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  • Tag Medicare Part D

    Despite these obstacles, Rep. Rogers and Sen. Mikulski have said they remain committed to passing an omnibus this year, and they have reportedly instructed their aides to have a line-by-line spending plan ready by December 8th. TSCL is hopeful that a compromise can be reached before the looming deadline, since failing to do so would likely have a negative effect on Social Security and Medicare beneficiaries. In the coming weeks, we will continue to keep a close eye on the evolving discussions, and we will post updates here in the Legislative News section of our website. .The bill would limit price increases in drugs covered by Medicare Part D plans to the rate of inflation or drug makers would be forced to pay a penalty in the form of a rebate. "Since Social Security benefits only grow at the rate of inflation, it would help level the playing field if the cost of prescription medications were required to be adjusted in like fashion," Johnson notes. Research on typical retiree costs conducted by Johnson has found that from 2000 to 2019, annual cost – of – living adjustments (COLAs) increased Social Security benefits by 50 percent but spending on prescription drugs grew five times faster — 253 percent — over the same period. .USA TODAY … Continued

  • Highest Income Households Get 7 Million Tax Cut Affordable Care Act Repeal

    Sources: 0.3% COLA Announced, The Social Security Administration, October 19, 201"Long Term Impact of Low COLA Growth," Mary Johnson, TSCL, August 31, 2016. .(Washington, DC) – Social Security cost-of-living adjustments (COLA) would need to double their rate of growth and Medicare Part B premium increases would need to slow by half their historic rate to provide greater Social Security benefit adequacy, says a new report from The Senior Citizens League. Using the federal government's economic projections for the Social Security COLA and Medicare Part B premium estimates over the next decade, the study examined how well Social Security benefits would cover Part B premiums increases in coming years. .Estimating that this new rule would save approximately million over five years, CMS proposes to require Medicare Advantage and prescription drug plans to "involuntarily dis-enroll" people who are in the country illegally, something that may prove difficult for private plans to substantiate. … Continued

This week, four new cosponsors signed on to the Social Security Fairness Act (H.R. 1795), bringing the total up to one hundred and thirteen. The new cosponsors are: Reps. Michael Fitzpatrick (PA-8), Frank LoBiondo (NJ-2), Brett Guthrie (KY-2), and Katherine Clark (MA-5). If signed into law, the Social Security Fairness Act would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two federal provisions that unfairly reduce the earned Social Security benefits of millions of teachers, fire fighters, peace officers, and other state or local government employees each year. .Even though I have good insurance, I wound up with ,260 in unexpected out-of-pocket costs after being referred to a specialist who ordered "a few tests." I later learned that most, if not all of the tests I was given were probably unnecessary, and not recommended by the physician groups, based on my medical history. The visit with my specialist lasted only 15 minutes. At check out I learned the doctor had ordered four high-tech tests including a CT scan. No explanation was given about what the doctor was looking for, why the tests were necessary, or how they would help, nor was I given the opportunity to go back and ask the doctor before leaving. Nothing abnormal was found in any one of them. While I'm grateful for that, the stack of bills I received later forced me to tap savings that I was hoping to count on for retirement. .Notification dates: Because you started working and received about 6 months of Social Security payments prior to your notification of Social Security, these payments may not have been properly accounted for in your withholdings and may form a substantial portion of the overpayment. It's very important to notify Social Security, either in advance or immediately, if you work. .The Beneficiary Enrollment Notification and Eligibility Simplification (BENES) Act (H.R. 2575) also gained one new cosponsor this week, bringing its total up to seven in the House. If signed into law, the bill from Congressman Raul Ruiz (CA-36) would simplify the Medicare enrollment process and ensure that those nearing eligibility are adequately informed about the program's benefits. Its new cosponsor is Congressman Gus Bilirakis (FL-12). .The report found similar price disparities in expensive specialty drugs that treat complicated conditions like cancer. .(Washington, DC) – Sixty - five percent of retirees participating in a new survey by The Senior Citizens League (TSCL) report that their monthly household expenses in 2020 rose by more than . That includes 40 percent of survey participants who reported that their monthly household expenses are up by 0 or more. Yet the same survey also found that 63 percent of participants indicated that their 2021 COLA, which was 1.3 percent, raised their net monthly Social Security benefit by less than after the deduction for the Part B premium. .Things aren't likely to improve next year. The Social Security Chief Actuary recently estimated that the COLA in 2017 would be just 0.4 percent, which would be the lowest COLA ever paid. That would raise benefits just .00 per ,000 in benefits. ."Social Security Stops Trying To Collect On Old Debts By Seizing Tax Refunds," Marc Fisher, The Washington Post, April 14, 2014. .Five Key Bills Gain Support