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  • Social Security Medicare Questions March 2015

    But, again to be fair, the situation was the same when the Democrats were the majority in the Senate. So perhaps the issue is not which party is in control. Maybe it's the within the institution of the Senate itself. Or maybe it's the fact that voters keep sending Senators to Washington who are afraid to compromise on issues because the voters are so divided about what they done. .Four cosponsors signed on to the Social Security Fairness Act this week. Two Representatives – Ben Chandler (KY-6) and Mike Quigley (IL-5) – signed on to Rep. Buck McKeon's H.R. 1332, and two Senators – Sherrod Brown (OH) and Frank Lautenberg (NJ) – signed on to Sen. John Kerry's S. 20The cosponsor totals for these bills are up to 149 and 9, respectively. .However, others at Tuesday's hearing focused on the skyrocketing prescription drug costs for Medicare Part D beneficiaries. In his opening statement, Ranking Member Ron Wyden (OR) said, "The fact is, seniors are getting pounded by drug costs. And in my view, there is an enormous amount of work that has to be done to guarantee that seniors have affordable access to the medications they need." … Continued

  • The Growing Cost Of Illegal Immigration To Social Security

    Insurers make major changes in their plans every year, like increasing premiums, co-pays, dropping coverage and even closing plans altogether. But according to a survey conducted by TSCL earlier this year, less than 18 percent of respondents said they switched their Part D or Medicare Advantage health plan for 201Medicare's annual Open Enrollment period starts earlier this year -- on October 15th -- and ends December 7th. Medicare beneficiaries should start the process now to find out what their choices are and how much they could save with a new Part D or Medicare Advantage plan. .Rep. Peter DeFazio (OR-4) introduced H.R. 1031 on March 7, 201It has since been referred to the Committee on Ways and Means and the Committee on the Budget. .For progress updates or for more information about these and other bills that would strengthen the Social Security program, visit the Bill Tracking section of our website or follow TSCL on Twitter. … Continued

Plan for health changes as you age. What are the chances of developing a chronic condition, like asthma, diabetes or high blood pressure later in life? It's a good idea to set aside a portion of your retirement savings for healthcare emergencies and health changes as you age. One way to figure this is by using the out-of-pocket maximum limits on your health plan and Part D coverage. For example, having an emergency healthcare account of at least ,450 set aside for a senior in reasonable health in 2013 is a smart idea. If you are in a health plan that has a maximum annual out-of-pocket limit, you will want to try to have at least that much set aside every year (that may be about ,700 in 2013, for example). Your Part D out-of-pocket maximum in 2013 is ,750. .Sources: "Immigration Activists Urge Obama To Act Boldly", Carolyn Kaster, Associated Press, April 15, 201Letter to Senator Marco Rubio from Stephen C. Goss, Chief Actuary, Social Security Administration, June 28, 2013. .What can you do? .I recently received an email with a link to a "Tax Loophole for Illegals" video claiming that the IRS had paid over billion in Child Tax refunds to illegal immigrants. Is this an Internet rumor? How can our government give away billions to illegals, when they don't pay any taxes? .To help with your planning process, TSCL has pulled together a number of resources that can help. Visit TSCL's Retirement Resource Center. ."This year is particularly difficult to forecast with certainty," Johnson says. "The inflation patterns, caused in large part due to the COVID-19 pandemic, were unprecedented in my experience," she says. .This week, after weeks of intense negotiations, lawmakers reached a bipartisan budget deal that will fund the federal government through the remainder of the fiscal year. In addition, The Senior Citizens League (TSCL) saw one key bill gain critical support. .I applied for Social Security benefits in March 2007 when I was 62 years old. After a month I found a job. On September of 2007, I called Social Security to stop payment of my benefits because I was earning over the limits. I was told that the following year it would be automatically processed. From then on every year I got a few months payment. Now Social Security has informed me that I received too much and my overpayment is ,704. .That report estimates the Social Security trust fund could be depleted by 2030, five years earlier than the official government estimate, because of the recession and long-term near-zero interest rates triggered by the pandemic.