News
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Weekly Update August 7 2020
The good news is that both issues tend to be non-partisan. However, the bad news is that both cost a considerable amount of money, which means more federal spending. That's why the bills we support that would fix those issues have been tied up in committee for so long and have not been able to move through either the House or Senate. .The Notch is closely connected to problems that arose the last time Congress overhauled the Social Security benefit formula in 197A transitional benefit formula was provided to phase in the changes, and protect those closest to retirement from abrupt benefit reductions. The transitional formula was flawed however, and failed to provide the promised protection. .What you can do: Contact your Members of Congress and tell them to enact legislation that would ensure you get an emergency COLA in 202Let's tell our Members of Congress that you are asking to receive the 2.5% COLA which was already estimated in the January 2020 Social Security budget baseline by the Congressional Budget Office. You can send an email to your Congressman at www . … Continued
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Higher Taxation Social Security Among Options Reduce Deficit
You can also sign a petition to your Members of Congress, find contact information for your Senators and Representatives, and stay updated with the latest news on Capitol Hill. .In a statement, Congressman Doggett said: "Despite groundbreaking medical discoveries, we see no breakthrough in affordability for consumers. Drug pricing in America is a tangled mess, a knot that will take more than one cut to pull apart … Sick patients are tired of seeing Congress do nothing about a problem that affects so many." .Open enrollment for Medicare Advantage (MA) plans is now in progress, and before selecting or renewing your current plan, The Senior Citizens League (TSCL) encourages all members and supporters to explore their options diligently. According to the Congressional Budget Office, more than 0 billion will be cut from the program by 2023 due to requirements under the Affordable Care Act (ACA), and many MA plans may be making modifications to benefit packages and provider networks that could affect enrollees significantly. … Continued
According to an article in The Hill, a Washington, D.C., newspaper that covers legislative matters in Congress, it just might happen. .This unexpected policy adjustment is largely attributable to the 6 billion in cuts to Medicare that Obamacare calls for. More than one-fifth of the cuts – approximately 6 billion – are to the Medicare Advantage program, which insures more than one-quarter of all seniors over the age of sixty-five. It's important to note that the savings from the cuts are not going back into the Medicare Trust Fund; instead, the money is going to help pay for the health insurance of younger, working adults under Obamacare. .How Much Should You Spend on Vet Care for Your Pets? .Require Medicare beneficiaries to pay a higher portion of the Part B premium. Premiums for Part B cover physician and hospital outpatient services. The premiums of most seniors, those with incomes under ,000, equal 25 percent of Medicare's total cost of services, and the federal government covers the other 75 percent of the cost. This proposal would require seniors to pay 35 percent instead - like higher-income seniors do now. The 2010 Medicare Trustee report estimates that Part B premiums at the 35% level would be 9.30 per month in 2012. .Some MA plans, including UnitedHealth – the largest provider of MA coverage – have already begun modifying their offerings in order to accommodate the increasing financial pressure. Last year, UnitedHealth dropped thousands of physicians from its networks, which left many enrollees doctor-less. Without much notice, they had to either find new physicians, or pay more out-of-pocket to see their former, trusted and out-of-network doctors. Because the open enrollment period had already ended, seniors were unable to change plans in order to keep their physicians and their low costs. .The age at which you stop working. .TSCL has been working to get legislation enacted that would require a minimum COLA of no less than 3%, even in years when inflation falls below that amount. There's a lot of money at stake for retirees. An analysis prepared by Advisor editor Mary Johnson estimates that Social Security benefits for anyone retired since 2009 would be 18% higher today had Social Security recipients been protected by such a 3% minimum. An average benefit of ,075 in 2009 has increased to ,229.60 in 201But had beneficiaries received a minimum COLA of no less than 3%, that benefit would be ,453.10 per month today — more than 3.50 per month higher! .To shop and switch to a new Medicare Advantage health plan, visit www.Medicare.gov and click on the link to "Find health and drug plans." View the videos supplied to help you learn how to use the tool. If you feel you need more help, free one-on-one counseling is available through State Health Insurance Assistance Programs (SHIP) that operate through many local area agencies on aging. To find the agency in your area, try the Eldercare Locator at 1-800-677-111To learn more about Medicare, visit MedicareInteractive.org, an online tool that can answer your Medicare questions, created and maintained by the Medicare Rights Center. .Increasing the payroll tax rate. Social Security is currently financed by a 12.4 percent payroll tax, split evenly between employers and employees. Gradually increasing the tax rate to 14.4 percent – just one percent more for both workers and employers – would extend the solvency of the Social Security program for decades to come and would amount to just an extra 50 cents per week for the average worker.
