News
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Deficit Reduction Proposal Would Clobber Seniors With Medigap
Companies requiring mandatory arbitration say it saves money and time for resolving complaints. But older consumers still may wind up with legal fees, and may wind up having to pay a share of the arbitration fees. .2 weeks after their second dose in a 2-dose series, like the Pfizer or Moderna vaccines, or .Individuals with incomes below ,000, and whose Part B premiums are automatically deducted from their Social Security benefits, are protected from a reduction in their Social Security benefits when Part B premiums increase more than their Social Security benefits. The provision was triggered twice in recent years, in 2016 when there was no COLA, and in 2017 when the COLA was just 0.3%. … Continued
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How Older Americans Would Fix Social Security
We are happy to see that the Trump administration is preparing an executive order that would require certain essential drugs and medical treatments for a variety of conditions be made in the U.S. The order comes in light of drug and device shortages during the pandemic. .Workers are never too old to learn new skills, especially if it means access to a better job. .In setting prices, drug makers rarely acknowledge the considerable federal funding and research that have helped develop their products; they have not offered taxpayer-investors financial payback. … Continued
Popular with Medicare recipients, Medicare Advantage plans typically offer very low, or even no, monthly premiums, lower costs for some services than traditional fee-for-service Medicare, and coverage for some services that traditional Medicare does not cover, such as dental and vision care. Enrollment in Medicare Advantage plans has more than doubled over the last decade, from 11.1 million in 2010, to 24.1 million in 2020. Ensuring the proper payment level is important not only for the federal government, but also for beneficiaries, since overpayments to Medicare Advantage plans drive up overall Part B costs and cause higher Part B premiums for all beneficiaries, even those not enrolled in a Medicare Advantage plan. .Sources: "Policy Brief: The Evolution of Social Security's Taxable Maximum," Social Security Administration, September 2011, No.2011-02. .Help! I'm turning 65 soon. My daughter says I should sign up for Medicare, but I don't know what to do or where to begin. I work for a small company with 17 employees, where I get my health insurance now. About a week is currently taken out of my paycheck for premiums. My current health coverage isn't that good. It has a ,500 deductible and, because I'm still in good health, I've never been able to benefit. ."Super Congress" Holds First Hearing ."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. .When Medicare Part B premiums spiked in 2015, Congress was not focused on the adequacy of the COLA. Instead, it was focused on the Medicare Part B funding lost when beneficiaries were protected from paying increased premiums. While the subsequent Medicare Part B premium increase for 2016 was reduced, it was still a very substantial increase of 16%, and all beneficiaries were required to repay the costs in higher Part B premiums in following years. Beneficiaries saw no growth in their net Social Security benefits in 2016, again in 2017 when the COLA was just 0.03% and, about half of all beneficiaries were once again affected in 2018 when a 2% COLA became payable. .The Beneficiary Enrollment Notification and Eligibility Simplification (BENES) Act (H.R. 2575) also gained one new cosponsor this week, bringing its total up to seven in the House. If signed into law, the bill from Congressman Raul Ruiz (CA-36) would simplify the Medicare enrollment process and ensure that those nearing eligibility are adequately informed about the program's benefits. Its new cosponsor is Congressman Gus Bilirakis (FL-12). .The new cosponsors of the Social Security Fairness Act are as follows: Congressman Patrick Meehan (PA-7), Congressman Luke Messer (IN-6), Congresswoman Eleanor Holmes Norton (DC), Congressman Danny Davis (IL-7), Congressman Ben Ray Lujan (NM-3), Congressman Dan Kildee (MI-5), Congresswoman Brenda Lawrence (MI-14), Congressman Juan Vargas (CA-51), Congressman Lee Zeldin (NY-1), and Congressman Tim O'Halleran (AZ-1). .The state of Virginia, however, offers retirees a chance to retain certain parts of coverage but "opt out" of others. If Paula "opted out" of Part D drug coverage, for example, and took medical, dental, and vision coverage alone, she would pay 6 per month. The portion of the premium for the drug coverage through the state of Virginia was a whopping 4 per month.
