News

  • Congressional Corner What The Ipab Means To Seniors

    However, in tough economic times, our seniors — many of whom live on fixed incomes — get hit the hardest. From increasing medical expense costs to the rising cost of living, our seniors are facing greater economic insecurities. This is why we must protect Social Security from cuts and work to lower medical costs for this generation and the generations to come. .Important work is also being done on the federal, state, and local levels to build awareness and advance medical research. As part of the bipartisan Congressional Task Force on Alzheimer's, my colleagues and I have been working to address the growth of Alzheimer's. One piece of legislation that I am pushing is the Alzheimer's Accountability Act, which would increase coordination between the National Institute of Health, Congress, and the White House regarding the resources necessary to help treat Alzheimer's. Another bill, the Health Outcomes, Planning, and Education (HOPE) for Alzheimer's Act would help improve early diagnosing of Alzheimer's and strengthen support services for patients and their families. .The fate of President Obama's controversial executive action on immigration remains tied up in court. The potential long-term financial impact of the actions on Social Security and Medicare remains unknown, and elected lawmakers have been unable to agree to immigration policy changes legislatively. … Continued

  • How A Tax On Wealthy Retirees Ended Up A Tax On The Middle Class

    This week, lawmakers returned to Capitol Hill following a week-long holiday recess. They have just one week to reach a deal to fund most of the federal government past Friday, December 7th. Should they fail to reach an agreement before then, part of the federal government will shut down like it did earlier this year. .You can learn more about Social Security disability benefits at https://www.ssa.gov/benefits/disability/. Find information about when to start retirement benefits here: https://www.ssa.gov/benefits/retirement/learn.html h3. .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. … Continued

Federal law requires that any reduction in payroll tax revenues going into the Social Security Trust Fund must be replaced dollar-for-dollar with general revenues from the U.S. Treasury. Consequently, a temporary extension of the payroll tax cut will have no effect on the Social Security Trust Fund. .In the coming weeks and months, TSCL looks forward to working with Congressman Duncan's office to build bipartisan support for the CPI for Seniors Act. For updates on the progress of the bill, click HERE for visit the Bill Tracking section of our website. .The Social Security Trustees further estimate that .9 billion in revenues in 2020 would come from the taxation of Social Security benefits. "Yet those revenues are also likely to be lower, impacted by both large numbers of older Americans who lost income from jobs, as well as from lower distributions from retirement accounts that have lost value from last year," Johnson notes. Under the CARES Act, retirees are allowed to completely waive required minimum distributions for 2020 from retirement accounts. .Rep. Allyson Schwartz's (PA-13) Medicare Physician Payment Innovation Act (H.R. 574) also gained support this week. One new cosponsor – Rep. Bruce Braley (IA-1) – signed on, bringing the total up to thirty-four. If signed into law, Rep. Schwartz's bill would repeal and replace the SGR, bringing increased stability to the Medicare program for both physicians and beneficiaries. .At Wednesday's hearing, members of the committee heard from Jonathan Blum, the Deputy Administrator and Director of Medicare at the Centers for Medicare and Medicaid Services (CMS). Blum stressed the need for Congress to act before January 1st, since the cost of repealing the SGR is the lowest it has been in years. He also asked members of the committee to build upon the work that CMS has already done instead of starting from scratch. "We shouldn't step back, we should step forward," he said. In addition, he urged committee members to advance a plan that would create a five-year transition period and allow CMS to continue experimenting with different payment models, like accountable care organizations and medical homes. .The news came from preliminary findings from Oxford University, a co-developer of the vaccine. The research could also bring scientists closer to an answer to one of the big questions about the vaccination drive: Will the vaccines curb the spread of the coronavirus? ."Reducing the cost of prescription drugs is essential for both Medicare beneficiaries and Medicare's finances," says Mary Johnson, a Medicare policy analyst for The Senior Citizens League (TSCL). The average monthly Social Security retiree benefit is just ,552, while spending on prescription drugs is the fastest growing cost that most retirees face in retirement," she says. Over time, drug costs take a growing portion of Social Security income, because prices are rising several times faster than annual cost of living adjustments (COLAs). .1977 Changes Fixed An Earlier Flaw In The Benefit Formula .A U.S. federal judge has temporarily blocked President Obama's immigration program that defers deportation for almost 5 million illegal immigrants. Responding to a lawsuit filed by 26 states, the judge did not rule on the legality of immigration orders, but said there was sufficient merit to warrant a suspension of the new program while the case goes forward.