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  • Category Issues Cola Articles Page 11

    On Thursday, TSCL delivered letters to several congressional offices – including the offices of lawmakers on the House Ways and Means Committee and the Senate Finance Committee – requesting support for three tax-related changes that would strengthen the Social Security program: .First, one new cosponsor – Representative Mike Quigley (IL-5) – signed on to the bipartisan Social Security Fairness Act (H.R. 1205), bringing the total up to 19If adopted, H.R. 1205 would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two provisions that unfairly reduce the Social Security benefits of millions of teachers, police officers, and other state and local government employees each year. It would ensure that public servants receive the Social Security benefits they have earned and deserve. .If you are interested in helping TSCL make the most of the 113th Congress, give us a call at 800-333-TSCL to help us start a local chapter or plan a town hall meeting in your area. … Continued

  • Benefit Bulletin April May 2021

    For progress updates or for more information about these and other bills that would strengthen Social Security and Medicare programs, visit our website at .This week, one new cosponsor – Rep. Suzan DelBene (WA-1) – signed on to Rep. Peter DeFazio's (OR-4) No Loopholes in Social Security Taxes Act (H.R. 1029), bringing the total up to thirty-one. If signed into law, the bill would extend the solvency of the Social Security Trust Fund by subjecting all income over 0,000 to the Social Security payroll tax. Currently, the payroll tax cap sits at 7,000, and no income over that amount is taxed. .The Medicare Prescription Drug Price Negotiation Act (H.R. 275), which was introduced by Congressmen Peter Welch (VT) and Francis Rooney (FL-19), would require the federal government to negotiate lower Medicare Part D prices on behalf of Medicare beneficiaries. … Continued

Lawmakers Adjourn for Recess .This week, The Senior Citizens League released its final estimate for the 2019 Social Security cost-of-living adjustment (COLA), and four key bills gained support in Congress. . I lost my job a few months ago and at age 64, recently started Social Security retirement benefits. I just found out that I can work and still receive benefits at the same time. Can you tell me how this works? I thought. Ask the Advisor: January 2021 My Husband Had a stroke at 6Would He Qualify For Social Security Disability? .A deductible is the amount of money you must pay before your coverage starts. Many Medicare supplements (Medigap policies), Medicare Advantage plans, and drug plans cover Medicare's deductible as part of the coverage you purchase. Medigap polices "B" through "J" pay the Part A dedictible, and Plans "C", "F" and "J" also cover the Part B deductible. Medicare Advantage Plans and prescription drug plans may or may not have a yearly deductible depending on the type of plan you choose. There are also federal and state government programs for low-income seniors that provide assistance for this cost. ."We are here today because of COVID, and its consequences. Consequences that have worsened the inadequacies that have existed for a long time in our Social Security system. .The absence of a Social Security cost-of living adjustment (COLA), or even an extremely low one, triggers a provision of law that, while a valuable protection of Social Security benefits, has led to several steep increases in the Medicare Part B premium over the past decade. The deep recession caused by the COVID-19 coronavirus and shortages have caused consumer prices to plunge, then rise like a roller coaster in 2020. If consumer prices remain low through September 2020, it is likely there will be an extremely low annual Social Security COLA for 2021, and this provision of law will be triggered to some extent again.[1] .Many expected the Obama administration to seek an emergency review of the decision by the Supreme Court, but on Wednesday, the Justice Department announced that it would not. Instead, the administration said it will focus on another 5th Circuit hearing that's scheduled for the week of July 6th. .By Mike Watson, TSCL Legislative Assistant, .The hold harmless provision usually affects only a small number of beneficiaries in any given year, which has a relatively minimal impact on Part B financing. Since 2010, however, the hold harmless provision has been triggered on a nationwide basis an unprecedented four times. This occurred when inflation was so low that the COLA was zero in 2010, 2011 and 2016 and just 0.3 percent in 2017.