News
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Ask The Advisor 2012
Improving and maintaining access to affordable, lifesaving prescription drugs is a top concern for TSCL's supporters, most of whom live on fixed incomes and cannot afford steep and sudden cost increases. .Joint filers in households where both spouses work or where one or both spouses have more than one job. .Financial Management, Challenges in Meeting Requirements of the Improper Payments Information Act, GAO-05-417, March 200"Annual Statistical Survey 2004, Social Security Administration, Table 5.A.1. … Continued
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Legislative Update For Week Ending October 11 2013
Should Social Security benefits be adjusted annually using a locality – based payment rate? Some of you, particularly those of you who are retired federal employees know far more about locality - based pay adjustments than I do. I hope you folks can set us straight on a new legislative proposal that would use locality- based pay adjustment rates to adjust Social Security benefits. My question to you — is this a good idea? Why or why not? .In 2019 you are allowed to earn ,640, or ,470 per month. If, for example, you were to earn ,000 this year then you would have ,180 withheld from your Social Security benefits. Your earnings would be ,360 in excess of ,640. Half of that is ,180. The Social Security Administration collects this by withholding your monthly Social Security payments until it collects the ,180. Let's say you get a retirement benefit of ,000, that could mean Social Security would withhold your entire Social Security benefit for the next seven months. Once the ,180 is collected the difference will be sent later. .The coverage offered through the state of Virginia, however, didn't offer the same additional benefits, and would cost Paula a monthly premium of 0 in 200If she chose to "opt out," Paula would not be able to receive Medicare supplemental coverage or drug coverage through her former employer in the future. … Continued
While felony fugitives are prohibited from receiving SSI payments, there is no such prohibition on benefits from Social Security`s main program, which pays retirement, survivors, and disability benefits. Auditors have asked Congress to bar fugitives from receiving payment from Social Security`s other programs as well. Congress is `studying` the recommendation. .First, the bipartisan Medicare Access to Rehabilitation Services Act of 2017 (H.R. 807) gained four new cosponsors in Representative Mike Capuano (MA-7), Representative Tom Rooney (FL- 17), Representative Linda Sanchez (CA-38), and Representative John Curtis (UT-3). The cosponsor total is now up to 23If signed into law, H.R. 807 would repeal the Medicare outpatient therapy cap that currently limits coverage for rehabilitation services at ,940. .In January, lawmakers on Capitol Hill will likely begin efforts to repeal the Affordable Care Act, overhaul the tax code, dramatically alter trade deals, and confirm a new Supreme Court Justice. It remains to be seen which other policy issues will be prioritized by the Republican Congress. Efforts to reform the Social Security and Medicare programs have been on the table for years, and in the platform that the Republican party adopted back in July, lawmakers agreed that "of the many reforms being proposed, all options should be considered." Proposals to raise the Medicare eligibility age or to adopt the "chained" CPI – which would result in more slowly-growing Social Security cost-of-living adjustments – could see congressional action in 2017. .In Washington, my priority is helping improve the lives of the American people, and that includes addressing our nation's retirement system to ensure it serves our seniors more effectively. One way Congress did this was by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 201This bill, which passed with my support, will streamline and update our nation's retirement system in several ways, including removing the age limitation on IRA contributions, increasing access to retirement plans by allowing small businesses to join together to offer plans, and allowing penalty-free distributions from a retirement account for the birth or adoption of a child. This legislation isn't perfect, but it is a step forward, and I am glad the SECURE Act was passed into law at the end of 201While approximately half of American households still don't have an option for work-based retirement plans, as a nation we must continue to work to advance access to retirement savings vehicles and decrease barriers to entry for small employers who want to offer savings plans to their employees. .Why does decision making have to be so hard? How much time is the right amount to spend on thinking things over? Can you even name anyone who never made a bad decision? We can't either. .According to consumer price index data through August, ten of the biggest price jumps for Social Security recipients over the past 12 months are illustrated in the following chart: .For progress updates or for more information about these and other bills that would strengthen Social Security and Medicare programs, visit the Bill Tracking section of our website or follow TSCL on Twitter. .The CBO said earlier this year that if the Congress did not take action to address the shortfalls, the balances in the two trust funds would be exhausted within the next 10 years: Medicare's Hospital Insurance (HI) Trust Fund (in fiscal year 2024), and Social Security's Disability Insurance (DI) Trust Fund (in fiscal year 2026) .Last week we told you that unless Congress passed new legislation soon, there would be significant cuts in Medicare payments to health care providers, such as doctors and hospitals. And if that happened it is quite possible those patients covered by Medicare would likely face negative consequences with regard to their health care.
