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Social Security Disability Close To Insolvency 2
Last week there was major news concerning Social Security, Medicare, and prescription drug prices – or at least so it seemed. But "the devil is in the details" and we will try to sort it out for you below. .Seniors have lost almost one-third of their buying power since 2000, according to the 2013 Annual Survey of Senior Costs, conducted by The Senior Citizens League (TSCL). TSCL's latest report adds fuel to the heated debate over controversial budget proposals to cut Social Security cost-of-living adjustments (COLAs). .The hearing examined in particular the drug company AbbVie, which makes Humira and Imbruvica, two drugs widely used by seniors. … Continued
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Category Tips For Seniors Healthcare Page 3
There will likely be court challenges to the President's actions, making it unclear how quickly any money would reach the unemployed. On top of that, it is unclear how many states will want to participate in this enhanced unemployment program or how many companies will want to suspend payroll taxes for employees only to have to pay them in 2021. .The Social Security Administration also announced on Thursday that the Social Security payroll tax cap will rise from 8,400 in 2018 to 2,900 in 201Most American workers contribute 6.2 percent of every paycheck to the Social Security program, but high earners will stop contributing to the program once they reach 2,900 in income next year. That means the wealthiest American CEOs – many of whom are billionaires – will be finished paying into the Social Security program just a few hours or days into 2019. .On Tuesday, TSCL's Legislative Analyst, Jessie Gibbons, attended the Joint Select Committee on Deficit Reduction's first public hearing. The Committee heard testimony from Doug Elmendorf, Director of the Congressional Budget Office (CBO). … Continued
Perhaps the most difficult task on Capitol Hill today is getting the attention of Members of Congress. Yet, the nature of grassroots advocacy lends itself as an effective tool for grabbing the ear of Congress on matters needing decisive action. For The Senior Citizens League (TSCL) and our nearly 1.1 million supporters across the nation, this is no different. .What Is Tracked In Determining The COLA? .Much of the debate over federal deficit reduction plans has been focused on overhauling Medicare and making changes to Social Security. But a major funding change is also under consideration for Medicaid, the federal and state program that covers medical care for lower-income individuals including seniors who also receive Medicare. As federal and state governments struggle to address Medicaid funding shortfalls, TSCL is concerned that Notch Babies, and the families who provide care for them, would be among those who would be hit the hardest by funding cuts. .House Speaker Nancy Pelosi announced earlier this month that the House will soon take up surprise billing legislation. TSCL waits with anticipation on legislation to end surprise billing practices as it is something we support and want to see stopped at the hospital doors. .On Tuesday, House lawmakers advanced two Senate-passed bills that will reduce prescription drug prices at pharmacies if signed into law. The Patient Right to Know Drug Prices Act (S. 2554) will prohibit "gag clauses" that prevent pharmacists from telling consumers when it would be cheaper to purchase their prescriptions out-of-pocket rather than through their health insurance. Similarly, the Know the Lowest Price Act (S. 2553) will protect Medicare beneficiaries from "gag clauses." .In addition to advocating for these three important issues, Legislative Liaison Joe Kluck delivered letters to lawmakers on the House Ways and Means Social Security Subcommittee urging them to advance comprehensive proposals that would enhance Social Security benefits and strengthen the solvency of the Trust Funds past 203Both the Social Security 2100 Act (H.R. 860) and the Social Security Expansion Act (H.R. 1170) would reform the program responsibly, without cutting benefits for current or future retirees. .TSCL supports both prescription drug bills introduced by Senators Franken and Sanders earlier this year, and we will continue to advocate for them tirelessly in the coming months. We will also continue to monitor these discussions on Capitol Hill closely, as the Senate HELP Committee is expected to hold two additional hearings on the prescription drug topic in the near future. For updates, visit the Legislative News section of our website, or follow TSCL on Twitter. .Which is right for you? Medigap policies tend to have have higher premiums, but pay most of your out-of-pocket costs, so your costs stay more consistent and predictable. You are also free to use any healthcare provider that accepts Medicare. If you choose Medigap you will also need to enroll in a separate Part D prescription drug plan. Medicare Advantage plans tend to have lower premiums and include drug coverage, but you will have deductibles, as well as co-pays and cost sharing for most services. Hospitalizations could be costly. Many Medicare Advantage plans are managed care and require that you use participating providers to receive reimbursement for your care. .(Washington, DC) – Social Security recipients are likely to get an annual cost of living adjustment (COLA) of 6 to a 6.1 percent in 2022, according to The Senior Citizens League (TSCL). The COLA that becomes payable in January of 2022 would be the highest since 198"Our forecast is based on CPI data through August, and there is still one more month of consumer price data to come in before we get the official announcement in October, says Mary Johnson, Social Security policy analyst for The Senior Citizens League.
