News

  • Benefit Bulletin April 2019

    TSCL surveys over the past decade have indicated that the vast majority of older adults are overwhelmingly opposed to the government policy of allowing credit toward Social Security benefits for work under invalid and fraudulent Social Security numbers. A large number of the comments we receive are focused on the belief that immigrants are benefiting at the expense of U.S. citizens. Many older voters perceive unauthorized immigrants as benefiting from Medicaid, tax refunds for children, food stamps, and that children of unauthorized immigrants are swelling the enrollment of public schools. Meanwhile, the same voters are watching in disgust as lawmakers make surprise Social Security cuts, and battle down to the last minute over the question of whether to repay revenues borrowed from the Social Security and Medicare Trust Funds. .After raiding the current system, the health care law then takes the one aspect of Medicare that everyone agrees is broken and uses it as a model for the future. The health care law establishes the Independent Payment Advisory Board (IPAB) as a tool that is supposed to hold down costs; it is modeled after the failed formula that sets the underfunded Medicare physician reimbursement rates. President Obama recently doubled down on this controversial rationing board, and it seems to be the Democrats' only proposal. .This study illustrates why legislation is needed to provide a more fair and adequate COLA. To put it in perspective, for every 0 worth of groceries a retiree could afford in 2000, they can only buy worth today. To help protect the buying power of benefits, TSCL supports legislation that would provide a modest boost in benefits and base COLAs on the Consumer Price Index for the Elderly (CPI-E) or guarantee that the COLA would be a minimum of 3 percent. To learn more, visit . … Continued

  • Legislative Update For Week Ending February 17 2012

    It remains to be seen how the CR debate will unfold in the coming weeks, but TSCL will monitor it closely since another government shutdown could have serious effects on Social Security and Medicare beneficiaries. For updates as the situation develops, visit the Legislative News section of our website. .Even under the most optimistic economic projections, the fund could run out of money by 2034, the report said. .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. … Continued

Recently I read about a stimulus proposal that would allow people who are out of work to access ,000 of Social Security benefits in advance, in exchange for waiting a few months longer to get benefits when. Ask the Advisor: April/May 2020 I'm Entitled to a Pension for Work as a City Cop… .Second, four new cosponsors – Senator Richard Blumenthal (CT), Senator Roy Blunt (MO), Representative Bill Posey (FL-8), and Representative Maxine Waters (CA-43) – signed on to the CHANGE Act (S. 2387, H.R. 4957), bringing the total up to ten in the Senate and twenty-four in the House. If adopted, the CHANGE Act would promote early identification of Alzheimer's disease, improve support for family caregivers, and provide continuous care for those battling many forms of dementia. .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. .The number of observation patients has exploded 88 percent over the past six years, according to the Medicare Payment Advisory Commission. Medicare has tightened rules for hospital admissions, and usually won't pay for admitted patients who should have been designated as observation status. Consequently, hospitals have increased their share of observation patients. But the rule is not the same for people's private insurance like Medicare Advantage. Most Medicare Advantage plans don't require their enrollees to have a three-day hospital admission in order to receive nursing home coverage, according to an analysis by Avalere Health research firm. .According to the study, the Social Security Cost-of-Living Adjustment (COLA) has increased benefits just 38% since 2000, while typical senior expenses have jumped 81 percent, more than twice as much. Seniors with average Social Security benefits in 2000 received about 6 per month, a figure that rose to ,129.80 by 201However, those seniors would require a Social Security benefit of ,477.00 per month in 2013 just to maintain their 2000 level of buying power. .While the cost of the prescription is affordable, the drug causes a number of serious side effects. Susan needs to see her doctor more frequently for monitoring and blood tests. Her biggest prescription cost surprise was learning that her prescription vitamin, folic acid, which she needs to fight the side effects, was not covered under Medicare. Her Part D plan wanted 0.00 for a one-month supply. Susan instead orders an over-the-counter supply of 400 pills for .99 on Amazon, taking 7 pills every day to get to the required dosage, which is still not as effective as the prescription version of folic acid. Now her doctor is considering a different medication. .During the Great Recession and immediately afterwards, mature workers got a raw deal; it's time for Congress to give them a Better Deal. .The CPI-W gives less weight to medical care and housing costs — two categories that have climbed by more than 7 percent and almost 5 percent, respectively, over the past 12 months — and more weight to gasoline, which has deeply plunged over the past year. Older Americans tend to use more medical services and spend more of their budgets on housing than younger workers. Because the CPI-W excludes the spending patterns of people over the age of 62, it does not include things like rising Medicare premiums, which are one of the fastest growing costs in retirement. ."CBO's updated estimate, based on the latest economic data, continues to show that the Average Wage Index will likely drop due to the COVID-19 pandemic, and millions of Americans will receive lower Social Security benefits unless Congress acts. A medium earner in the affected cohort could lose 0 a year for the rest of their lives. While this is a smaller cut than initially estimated, Congress must still fix this flaw in the benefit formula. These are earned benefits, and already many seniors are just scraping by with the current modest benefits. That is why I will be reintroducing the Social Security COVID-19 Correction and Equity Act to fix the benefit formula and ensure it does not happen again," said Larson.