News

  • Benefit Bulletin July 2013

    To learn more, download "When To Start Receiving Benefits" from the Social Security Administration. .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. .CBO's current estimate of the Old Age and Survivor's Insurance fund's exhaustion date is 2031, one year earlier than its estimate was in 201If current laws generally did not change, CBO estimated the balance of the Disability Insurance fund would be exhausted in 2026. … Continued

  • Category Tscl In The News Page 6

    Not only does this put unwitting retirees' Medicare number in the hands of crooks who can then resell it to be used to file more false claims, but it can cause Medicare to deny future coverage for genetic testing when it's really needed, because the patient's record will show the test has already been performed. .Often, consumers don't even know they signed such an agreement because the clauses are buried in the fine print. .The 2% COLA will raise the average Social Security benefit (currently ,258) about But the overwhelming majority of Social Security recipients will never see it. Medicare Part B premiums for most people will rise considerably and completely offset the COLA increase, after being held at lower adjusted levels, as required by law, over the past two years when there was no COLA. This provision of law that protects Social Security benefits from reductions is known as the "hold harmless" provision. … Continued

This week, TSCL announced its support for the Savings on Medical Expenses for Seniors Act of 2014 (H.R. 4104), which was introduced by Rep. Gloria Negrete McLeod (CA-35) on February 27th. The bill, if signed into law, would make permanent the 7.5 percent threshold for the medical expense tax deduction for those sixty-five and older. The threshold is currently scheduled to increase to 10 percent of adjusted gross income in 2017, which would mean that fewer seniors would qualify for much-needed relief. .Last month, the Health and Human Services' watchdog agency announced plans to review the pace of inspections in nursing homes and barriers to completing them — referring to such checks as a "fundamental safeguard to ensure that nursing home residents are safe and receive high-quality care." .As with nearly every other aspect of our lives, the coronavirus has changed the agenda of Congress. Discussion of a fourth big spending bill to deal with the pandemic began this week and all three sides (House, Senate, and the President) have set out their preliminary positions. .Our next issue of interest this week is Surprise Billing. Surprise billing does not affect seniors on Medicare as much as it affects seniors under age 65 who still have health insurance through their employer or who are paying for their own health insurance. Surprise billing usually refers to expensive, unexpected medical bills that patients receive from hospitals and doctors' offices even when they have health insurance that they expect will cover the majority of treatments cost. Congress has been getting an earful from voters who are very upset about this situation and there seemed to be a fair amount of optimism that legislation dealing with surprise billing may be able to pass. If it does, there could be an effort to attach legislation dealing with drug prices to that bill. .The opinions expressed in "Congressional Corner" reflect the views of the writer and are not necessarily those of TSCL. .The findings come as the nation finds itself in a growing a retirement crisis. Even before the coronavirus - caused recession, the U.S. Government Accountability Office estimated that about 48 percent of households headed by people aged 55 and over had no retirement savings. That situation has been made even worse in 2020 and 2021 as older workers have lost jobs or seen their work schedules reduced due to the pandemic. .Report Says Drug Prices in U.S. Almost 3 Times Higher than Other Countries .In fact, according to TSCL's annual survey of senior costs, Social Security benefits have lost more than one-third of their buying power since 2000 because COLAs underpay recipients. TSCL supports using the CPI-E to determine COLAs that better take into account the spending patterns of older people. For well over a decade, TSCL has lobbied Congress to make the COLA more fair and accurate. TSCL is mobilizing seniors nationwide to contact Members of Congress. .In addition, one new cosponsor – Rep. Jared Nadler (NY-10) – signed on to the Social Security Fairness Act (H.R. 973) this week, bringing the total up to 15The bill, if signed into law, would repeal two Social Security provisions – the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) – that unfairly reduce or eliminate the earned Social Security benefits of millions of retired teachers, firefighters, police officers, and other state or local government employees each year. TSCL believes the two provisions must be repealed as soon as possible so that public servants receive the retirement security they have earned and deserve.