News

  • Legislative Update May 2011 Advisor

    Other Legislation Also Targets Scams and Fraud Against Seniors .COLAs Reach All Time Lows At Same Time Seniors Report Expenses Higher Than Ever .Should Congress hand over accountability for decisions about Medicare cuts to an unelected board? That's what lawmakers did in 2010 when they passed the Affordable Care Act. The law included a controversial provision to create a Medicare cost-cutting board, known as the Independent Payment Advisory Board (IPAB). … Continued

  • How Can Congress Boost Benefits If Social Security Is Running Out

    This week, lawmakers returned to Capitol Hill following a week-long holiday recess, and four Members of Congress signed on as cosponsors to key legislation that would make the Social Security program more equitable for public employees. .In addition, the full retirement age — the age at which individuals qualify for full, unreduced Social Security benefits, is rising. Retiring prior to the full retirement age permanently reduces benefits by as much as 30 percent. The full retirement age, which is currently is 66, goes up by 2 months per year for people born after 1954 through 195It is 67 for those born in 1960 and thereafter. .That is why a bipartisan coalition in the House recently proposed two new bills to prevent "price gouging" for "taxpayer funded COVID-19 drugs" to ensure affordable pricing. … Continued

This week, TSCL announced its support for the Delay until Fully Functional Act (S. 1592 and H.R. 3359), which was introduced by Sen. Marco Rubio (FL) in the Senate and by Rep. Trey Radel (FL-19) in the House. The bill, if signed into law, would delay the Affordable Care Act's individual mandate for six months once the Government Accountability Office certifies that the exchange website is fully functional. .The Congressional Budget Office recently released a report noting that Medicare could save 500 billion dollars if the eligibility age was raised from 65 to 6The figure would mean five percent savings, enticing Americans to work longer and causing the size of the labor force and total output of the economy to increase by one percent. According to the report, "Many of the people who lose access to Medicare would pay higher premiums for health insurance, pay more out of pocket for health care, or both." .The annual Medicare Advantage Open Enrollment period starts January 1 –March 3During this time, you will be allowed to switch to another MA plan or return to Medicare and a stand alone plan. However, if you give up your MA plan in favor of returning to original Medicare, that does not necessarily mean you would be able to buy a Medigap supplement. Medicare supplement insurers are not required by law to cover pre-existing conditions, other than during certain periods (when you first sign up for Part B or if you qualify for a Special Enrollment Period.) .The IRS also issued similar warnings about coronavirus imposter scams related to stimulus checks, overdue payments, filing extensions and other tax related topics. .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. .Voters have opposed benefit cuts in the past as a way to fix Social Security. But TSCL's new 2016 Senior Survey found that older voters favor some changes that provide the program with more revenue, and modestly higher benefits in the future. .For example, the FDA is aware of people trying to prevent COVID-19 by taking a product called chloroquine phosphate, which is sold to treat parasites in aquarium fish. Products for veterinary use or for "research use only" may have adverse effects, including serious illness and death, when taken by people. .If you're like most seniors, you probably depend on Social Security for at least half of your income. But how well does the annual cost-of-living adjustment (COLA) protect you from rising costs? TSCL will soon release some answers to this question with the results of its 7th Annual Survey of Senior Costs. In recent years these surveys have indicated that Social Security beneficiaries lose a considerable portion of their buying power — as much as 31 percent — in as little as the first decade of retirement. .Now Congressional Democrats, while only having a razor-thin majority in the Senate, are planning a major push to include in measures to lower drug prices in upcoming legislation meant to rebuild the U.S. infrastructure.