News

  • New Legislation Limits Stiff Increase Expected For 2021 Medicare Part B Premium

    Congress should strengthen Social Security benefits by boosting benefits about 2 percent (about on average) and tie the annual cost-of-living adjustment (COLA) to the Consumer Price Index for the Elderly (CPI-E) which, in most years, would yield a modestly higher COLA. — 83 percent support, 12 percent not sure, and 5 percent opposed. .Use tools on www.medicare.gov. The Medicare website offers data bases that allow you to compare health plans and Medigap policies available in your area. There is also a drug plan finder. You will be able to find a significant volume of information, but much of it may appear difficult for the layman to interpret. Don't despair. Grit your teeth, print out information, and read it through. .The resolution would also allow committees to meet remotely using interactive technology and let members cast votes remotely during the legislative process. … Continued

  • Five Healthcare Reform Changes That Affect Your 2011 Medicare Coverage Feed

    Susan's mother started taking the prescription drug Eliquis last year, that will cost her mother about ,244 out-of-pocket in 2019 for that drug alone (she takes five other generics). Last year, the cost of Eliquis pushed her mom into the Part D doughnut hole where out-of-pocket costs were higher. Rising costs of the drug in 2019 will mean her mom will hit the doughnut hole a month sooner this year. .But this doesn't necessarily mean that the rising Part B premium would reduce an individual's net Social Security benefits next year. Due to a special provision of law known as the Social Security "hold harmless" provision, the Medicare Part B premium is adjusted to prevent an overall reduction in Social Security benefits from December of the previous year. The provision only applies to about 70% of all Medicare beneficiaries, however, and does not protect people whose overall income is so low that their Medicare Part B premium is paid by state Medicaid programs, and individuals with incomes above ,000 or married couples with incomes above 5,000. .During last fall's debt limit deal, Members of Congress passed legislation containing un-debated, secret provisions that made two major changes to Social Security benefit claiming strategies. The changes cut the expected retirement income of some married couples already at full entitlement age. Do you believe entitlement cuts are necessary in exchange for your vote to lift the debt limit in the future? … Continued

Participants in The Senior Citizens League's surveys indicate that household medical expenses consume a significant portion of their monthly income. More than 39 percent of respondents to a recent survey say that they spend more than 0 per month on Medicare and other healthcare costs. In 2020, the average Social Security benefit is ,460, but the 1.6 percent COLA raised the average Social Security benefit by only .40 per month this year. The following chart illustrates ten of the fastest growing retiree costs since 2000. .To participate in TSCL's monthly polls, visit our home page. .Unfortunately, this has become standard operating procedure in Congress, regardless of who's in power. And even shutting down the government for a period of time is no longer seen to be the drastic action it once was. .In response to the OIG's findings, Representative Sam Johnson (TX-3) – Chair of the Ways and Means Social Security Subcommittee – said: "Overpayments are bad for everyone – they are bad for the beneficiary and they are bad for the taxpayer. With the disability program going broke next year, it is especially troubling that Social Security is failing to protect precious taxpayer dollars." .If you would like to continue receiving these press releases via email, please send your email address to [email protected]. .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. .(Washington, DC) – Providing a cost-of-living adjustment (COLA) in 2016 should be the next top priority for Congress, according to a new poll of retirees released today by The Senior Citizens League (TSCL). When asked, "Which of the following should be the most important priority for Congress in the next few months?" the majority of poll respondents — 34 percent — said that Congress should "Provide a higher and more fair COLA." In October the Social Security Administration announced that inflation is so low there would be no COLA next year. "But Social Security beneficiaries today are struggling to keep up with rising costs, and next year's zero COLA will put them even further behind," says TSCL Chairman, Ed Cates. .While many seniors rely on Social Security for nearly all their retirement income, for others it is part but not all their retirement. Those seniors have investments they rely on to generate the income they need in their retirement years. .The legislative proposal also does not specify whether the locality pay adjustment would be applied in addition to the COLA or used instead of a COLA. If the intention is to add a second adjustment in addition to the COLA my guess is that many retirees would welcome the additional boost. Should the proposal be intended to replace the COLA that brings a higher level of uncertainty to the annual adjustments than we already experience. For people who live in areas where private sector pay is on an even level with federal pay or lower, those retirees may wind up with little or no locality pay adjustment, perhaps over the course of many years.