News

  • Legislative Update Week Ending June 19 2015

    The Medicare Trustees estimated that the base monthly Medicare Part B premium in 2012 would be 6.60. For seniors who became eligible for Medicare in 2010, that may be a modest savings. Those seniors are probably paying a base premium of 0.50 for Part B. But most seniors will pay more. You should plan accordingly as well since any increases in your Medicare supplemental plan and drug coverage and out-of-pocket costs, would very likely offset what little savings you may get on Part B. .Policy experts question how patients will make up postponed care (some services can't be made up) and the degree to which delays in getting care will have adverse health consequences. Both of these concerns suggest that another type of surge for hospitals—the aftermath of postponed care — may be coming next. Cutting hospital reimbursements now could potentially limit access to care when Medicare beneficiaries need it the most. .Senate Committee Discusses SGR Alternatives … Continued

  • F Q Executive Action Immigration Social Security Medicare

    Some deficit cutters contend that the out-of-pocket costs that Medicare beneficiaries pay will have to go up and seniors should pay more for their Medicare benefits. "This survey is powerful testimony to those who hold such beliefs," says TSCL Chairman Larry Hyland. "This survey indicates that they don't understand how much seniors already spend for their healthcare, and how many have already cut back," Hyland adds. "With the majority of seniors depending on Social Security for at least half of their income, and healthcare costs increasing several times faster than benefits, few beneficiaries can afford to pay any more than they already do for their healthcare," he notes. .While not all generics work the same or as well as brand name drugs, they do work much or most of the time and the savings would be enormous. .Bloomberg News reports that the legislation would establish a task force on older investors at the Securities and Exchange Commission. This Senior Investor Taskforce would be required to identify challenges such as the financial exploitation and cognitive decline of investors older than 65, and to consider whether rules issued by the SEC or securities self-regulatory organizations should be changed to benefit them. … Continued

No change to 401(k)s or IRAs: Prior to enactment, concerns were high that tax reform would restrict the amount of pretax contributions working people could make to workplace retirement accounts. Congress did not do this, and the tax rules affecting these accounts, for the most part, remain the same. .The report adds that, "The pharmaceutical industry has already shattered records this year, spending an unprecedented million to lobby the federal government in the first three months of this year, according to the CSP, including .7 million from PhRMA. Stephen Ubl, the CEO of PhRMA, criticized H.R. 3 last month, claiming it would ‘destroy an estimated one million American jobs.' The U.S. Chamber of Commerce, the biggest lobbying spender this year, has also come out against the bill, comparing it to ‘government price controls' and claiming it would cost hundreds of thousands of jobs. .But for more than two months, state inspectors failed to enter half the country's homes — a revelation that prompted CMS to crack down. .Recently I had a chance to learn how to do a better job at decision - making by taking a course through the Osher Lifelong Learning Institute at the University of Virginia. Instructor Terry Newell's work focuses on values-based leadership, ethics, and better decision making — skills for which there is very high demand — but all too short supply. Here are some insights from Dr. Terry Newell: .To help older Americans withstand the financial impacts of the COVID-19 pandemic, and provide more adequate retirement benefits, The Senior Citizens League supports legislation that would provide a boost in Social Security benefits for all retirees, and would tie annual cost of living adjustments to a more representative seniors' consumer price index, the Consumer Price Index for the Elderly (CPI-E). To learn more about efforts to strengthen Social Security benefits, visit . .As you know, the medical expense deduction is essential for older Americans who disproportionately experience high medical costs for prescription drugs, medical equipment, or services like nursing home care. Around 5 million taxpayers, most of whom are over the age of sixty-five, rely upon the tax deduction when their out-of-pocket medical costs total more than 10 percent of their annual income. .Larson will soon be reintroducing the Social Security COVID-19 Correction and Equity Act. This bill prevents an unintended and unanticipated cut to Social Security benefits for those affected; it also expands benefits for those who need it most during COVID who have faced long term systemic economic inequalities. .More than 42.4% of people 65 and older had incomes below 200% of poverty under the Supplemental Poverty Measure, compared to 30.4% under the official measure. .Apply for pharmacy assistance programs from your drug manufacturer. Medicare maintains a list of pharmacy assistance programs by drug name. To learn if there is a program for your drug visit: http://www.medicare.gov/pharmaceutical-assistance-program/index.aspx.