News
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Ask The Advisor January 2012
With So Much At Stake It's Time to Challenge Elected Lawmakers! .TSCL supports legislation that would get rid of the taxable wage cap and require all workers to pay their fair share into Social Security. .Grassley has previously said he needs at least 25 Republican co-sponsors to get his bill to the floor and sees backing from the White House as important in getting more votes. About a dozen Republicans other than Grassley have so far publicly expressed support for the legislation. … Continued
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Legislative Update Social Security Threatened By Tax Holiday Extension
A report came out this weekend about the possibility of new major cuts to Medicare. This could result because of Senate rules about how many votes it takes to pass legislation. .If these cuts ever went into effect, it could mean tens of millions of seniors no longer have access to their doctors and essential healthcare services. This is unacceptable. For too long, Congress has failed to seriously tackle the issue of physician payment reform, and instead has kicked the can down the road with short-term fixes that have now created a long-term fiscal nightmare. This has been the absolute wrong approach for American seniors and our federal budget. And that is why I have been working hard to protect seniors' access to their doctors by putting forth a plan to fix this broken system once and for all. .In April, lawmakers on the Republican Study Committee proposed a budget blueprint that would reform the Medicare program and cut Social Security benefits by adopting the "chained" CPI, eliminating the COLA for some seniors, and raising the eligibility age. Did you support this dramatic budget blueprint, and if so, why? … Continued
TSCL is concerned because even though illegals approved for the program don't gain legal status, they do gain work-authorized Social Security numbers. This work-authorized number is all that the government requires to later allow non-citizens to file a claim for Social Security benefits. Under current law, the government uses all earnings to determine entitlement, as well as the amount of the initial retirement or disability benefit, even if jobs were worked illegally. .The legislation would provide a ,000 settlement payable in four annual installments of ,250 or an improved monthly benefit for Notch Babies born 1917 through 1926 or survivors who receive benefits on their account. .Here's how the coverage gap works. Once individuals and their Medicare Part D plans spend the initial coverage amount (,310 in 2016) on covered prescription drugs in a calendar year, beneficiaries hit the doughnut hole. Once in the doughnut hole, coinsurance on covered drugs is not only higher, one must also pay a substantial amount out-of-pocket to reach the limit for catastrophic coverage. For brand-name drugs in the coverage gap, individuals are responsible for 45% of the cost, and for generic drugs, they're responsible for 58%. Once out-of-pocket costs for those in the doughnut hole total ,850, catastrophic drug coverage takes effect, and Part D plans pay 95% of prescription drug costs until the calendar year ends. .Legislation to allow the importation of less-costly FDA-approved prescription drugs from Canada and other nations is still pending in Congress, and TSCL continues to work for enactment. Seniors like you and your wife who order prescription drugs by mail from Canada faced a particularly tough decision about Medicare Part D. Either you enroll in a Part D plan and quite likely pay more than you do now, or don't enroll and face the risk of paying a steep penalty if you change their mind and sign up after the May 15 deadline. .TSCL enthusiastically supports H.R. 1030, H.R. 1795, and H.R. 2305, and we were pleased to see support grow for each one this week. .The committee found that AbbVie inflated prices for the drugs while its executives pocketed growing bonuses. The committee's two-year investigation found that AbbVie "pursued a variety of tactics to increase drug sales while raising prices for Americans, including exploiting the patent system to extend its market monopoly, abusing orphan drug protections to further block competition, and engaging in anticompetitive pricing practices." .Will it provide the diagnosis or will more tests be needed? .Economic Conditions Compounded Problem .Sources: "Social Security Benefits for Noncitizens," Congressional Research Service, July 20, 2006, RL32004.
