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    So far, 800,000 federal workers have been furloughed, and Members of the House have begun taking a piecemeal approach that would send some of them back to work by providing funding for certain agencies. However, the Senate has rejected each bill. Leaders in that chamber believe a piecemeal approach will set a bad precedent and give the opposing political party "veto power over what is funded and what isn't," according to Sen. Chuck Schumer (NY). .Source: "2019 Changes to Medicare Advantage and Part D," The National Council on Aging, accessed on October 4, 2018. .Unlike income tax brackets that are adjusted for inflation, the income thresholds that subject Social Security benefits to taxation have never been adjusted since Social Security benefits became taxable in 198When the law was first passed, less than 10 percent of all Social Security recipients were estimated to have incomes high enough to be affected by the tax on benefits. But today, even retirees with very modest incomes can be affected by the tax. … Continued

  • Legislative Update July 2013

    TSCL supports several bills in the House that would strengthen your Social Security benefits by indexing the COLA using the CPI-E. Visit us at www.SeniorsLeague to learn the latest on this legislation and what you can do to help move this legislation in Congress! .But a study of typical senior costs conducted by TSCL indicates that COLAs aren't doing a very good job of keeping up with rising prices now, primarily because the CPI isn't fully reflecting the portion of income that seniors must spend on rapidly rising healthcare costs. The study found that the Social Security benefits have lost 32 percent of their purchasing power since 2000. .This claim, as you probably suspect, is hogwash. The CPI currently used to calculate the COLA underpays, not overpays retirees because it is based on the spending patterns of younger working adults. Yet younger workers spend less than half the amount on healthcare costs than people over the age of 65 do. Retirees also spend a bigger share of their income on housing. … Continued

Seniors and Baby Boomers nearing retirement have every right to object and that doesn't make anybody greedy for doing so. After 1983, when the Social Security Trust Fund began building up reserves, our government proceeded to use all excess funds, and replaced that money with .6 trillion in special non-marketable bonds, or I.O.U.s. Seniors are frequently told those I.O.U.s are backed by the full faith of the U.S. government which has never defaulted on its debt. But now that the U.S. Treasury must borrow to pay the interest due to the I.O.U.s held by the Trust Fund, lawmakers are considering plans that would cut promised Social Security benefits. If a government default on the U.S. savings bonds held by public investors is unthinkable — why is cutting obligations to Social Security beneficiaries any less so? .(Washington, DC) – After no annual cost of living adjustment (COLA) this year, older Americans are likely to get a boost for 201But the increase will be so small that it will be the lowest ever paid, according to a new forecast by The Senior Citizens League (TSCL). .Second, the Social Security 2100 Act (H.R. 1902) gained one new cosponsor in Representative Jimmy Gomez (CA-34), bringing the cosponsor total to 16If signed into law, H.R. 1902 would strengthen Social Security benefits by improving the cost-of-living adjustment (COLA), increasing monthly benefits by 2 percent, creating a new Special Minimum Benefit equal to 125% of the poverty line, providing a tax cut to Social Security beneficiaries, applying the payroll tax to annual income over 0,000, and gradually increasing the payroll tax rate by 0.25%. . You are fortunate to already be in a Medicare drug plan that covers Lantus because not all Part D plans do. If your drug plan had been one of the several Medicare Part D plans that doesn't cover Lantus, this drug could cost as much as 0 per 100/ml vial. Many diabetics need about 3 vials per month to control their blood sugar, which would cost more than ,000 over a 12-month period. But since you are in a plan that covers Lantus and presumably the other drugs that you take, here's what to expect when you exhaust 2019's Part D initial coverage limit of ,820 in total drug costs, which includes what both you and your drug plan pays. .TSCL surveys confirm that costs for older Americans continued to climb despite no COLA this year. A recent TSCL survey found that 72 percent of respondents reported that their monthly household expenses rose by more than in 2015. .I'm enrolled in a Part D drug plan. I thought I would get my brand name drug Eliquis, for a copay, but I was charged 5.4Why was that? .As you may have heard, Social Security recipients received a cost-of-living increase this year. This is good news for seniors, but it's not good enough. .Based on consumer price index (CPI) data through April of this year, Johnson estimates that the COLA for 2021 will be zero. That estimate could change, however, since there are still five months of consumer price index data to be collected before the Social Security Administration announces the COLA in October. .The report found similar price disparities in expensive specialty drugs that treat complicated conditions like cancer.