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  • Again Colas May Face Another Round Of Cuts In Debt Limit Battle

    Payments for neurologist-prescribed brand name, but not generic, drugs in Medicare Part D increased consistently and well above inflation from 2013-2017. .In addition, one new cosponsor – Rep. Jared Nadler (NY-10) – signed on to the Social Security Fairness Act (H.R. 973) this week, bringing the total up to 15The bill, if signed into law, would repeal two Social Security provisions – the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) – that unfairly reduce or eliminate the earned Social Security benefits of millions of retired teachers, firefighters, police officers, and other state or local government employees each year. TSCL believes the two provisions must be repealed as soon as possible so that public servants receive the retirement security they have earned and deserve. .In the coming weeks, TSCL will be keeping a close eye on the confirmation of Congressman Mulvaney, and we will be posting updates about the process on Facebook, on Twitter, and here in the Legislative News section of our website. … Continued

  • Ask Advisor July 2015

    Research that I've conducted over more than 20 years indicates that retirees would receive a higher COLA in most years using a "seniors" CPI, rather than by using the current method of indexing which is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). One of the bigger problems with using the CPI-W is the fact that retirees spend their money very differently than younger working adults. Retirees must spend more on healthcare and housing, and less on gasoline and consumer electronics. .What do you think? Seniors are invited to participate in TSCL's annual 2014 Senior Survey. For a free 8-page special issue of TSCL's Best Ways to Save, send to cover postage and handling with your name and address to The Senior Citizens League, 1001 N. Fairfax St. 101, Alexandria, VA 22314. .Some of our members have told us that they've also joined AARP for the benefits. We're all for seniors saving money, so if you want to join AARP for the discounts, go for it. But we hope you will choose The Senior Citizens League as the group fighting for you on Capitol Hill. … Continued

This week, lawmakers involved in talks to permanently repeal and replace the SGR revealed that a temporary pay-patch will likely be necessary. Those serving on three committees – the House Ways and Means Committee, the Energy and Commerce Committee, and the Senate Finance Committee – have successfully negotiated a legislative compromise, but they've been struggling for weeks to come up with offsets that will cover the cost of the 8.4 billion bill. .Not only does this put unwitting retirees' Medicare number in the hands of crooks who can then resell it to be used to file more false claims, but it can cause Medicare to deny future coverage for genetic testing when it's really needed, because the patient's record will show the test has already been performed. .Although it hasn't been introduced as legislation yet, some specifics were outlined in a fact sheet released by the group. Under the plan, the government would pay for three-quarters of the cost of the average plan, and for the most expensive enrollees, it would pay ninety percent of the cost. Wealthy seniors would pay a larger share of the cost, and low-income seniors would receive assistance from Medicaid. In addition, the age of eligibility would increase by three months each year, until it hits seventy in 2034. .On Wednesday, the Senate Finance Committee held a hearing to discuss improvements to the Medicare payment system. Currently, reimbursements are determined by the SGR, a flawed formula that regularly calls for steep pay cuts to physicians and threatens seniors' access to medical care. Lawmakers on both sides of the aisle have expressed a strong interest in repealing and replacing the formula in the coming months. .This week, TSCL's legislative consultants, Former Congressman David Funderburk and Mrs. Betty Funderburk, along with TSCL's legislative assistant, Jarrad Hensley, were on Capitol Hill for meetings with Members of Congress and their top staff. .Indeed, the Social Security Administration does not "promise" a specific amount of benefits, but they do not promise to replace a specific percentage of pre-retirement earnings either. Both benefit amounts and "replacement rates" can change at any time if Congress and the Social Security Administration deem it necessary. Prior to the 1977 changes, the replacement rate was not a stable percentage. For people who retired under the 1972-73 flawed formula (those born 1913 through 1916), replacement rates grew from 39% to a high of 54%. The new benefit formula led to a lower, more stable replacement rate of about 43%, as well as lower benefits. .In addition, one new cosponsor – Rep. William Keating (MA-9) – signed on to the Strengthening Social Security Act (H.R. 3118). The cosponsor total is now up to sixty-three. If signed into law, H.R. 3118 would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would base COLAs upon the CPI-E, resulting in more accurate annual increases; and it would lift the cap on income subject to the payroll tax. The bill would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. .On Tuesday evening, President Obama gave his fifth State of the Union Address before both chambers of Congress. To The Senior Citizens League's (TSCL's) surprise, the sixty-five minute speech included no mention of Social Security or Medicare, but the President did speak briefly about immigration reform and a new retirement savings plan called "myRA." ."'I don't anticipate that anything gets there before Election Day,' Chief of Staff Mark Meadows told reporters Wednesday. ‘I think that was a concern that there might have been a look that this was done for a political motivation. That's not the case.'"