News

  • Legislative Update February 2011 Advisor Feed

    In addition, the agreements allow workers who split their careers in two or more nations to combine or "totalize" work credits from both countries. That allows them to become eligible for retirement benefits proportional to the amount of credits earned in either country. Although the U.S. has 24 such totalization agreements, most are with countries like the U.K. and Canada that have economies similar to ours. At issue in totalization with Mexico is whether millions of immigrants who have worked in this country without legal work authorization, along with their family dependents, would become eligible for U.S. Social Security benefits under the agreement. .Long-term solvency of the Social Security program is essential. In 2010, due largely to the economic downturn and a stagnant recovery, the Social Security Trustees estimated that the trust funds ran a cash deficit of billion and had to begin redeeming the U.S. government bonds held in the trust funds. Although the Social Security Trustees predict the trust funds will remain solvent, and that benefits can be paid in full until 2037, that assumes an unprecedented level of transfers from the general revenues. Leading economists, in the U.S. and worldwide, have said that the level of debt this would require risks undermining the stability of our economy. .In addition, one new cosponsor – Rep. Diane Black (TN-6) – signed on to the No Social Security for Illegal Immigrants Act (H.R. 1716). The total is now at twenty-seven. If signed into law, H.R. 1716 would prohibit unauthorized workers from receiving Social Security benefits based on work done while in the country illegally, using stolen, fake, or fraudulent Social Security Numbers. TSCL believes it would protect the integrity of the program while preventing an unnecessary and unspecified strain on the Social Security Trust Funds. … Continued

  • Legislative Update 2

    Both chambers of Congress adjourned for the President's Day Holiday this week and are expected to return to Capitol Hill on Monday, February 25th. Meanwhile, Alan Simpson and Erskine Bowles, former co-chairs of the National Commission on Fiscal Responsibility and Reform, released a new proposal that would avert the looming sequester and trim .4 trillion from the deficit. In addition, two Members of Congress re-introduced a critical bill that would extend the solvency of the Social Security Trust Fund without cutting benefits. .Commodities and Services Pricing Survey, an establishment survey of businesses selling goods and services to consumers, used to provide the price data for the CPI .The fall recess continued this week, and Members of the House and Senate remained in their home states and districts to prepare for the upcoming elections, which will occur on Tuesday, November 4th. They are expected to return to Washington following the elections for a "lame duck" session. … Continued

With so many grandparents becoming more involved in the day – to - day care of their grandchildren you may learn that you qualify for other programs that can reduce healthcare, food, and other expenses. We recommend that you take time to try the National Council on Aging's online "BenefitsCheckUp" screening tool to learn about benefit programs in your area. .Obamacare is not the first government program in which major implementation glitches had disastrous consequences for large numbers of beneficiaries. In 1977 changes that Congress made to the Social Security benefit formula created a major inequity in benefits that cost retirees tens of thousands of dollars in Social Security benefits over their lifetimes. The seniors affected are among the oldest and most vulnerable today. Born during 1917 through 1926, and known as "Notch Babies," they received substantially lower benefits than other seniors close to them in age with almost identical work and earnings records. The name refers to the plunging "V" notch when benefits of Notch Babies are charted on a graph. .To avoid significant cost increases and unexpected benefit cuts next year, TSCL encourages its members and supporters to examine all MA plan offerings closely before making a selection or allowing a plan to automatically renew. The open enrollment period ends on December 7th, and coverage begins on January 1st. In the meantime, TSCL will continue to monitor the status of the MA program and advocate for legislation like the Medicare Advantage Participant Bill of Rights Act, which would protect MA enrollees from unfair and abrupt changes to physician networks. .A new online survey by The Senior Citizens League (TSCL) finds that older Americans overwhelmingly want Congress to take action to lower the cost of prescription drugs by reducing Medicare Part D's out-of-pocket spending requirements. Fifty-six percent of participants in the survey indicate that they spend more than 2 a year on prescription drugs. About one-out-of-five retirees spends more than 0 per month on prescription medications. ."Maybe the economic value of the COVID vaccine is a trillion — and even if the expense to the company was a billion, that's 1,000 times return on investment," said Schulman. "No economic theory would support that." .Did Members of Congress receive a COLA this year? If so did they get more than the 3.6% that seniors received? Is it true they don't pay into Social Security? . What does it mean when a Member of Congress says he favors changing Medicare from a "fee-for-service" model to one where the patients would pay based on health outcomes? Is he suggesting that Medicare should stop covering treatments if the patient can't or doesn't improve? .Early data show that the vaccines may help keep people from spreading COVID-19, but we are learning more as more people get vaccinated. .The House of Representatives, on the other hand, did not come back to town and go into session because of the continuing coronavirus emergency. No official date has been set for the return of the House, but House Speaker Nancy Pelosi said they will probably return sometime next week.