News
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Category Issues Cola Faqs Page 2
What happens when Congress waits too long to address a Social Security funding crisis? Deeper benefit cuts, sudden tax increases, and glitches in the implementation of reforms that can lead to significant benefit inequities between people close to each other in age. Consider the case of the Social Security Notch that led to the most significant benefit inequities in the history of the program. The Notch affects seniors born from 1917 through 1926 and other seniors having similar work histories and earnings. .Reduce the annual cost-of-living adjustment (COLA) that beneficiaries receive once they become eligible for benefits. . How much would delaying retirement benefits after my full retirement age be worth? I turn 66 in August. … Continued
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Category Legislative News Page 61
In fact, the CPI-W does't even measure one of the most rapidly rising senior costs – Medicare Part B premiums. TSCL's research has found that Medicare Part B premiums rank as the third-fastest growing senior cost since 2000. Only home heating and gasoline have increased faster. To put the problem of Medicare's cost growth into perspective, the following table illustrates what common food items would cost in 2014, if they had increased as rapidly as Medicare Part B premiums. To give a full picture, this table spans a 3year period, the length of time that many Baby Boomers can expect to live in retirement. Medicare Part B premiums are twelve times higher today than 34 years ago in 1980. .On Wednesday, the Senate Finance Committee held a hearing to discuss improvements to the Medicare payment system. Currently, reimbursements are determined by the SGR, a flawed formula that regularly calls for steep pay cuts to physicians and threatens seniors' access to medical care. Lawmakers on both sides of the aisle have expressed a strong interest in repealing and replacing the formula in the coming months. .SGR Repeal Unlikely This Month … Continued
Providing Medicare services is not simple, but it is critical that we continue to make efficient investments in the healthcare expenses of 48 million people and develop an adequate workforce to provide those services. I proudly voted for the Patient Protection and Affordable Care Act (PPACA), which expanded access for Medicare beneficiaries and increased investment in healthcare provider training. I also remain a staunch opponent of attempts to increase costs to beneficiaries and privatize this valuable program. .TSCL is mounting a campaign that strongly urges seniors nationwide to speak out against benefit cuts. "We hope you'll sign and return the petitions we are mailing to supporters against the 'Chained COLA'," says TSCL's Executive Director, Shannon Benton. "Chaining the COLA is a 2 billion cut that will reduce your benefits by as much as 9% over the course of a retirement," Benton notes. .It remains to be seen whether or not Congress will adopt the recommendations made by MedPAC in its most recent report. The Commission is an independent Congressional agency, but its policy recommendations are non-binding and Congress rarely takes immediate action on them. Nonetheless, TSCL will keep a close eye on the recommendations that were made this week, since they could positively affect millions of Medicare beneficiaries if enacted. .You can go here to see the Mayo Clinic symptoms chart: .Sources: "Issues and Challenges In Measuring And Improving The Quality Of Health Care," The Congressional Budget Office, December 201"What Is Value-Based Healthcare?" NEJM Catalyst, January 1, 201"After Single Payer Failed, Vermont Embarks On A Big Health Care Experiment," Carolyn Johnson, The Washington Post, September 17, 2017. .Eyeglasses, however, are not covered. If you are having difficulty affording a pair of glasses from brick and mortar stores, you may want to try shopping online. Zenni optical.com has eyeglasses starting as low as .95 for basic frames. Costco the wholesale club has high ratings for their optical section. According to Consumer Reports, the median price for a complete pair of eyeglasses, frames and lenses at Costco Optical is 4, the cost of membership not included. .By Jessie Gibbons, Legislative Analyst .With 1.2 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association. Visit for more information. .In fact, your best bet, and one that could help you save hundreds of dollars on your health insurance costs, is to get the unbiased advice of a trained Medicare benefits counselor through your state Health Insurance Assistance Program. The program provides free one-on-one local health insurance counseling through many local Area Agencies on Aging. To find the agency nearest you, consult your phone book or The Eldercare Locator. You may find the information resources at www.eldercare.gov/Eldercare/Public/Home.asp or you may speak to an Eldercare Locator information specialist by calling toll-free at 1-800-677-1116 weekdays, 9:00 a.m. to 8:00 p.m. (ET).
