By Jessie Gibbons, Legislative Assistant .But a study of typical senior costs conducted by TSCL indicates that COLAs aren't doing a very good job of keeping up with rising prices now, primarily because the CPI isn't fully reflecting the portion of income that seniors must spend on rapidly rising healthcare costs. The study found that the Social Security benefits have lost 32 percent of their purchasing power since 2000. .Does Medicare provide coverage for eye care services or eyeglasses? .Instead of using the CPI-W or the "chained" CPI, TSCL has been advocating for an inflation index that we believe would actually result in a more accurate Social Security COLA. We favor the CPI for Elderly Consumers (CPI-E), which the BLS has been tracking &ndah; but not utilizing – for decades. This index has shown that the spending inflation for seniors averages about two-tenths of a percentage point higher than the rate at which the CPI-W increases. We estimate that a senior who retired with average Social Security benefits in 1984 would have received ,496 more through 2013 had the CPI-E been used. .Last year, under Shkreli's direction, Turing Pharmaceuticals made headlines for buying the rights to a decades-old anti-infective drug and hiking its price from .50 per pill to 0 per pill. Lawmakers on both sides of the aisle had tough questions for Turing's representatives at Thursday's hearing, and each of them expressed their dismay for the price gouging that is occurring in the pharmaceutical market. .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. .Why raise the maximum? In 1993 the taxable maximum was eliminated for Medicare payroll taxes. Yet currently, workers who earn more than 3,700 pay no Social Security taxes at all on earnings over that amount. "That includes every Member of Congress and President Obama," notes TSCL Chairman Larry Hyland. The "tax max" increases annually by the growth in national average wages .Demographics dictate that Medicare spending will climb in the future as more people become eligible and enroll, and as aging increases the need for more healthcare services. Cutting the growth of Medicare spending without cutting access to affordable care for seniors will be a monumental challenge for Congress. TSCL believes a great deal more can be done to find savings by making the system more efficient and to clamp down on fraud, waste and abuse. .In addition to congressional committee work in the 116th Congress, several new bills have been introduced that would reduce prescription drug costs. Several of them – including the following three – have already won bipartisan support in the new Congress.