H R 860 Social Security 2100 Act
This week, action on Capitol Hill slowed down as both Houses of Congress adjourned for a district work period. However, The Senior Citizens League (TSCL) did see support grow for one key piece of legislation. .I'm still working and will turn 65 in July of this year. I currently get my health insurance through my employer. We have more than 20 employees and I've been told I can keep my employer's health insurance instead of starting Medicare in July. The health insurance that I have now is pretty expensive and the deductibles are high. How can I compare the costs between the two types of insurance? .TSCL agrees with Congressman Duncan, and we enthusiastically support the CPI for Seniors Act. In a letter of endorsement, Art Cooper – Chairman of TSCL's Board of Trustees – wrote: "Unfortunately, years of record-low COLAs like this one – including multiple years of zero COLAs – will have a devastating impact on the long-term adequacy of Social Security benefits for more than 59 million beneficiaries … Your bill would go a long way in ensuring the retirement security older Americans have earned and deserve, and we look forward to informing our members and supporters about your efforts on Capitol Hill." … Continued
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The U.S. Supreme Court is expected to decide a case in June that could have far -reaching implications for Social Security and Medicare. The Obama Administration has asked the Supreme Court to reinstate its executive action plan on immigration. The plan would give temporary relief from deportation and work permits to almost 5 million unauthorized immigrants. Should the Supreme Court find in favor of President Obama, his Administration would have 7 months to implement the program before his term ends. .I'm enrolled in a Part D drug plan. I thought I would get my brand name drug Eliquis, for a copay, but I was charged 5.4Why was that? .This week, the Senate Finance Committee met with a representative from the Obama administration to discuss alternatives to the Sustainable Growth Rate (SGR) formula. In addition, The Senior Citizens League (TSCL) saw five key bills gain new cosponsors. … Continued
The most widely-discussed proposals to revamp Social Security include raising the eligibility age, making the benefit formula less generous, and reducing the Social Security cost-of-living adjustments (COLAs). Reducing COLAs would impact the lifetime Social Security benefits of all current beneficiaries, as well as affecting future retirees. Under discussion is a proposal that would reduce COLAs by switching to a more slowly-growing, "chained" consumer price index to calculate the annual benefit boost. In fact the new tax law, recently did something similar. Indexing of income tax brackets, the standard deduction, and other parameters of the tax code for inflation was tied to a chained COLA. That means that people will pay higher taxes over time, as the standard deduction becomes less generous, while rising income would tend to push older taxpayers into higher brackets. .In 2007 an analysis released by TSCL estimated that if 6 million illegal workers were to gain work authorization it would cost Social Security alone more than .6 trillion in benefits through 204Under current law, if illegal immigrants get work authorization at some point they could file claim for Social Security benefits. Currently the Social Security Administration uses all reported earnings to determine entitlement to benefits, including earnings for jobs worked illegally if the worker has kept evidence, like W2s, of earnings. .Congressman Elijah Cummings (MD-7), Ranking Member of the Committee, agreed, saying: "Drug company executives are lining their pockets at the expense of some of the most vulnerable families in our nation … [People in my district] struggle every single month to pay the increasing cost of housing, education, and health care. They live from paycheck to paycheck and sometimes from no check to no check." He went on to promote his bill, the Prescription Drug Affordability Act, which would take several steps to ensure more affordable prescription drugs, including greater price transparency. .TSCL enthusiastically supports H.R. 1029, H.R. 3118, and H.R. 1795, and we were pleased to see support grow for each of them this week. .Prevention of Fraud, Waste, and Abuse – Ensure that scarce Medicare and Social Security dollars are spent properly. .Resources: The Medicare Rights Center has an online tool called "Medicare Interactive" that can answer more of your questions about prescription drug coverage. Try it at www.MedicareInteractive.org. .Democratic leaders believe the measure could save almost half a trillion dollars if it were to pass. And while it would be much more likely to be brought up for a vote, the uncertainty about whether it could pass in the Senate remains. .House Democrats also Unveil Proposals to Lower Drug Prices .According to an article in The Hill, a Washington, D.C., newspaper that covers legislative matters in Congress, it just might happen.