News
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How Adequate Are Social Security Benefits
Medicare Advantage plans offer comprehensive hospitalization, doctor, and outpatient services through selected network providers, and most also include coverage of prescription drugs. Typically, premiums for Medicare Advantage plans can be 60% less than premiums for a Medigap supplement and a prescription drug plan. Many also offer extra benefits that are not covered by Medicare, like vision or dental benefits. .This week, the Social Security Administration announced the 2019 cost-of-living adjustment, and President Donald Trump signed into law legislation that will result in lower out-of-pocket prescription drug costs at pharmacies. In addition, The Senior Citizens League saw in Congress. .Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return. … Continued
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Legislative Update Week Ending July 7 2017
The Neal bill was passed by the Ways and Means Committee on Wednesday of this week. It would ban surprise billing using an arbitration process favored by hospitals and specialty physician groups but opposed by insurers, employers and labor unions. Neal's legislation would send all the disputes that can't be settled between the parties to arbitration but require mediators to consider median contracted rates used by health plans, with the mediators prohibited from considering "usual and customary charges," also known as "billed charges." .Albert Bourla told Bloomberg Television in an interview that he believes there is a great opportunity for Biden to take the initiative to "reduce significantly the cost of medicines for the patients, which is the thing that is now problematic." .Your cost-of-living adjustment (COLA) "overpays" you. Yes, that is an outrageous statement — especially since you haven't gotten a COLA boost for two years. Nevertheless, calling it "The Moment of Truth Project," that's what the President's Fiscal Commission is saying in making the case for the government to switch to a more slowly- growing "chained" Consumer Price Index (CPI). … Continued
The Earnings Suspense File represents a huge growing potential liability to the Social Security program. Currently the file holds more than 295.5 million wage reports worth more than 5 billion. Wages are used to determine entitlement to Social Security benefits. Under current law when a worker is found eligible for Social Security, all earnings that can be proven are used to determine entitlement, even for jobs worked without legal authorization. .This week, Members of Congress returned to Washington to begin working on a temporary measure that would avert a government shutdown on October 1st. In addition, The Senior Citizens League (TSCL) announced its support for one new piece of legislation, and three key bills gained cosponsors. .That represents a huge liability to the Social Security Trust Fund, should there be an amnesty. Every year the SSA processes millions of W2s. When a name or SSN on a W2 doesn't match the SSA's records, the wage report goes into an "Earnings Suspense File" (ESF) until the discrepancy can be reconciled. The ESF file today contains more than 312.7 million wage items representing 5 trillion in wages. Wages are what the Social Security Administration uses to determine entitlement to Social Security, rather than the amount of taxes paid. Immigration reform advocates say that although payroll taxes are withheld from the checks of illegal workers, they have little chance of collecting benefits. .Two Social Security Reforms That Seniors Strongly Support ."TSCL's concern is not over taxes collected under valid Social Security numbers," Cates says. "Our concern is over the use of earnings under invalid or fraudulent Social Security numbers to determine benefits," he explains. Earnings reported under invalid numbers most often occur when noncitizens work without legal authorization. But due to a loophole in current law, Social Security uses all earnings to determine benefits, even those from jobs worked under invalid and fraudulent Social Security numbers. Social Security thus pays benefits for the rest of the individual's life that may be based at least in part, on work under invalid Social Security numbers. TSCL believes this policy rewards people for document fraud. .It remains to be seen whether or not lawmakers in the Senate will reach an agreement before the midnight deadline. If not, the federal government will shut down like it did back in 201While not likely, an extended government shutdown could result in negative impacts for Social Security beneficiaries and doctors who treat Medicare patients. .Source: " 10 Charts About Public Opinion On Medicaid," Kaiser Family Foundation, June 27, 201"Medicare Savings Program Cuts Delayed By Two Months," Mackenzie Rigg, The CT Mirror, December 5, 201"General Assembly Reverses Cuts To Medicare Program," Keith Phaneuf, The CT Mirror, January 8, 2018. .In the weeks ahead, TSCL will continue to advocate for tax reforms that would benefit the financial security of older Americans, and we will post updates on the movement of the Ways and Means Committee's bill here in the Legislative News section of our website. For more information on TSCL's tax reform recommendations, click HERE. .We will be putting out more information about this in the next few days and we are working on what we believe is a realistic solution to the COLA problem. Please be looking for that information.
