News

  • Legislative Update For Week Ending September 7 2012

    "Super Committee" Holds Second Hearing .Officials in Canada said at that time that this would not be an effective approach to reducing drug prices in the U.S. since the Canadian market is small, representing only 2% of global pharmaceutical sales, compared to 44% south of the border. .More than 10,000 people died waiting for a disability decision from the Social Security Administration in 201The rising death toll coincides with the growing backlog of people awaiting a decision about their eligibility for Social Security disability insurance benefits. But even after a disabled individual has been found eligible, he or she must wait 5 months for benefits to begin, and 2 whole years before Medicare benefits start. The long waits, especially for Medicare, have forced many low to middle-income disabled beneficiaries to deplete their savings while they wait. … Continued

  • Legislative Update For Week Ending October 28 2011

    Budgeting for changes in health as we age is a challenge. What we can do, though, is give you some pointers in estimating your current costs and setting a healthcare cost budget. .But the money to cover beneficiaries' share of premium costs still needs to come from somewhere. That leaves the 30% of Part B enrollees who aren't protected by hold harmless to make up the difference through steeply higher Part B premiums. Many of those people are facing a steep Part B premium increase from 1.80 per month to an estimated 9.00, the highest increase in 27 years. Those not protected by the hold harmless provision include: .One-out-of-five people who participated in TSCL Senior Survey spend more than 0.00 per month out-of-pocket on prescription drugs. That's an enormous amount, considering the average Social Security benefit is just ,460.00 per month. But even if you only take generics, or your Medicare drug or health plan premium goes down, this does not mean that your 2020 Medicare plan's drug coverage costs will also decrease. Your Medicare drug plan's prescription coverage – including which drugs are covered by your plan, and the cost, usually changes every year. … Continued

What is TSCL? .Candidates campaign for office saying they don't support cutting Social Security benefits of current retirees, or those close to retirement. Yet the two recently - enacted changes went into effect almost immediately after passage. People who are under the age of 66 by the end of April 2016 may no longer use file and suspend, and those who were under the age of 62 by the end of 2015 will no longer be able to use restricted applications for spousal benefits. .One of the uncertain Democrats is Sen. Bob Menendez of New Jersey. His state is home to many big-name pharmaceutical companies and he voted against a measure to allow Medicare to negotiate drug prices in the Senate Finance Committee in 2019. .However, right now there is no guarantee Republicans would do that, and instead, it is probable they would blame the Medicare cuts on the Democrats. .Social Security Subcommittee Examines Information Technology .Expands disability investigation units effective Feb 1, 2016. .Be wary of the information from this acquaintance, and any claim that she has obtained the ,000. While it may be a simple misunderstanding, be careful of scams. Make sure your mom knows she should never give out her Social Security number over the phone to anyone or to anyone you meet who says that it's required in order to receive the ,000 settlement. .Leading GOP plans impose broad spending reductions, would overhaul Medicare and cut Medicaid, while President Obama and Democrats are insisting tax increases are required, particularly on people with higher incomes over 0,000. Respondents to TSCL's Seniors Survey also tended to be more divided when asked whether they "strongly agreed" that the budget deficit should be reduced by cutting discretionary spending, or by closing tax loop holes and small revenue increases. However, when those in the middle, who "agree somewhat," are counted, a majority, 74%, agree that the budget deficit should be reduced by a fair balance of both discretionary spending cuts and modest revenue increases. .Let's assume you are 30 months from attaining your full retirement age of 6Your monthly widow's benefit would be reduced about 11.9% or 2.60 and you receive ,328.80 or ,277.40 per month (,450 - 2.90 = ,277.40). Let's also assume you currently earn ,000 a year. Under the earnings restriction rule your benefit would be reduced for every over the limit, while you are under your full retirement age. Your earnings are ,360 over the annual limit (,000 – ,640 = ,360). Your benefits would be reduced by ,680 (,360/2 = ,680). That would leave you ,648.80 in benefits (,328.80 – ,680 = ,648.80). Social Security will withhold your benefits for 6 full months and you would then receive your ,277.40 monthly payment for six months.