

News
-
Five Best Tax Breaks Taxpayers 65
Some deficit cutters contend that the out-of-pocket costs that Medicare beneficiaries pay will have to go up and seniors should pay more for their Medicare benefits. "This survey is powerful testimony to those who hold such beliefs," says TSCL Chairman Larry Hyland. "This survey indicates that they don't understand how much seniors already spend for their healthcare, and how many have already cut back," Hyland adds. "With the majority of seniors depending on Social Security for at least half of their income, and healthcare costs increasing several times faster than benefits, few beneficiaries can afford to pay any more than they already do for their healthcare," he notes. .Things could get worse for older households. Some economists and policy makers worry that the new economic stimulus will cause consumer prices to spiral. Consumer price index data through February showed a big jump in some prices and suggests that the next Social Security COLA may in fact be much higher — the highest since 2019 when the COLA was 2.8%. "But right now, those higher prices erode the buying power of Social Security benefits," says Johnson who studies the impact that rising prices have on the purchasing power of Social Security recipients. According to research by Johnson, from January of 2000 to January of 2020, Social Security benefits have already lost 30 percent of buying power. .Seniors are often targeted for their money or identity, commonly with fraudsters asking seniors to send a payment through gift cards, by wire transfer, credit card, or other predatory schemes. Retailers, financial services providers, and wire transfer companies have undertaken efforts to do their part to stop their customers, including seniors, from being scammed. … Continued
-
Benefit Bulletin July 2016
Compare costs. Before making any decision to drop your current plan ask for a breakdown of costs of the plan you are considering. However, keep in mind the information supplied by an insurer or agent may be incomplete or omit important cost information. Don't sign anything without consulting several outside sources of information. .On Wednesday, the Senate Special Committee on Aging held a hearing titled "Maximizing Your Social Security Benefits: What You Need to Know." The Committee heard from a panel of experts, including Virginia Reno – Deputy Commissioner for Retirement and Disability Policy at the Social Security Administration (SSA) – and William Meyer – CEO of Social Security Solutions, Inc., a private firm that provides financial advice to retirees. .Pfizer and Moderna also are studying the effect of their vaccines on asymptomatic infections. … Continued
This week, the Senate Finance Committee met to discuss the proposed Medicare Part B drug demonstration program with Dr. Patrick Conway, the Acting Principle Deputy Administrator and Chief Medical Officer of the Centers for Medicare and Medicaid Services (CMS). .In 2014 the Congressional Budget Office estimated that the average tax payment of Social Security households equaled 6.7 percent of benefit income — an amount that is estimated to grow to 9 percent of benefits by 203"That growth is likely to occur much more rapidly due to changes in the tax law, which uses a more slowly growing consumer price index to adjust the tax code," Johnson says. .Three Key Senate Bills Gain Support .This week, one new cosponsor – Rep. Dennis Ross (FL-15) – signed on to the No Social Security for Illegal Immigrants Act (H.R. 2745), bringing the total up to thirty-two. If signed into law, the bill would prevent Social Security credits from being earned by work done illegally. Currently, those who receive work authorization may file a claim for Social Security benefits based on all earnings – even earnings from jobs where they used stolen, invalid, or fraudulent Social Security numbers. To protect the integrity of the Social Security program, TSCL believes this practice must be put to an end. .Example: Let's say Sally had a Social Security benefit of ,000 in 201The Part B premium that year was 4.90. In 2016 there was no COLA, and Sally continued to receive ,000. But the Medicare Part B premium in 2016 increased to 1.80 per month. Sally's Part B premium was adjusted downward and she continued to pay the same 4.90 Medicare Part B premium that she paid the previous year, to prevent a reduction in her Social Security benefits in 2016. .To get a list of supplemental plans offered in your state, insurers and premiums, check your state's insurance commission's website for published guides comparing Medicare supplement premiums. Look up the plan you are interested in to compare premiums in your area. Be sure you look at the quotes for people who are your age, but do read on to get a feel for how premiums rise with age. Once you pin down a few likely insurers, you will need to call the insurer to confirm premium quotes for your zip code. .In a letter of support, Art Cooper – Chairman of The Senior Citizens League's Board of Trustees – wrote: "The Senior Citizens League's supporters – most of whom are enrolled in the Social Security program – question why Congress has not yet acted to address the funding challenges of the Social Security Administration in order to ensure the service that beneficiaries have earned and deserve … As such, The Senior Citizens League salutes you for introducing the Social Security Administration Fairness Act." .However, an estimated 15 million Medicare beneficiaries – including new enrollees, those who are dually eligible for Medicare and Medicaid, high-income beneficiaries, and beneficiaries who do not receive Social Security benefits – will see large premium and deductible hikes in January if Congress does not act before October 15th, less than one week from now. .Unlike other types of health insurance, Part D plans do not have a fixed annual out-of-pocket maximum, and you could potentially continue to spend even more than ,100 this year. While that's a huge sum for just prescription drugs, the out-of-pocket threshold "re-sets" and it starts all over again next year. Unless Congress takes action, the out-of-pocket threshold is scheduled to make a steep increase in 2020 to ,250, due to an expiring provision of the 2010 Affordable Care Act.