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  • Social Security Medicare Questions November 2012

    Catastrophic Coverage Period: When your total out-of-pocket spending reaches ,350, you hit the catastrophic stage of coverage. Your co-insurance drops to 5% coinsurance or co-pays of .60 generic, .95 brand, whichever is higher. You remain in the Catastrophic coverage period until December 31, 2020. .As a result of the COVID-19 economic crisis, Social Security's Average Wage Index is likely to drop in 2020. Because of how Social Security benefits are calculated, this will reduce Social Security benefits for future retirees who were born in 1960, as well as others who become eligible for Social Security in 202Affected beneficiaries would face a permanent reduction in benefits. .Benefit formula cuts: Change the benefit formula reducing benefits for new retirees with both high and average earnings. … Continued

  • Seniors Lose 34 Buying Power Since 2000

    There will likely be court challenges to the President's actions, making it unclear how quickly any money would reach the unemployed. On top of that, it is unclear how many states will want to participate in this enhanced unemployment program or how many companies will want to suspend payroll taxes for employees only to have to pay them in 2021. .COLA Cuts .Alexandria, VA (October 24, 2011) In January, for the first time in two years, Social Security recipients will get a sorely-needed cost-of-living adjustment (COLA). Benefits will rise 3.6% in 2012, following a surge in inflation that occurred even while seniors had no annual increase to help meet rapidly rising prices. Stagnant COLAs may soon be a fact of life for beneficiaries - a change that would also lower lifetime Social Security benefits, especially for Baby Boomers, warns The Senior Citizens League (TSCL), one of the nation's largest nonpartisan seniors groups. … Continued

The period covered by the Notch is a major area of dispute. When benefits are represented on a chart, the disparity forms a deep "V" notch. Benefits plunged from a peak for retirees born in 1916 and hit the lowest part of the "V" for those who were born in the years 1920-2Benefits began to rise for those born in 1922 until they became level with other retirees, starting with those born in 192See illustration below. .Representative John Garamendi (CA-3) introduced H.R. 1553 on March 6, 201It has since been referred to the Committee on Ways and Means. .Access to Medicare and Medicaid including community-based long-term care support and services and programs that make Medicare more affordable. .Often, the most consequential decisions are those we make only once or twice in a lifetime. But decision – making itself is a skill that takes practice. That means we can get better at it. Even with practice though, it's almost impossible to forecast whether our decisions will work out. Often there are hidden factors at play, influencing our decisions, of which we may not even be aware. Learning about how our minds could be sabotaged, and how we could be nudged in wrong direction, can help us improve our decisions. One of these nudges is called the "anchor effect." .Currently, Social Security COLAs are based on the way young, urban workers spend their money, and because items like gasoline and electronics are weighted more heavily than medical costs and housing expenses, they underestimate the inflation Social Security beneficiaries experience. For example, this year, if COLAs were based on the spending patterns of seniors, Social Security beneficiaries would be receiving a COLA of around 2 percent instead of a 0.3 percent increase. .This week, the Social Security Administration announced the 2019 cost-of-living adjustment, and President Donald Trump signed into law legislation that will result in lower out-of-pocket prescription drug costs at pharmacies. In addition, The Senior Citizens League saw in Congress. .Newly Eligible People with Medicare .For progress updates or for more information about these and other bills that would strengthen Social Security and Medicare programs, visit the Bill Tracking section of our website or follow TSCL on Twitter. .This week, the Ways and Means Committee advanced a bill that would repeal the Affordable Care Act's (ACA's) Independent Payment Advisory Board (IPAB), and The Senior Citizens League (TSCL) saw one key bills gain support.