News

  • Q May June 2018

    (Washington, DC) – The tax bill being discussed in the U.S. House contains what may be only a fleeting benefit for middle class and older Americans, warns The Senior Citizens League. "The changes under consideration may provide some modestly lower federal income taxes at first, but the benefits for many people would be short - lived," says The Senior Citizens League's Social Security and Medicare policy analyst, Mary Johnson. "Older middle - income Americans could shoulder a disproportionate share of taxes under these changes, and get pushed more quickly into higher tax brackets than they are today," says The Senior Citizens League's Social Security and Medicare policy analyst, Mary Johnson. .The income thresholds that subject benefits to taxation are based on your Modified Adjusted Gross Income, which includes half of your Social Security benefits and some tax - exempt income. The following chart illustrates the thresholds and the amount of tax on Social Security income. .Passage of this new rule will allow the House to start conducting business on a larger scale than has been happening since the beginning of the coronavirus social distancing measures. … Continued

  • Payroll Tax Cuts Worsen Social Security And Medicare Funding Issues

    There is a wide difference in what the White House and Democrats want to give states and localities, plus school funding, virus testing, and other issues. The difference between Democrats' .5 trillion aid package and Republicans' trillion appeared unbridgeable. Treasury Secretary Steven Mnuchin rejected House Speaker Nancy Pelosi's offer of a compromise .4 trillion. As a result, President Trump on Saturday signed what have been largely referred to in the popular press as four executive orders dealing with the issues that had been under discussion. However, it turns out that is not exactly what happened. .Thus, if you need to replace lost income right away, and you don't have a lot of savings or other resources to finance a waiting period for benefits, your husband may be better off simply filing a claim now for Social Security retirement benefits. While those benefits would be reduced due to starting benefits prior to his full retirement age, the application process is straightforward and can be accomplished easily online. Benefits could be started on the effective date you choose. .Many social and economic factors work against women who are family caregivers and mothers that can lower their Social Security benefits. The Senior Citizens League (TSCL) believes that lawmakers can and should be doing more to improve this. … Continued

What To Do When You Can't Afford Your Drug Costs .Understand how sales commissions affect your payout. Sales commissions come out of your investment. The higher the commission the less monthly income for you. Make sure the amount of monthly income quoted is net of sales charges. .In normal political times neither party would allow Medicare to be cut. But because of our current highly partisan times, it would require ten Republicans to join with Democrats to stop the cuts to Medicare with new legislation if reconciliation were used. .Under the rule he's considering formally proposing, Trump would order reimbursement for certain Part B drugs to be tied to what's known as the International Price Index. That would mean a price cut for many medicines, since the prices drug makers charge outside the U.S. are often set by government-run health-care systems and are generally lower. Medicare doesn't use its position as a big buyer of drugs to bargain for lower prices. .Thousands of nursing homes across the country have not been checked to see if staff are following proper procedures to prevent coronavirus transmission, a form of community spread that is responsible for more than a quarter of the nation's Covid-19 fatalities. .However, the ACA, also known as "Obamacare", already requires health insurers to cover pre-existing conditions. We are not sure why The President said what he did, except that his administration is in court trying to have the ACA declared unconstitutional, and maybe he anticipates a need for his order. .To qualify for Medicare coverage, beneficiaries must be an inpatient for at least 3 days in a row, not counting the day of discharge. What you can do: If admitted to a hospital, it's highly important that you, or your designated caregiver, find out immediately whether you are being admitted to the hospital as an inpatient or an outpatient. Even if you are admitted as an inpatient, the hospital can sometimes switch you to observation (and outpatient) status, but the hospital is required to notify you while you are still a patient. Should this happen to you, ask your caregiver to take steps to have the decision reversed while you are still a patient. .Jessie Gibbons – TSCL's senior policy analyst – told Karen Damato of Money, "We're concerned that the abrupt change will cause a lot of confusion and frustration among older Americans, many of whom don't have reliable access to text-enabled cellphones." In addition, Mary Johnson – a policy consultant for The Senior Citizens League – told Mary Beth Franklin of InvestmentNews, "Based on what we know at the moment, the alternative to checking online is either calling SSA's 1-800-772-1213 line, or trekking out to a local Social Security office where you take a number and wait in line." She also said, "The Senior Citizens League feels that online security is vital, but feels alternate options should be offered." .Since 2009, COLAs have been at record lows, averaging just 1.4% — less than half the more typical 3% that COLAs averaged in the prior decade. According to the TSCL analysis, over the last seven years, average Social Security benefits will be about 3 a month lower in 2016 than if inflation had been the more normal levels of about 3%. For example, had a married couple — retired since 2009 and receiving about ,330 per month received a more typical 3% COLA — their total Social Security income would be about ,700 more than it has actually been since 20009.