "The federal government used those excess funds received in the past for other spending and replaced the funds with I.O.Us," Johnson explains. Since 2010 however, more has been paid out in benefits than revenues received. The reserves held by the Trust Fund are not actual cash revenues but bonds, so the funds that those I.O.U.s represent must be borrowed. Medicare benefits must also be provided for, which has led to major budget clashes in Congress in recent years. … Continued

House Democrats did not pre-negotiate terms with the GOP-Senate or the White House, so it is unlikely that the bill, called the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act will become law in its present form. Senate Majority Leader Mitch McConnell (R- Ky.) has already pronounced the bill dead. But most observers believe it is the opening bid on the part of the House leaders to begin a process that will eventually lead to a fifth virus-related relief bill. .Could you tell me the advantages and disadvantages of life insurance once we start Social Security? Doesn't Social Security pay widow's benefits? Do we really need life insurance if we have a (401)k and IRA savings? .Seniors are reporting that in recent years they have frequently put off visits to the doctor and other healthcare providers due to economic reasons, according to recent TSCL surveys. You may have been told that the new healthcare reform law provides "free" new preventive benefits. While that made a good sound bite for the TV news and those Andy of Mayberry ads, the reality is most Medicare beneficiaries will probably still have some out-of-pocket costs. In order to qualify for the "free" preventive services you need the following: .TSCL is encouraged by the President's comments on drug prices, and we urge the administration to do everything in its power to bring down costs for consumers in the months ahead. In the meantime, our legislative team will continue to advocate for legislation like the Improving Access to Affordable Prescription Drugs Act (S. 771, H.R. 1776), which would take comprehensive steps to lower costs for Medicare Part D beneficiaries. .According to a survey by The Senior Citizens League (TSCL), 70% of older Americans think Social Security's solvency should be improved by scrapping the Social Security taxable wage limit of 8,500. .Terry: Anchors are used in many settings — for example, by sellers of goods and services (e.g. home renovation estimates). They are also used in public policy discussions. When someone at the local, state, or federal level suggests a policy or piece of legislation, that opening proposal becomes the anchor around which people negotiate. Other options get far less attention - or may not even enter our minds. Be wary when making a decision in which someone else has created a choice that seems in his or her favor but may not necessarily be in yours. Never make a decision without considering other options. .About 75 million people in the U.S. are 60 and older. Recently, about four-fifths of the nation's Covid deaths have occurred in that population. .Prescription Drug Re-Importation – Making safe, secure re-importation a reality. .Coronavirus and the U.S. Drug Supply