News

  • Legislative Update Week Ending September 28 2018

    Supporters of the move claim the chained CPI is "more accurate" because the current inflation measures don't take into account how consumers substitute lower costing items when prices increase. When beef goes up consumers might buy more chicken they argue. "But if accuracy was the real reason for making such a change to the COLA then why aren't policy makers and Congress more interested in what seniors and disabled people really spend their money on?" asks TSCL Chairman Larry Hyland. .In his testimony, Mr. Goss explained that the Social Security DI Trust Fund will be fully solvent until 2032 – four years later than was projected in last year's report. In addition, the OASI Trust Fund will be fully solvent until late 2034 – just a few months earlier than was projected in last year's report. For the combined Trust Funds, the outlook is very similar to last year's and only minor changes will be needed to ensure the program's solvency. .On Thursday, the Joint Select Committee on Deficit Reduction held their second public hearing, which focused on revenue options and reforming the tax code. The Committee heard testimony from Thomas Barthold, Chief of Staff of the nonpartisan Joint Committee on Taxations. … Continued

  • Legislative Update Week Ending January 9 2015

    Is the annual amount of coverage capped? Dental plans often cover only a certain amount of dental services, up to a cap such as 0 to ,500 per year. The cost of preventive services such as cleanings and X-rays is generally not subtracted from the maximum, but it's important that you find out. If you think you will be needing pricey services soon, then look for the plan that offers the highest amount of coverage at the lowest cost. .Three Key Bills Re-Introduced in Congress .When a zero COLA was announced for 2016, the Medicare Trustees projected that the Part B premium and deductible amounts would increase by an unprecedented 52 percent between 2015 and 2016 — from 4.90 to 9.30 per month.[7] Passage of The Bipartisan Budget Act of 2015, however resulted in reducing the increase in Part B premiums from 9.30 per month to 1.80 per month, which was still an extremely high 16.1 percent increase. The premium included a repayment amount that was added to monthly premiums of all beneficiaries in future years to recover over time the cost of the reduced premium rate in 2016.[8] … Continued

Lawmakers at Wednesday's hearing seemed encouraged by Mr. Brune's testimony, but agreed with Mr. Bagdoyan that more work remains. Subcommittee Chairman Sam Johnson (TX-3) said, "We need to make sure fraudsters don't continue to benefit at the expense of hardworking taxpayers … I'm committed to working with Social Security and all of my colleagues to make sure the agency has all the tools to stop fraud." Ranking Member of the Subcommittee John Larson (CT-1) agreed with Chairman Johnson and emphasized the need for adequate staffing and funding for SSA in the years ahead. Administrative budget cuts and hiring freezes are currently impeding progress. .This week, TSCL announced its support for three new bills: the Social Security Safety Dividend Act (H.R. 67), the Medicare Prescription Drug Price Negotiation Act (S. 41, H.R. 242), and the Safe and Affordable Drugs from Canada Act (S. 64). .The measure has bipartisan backing in the Senate, as well as support from some moderate House Democrats. However, it is facing opposition from House leaders who say the legislation is a roundabout way to cut Social Security benefits. .Resource: Essential Retirement Planning for Solo Agers, A retirement and aging roadmap for single and childless adults, Sara Zeff Geber, PhD .This week, action on Capitol Hill slowed down as both Houses of Congress adjourned for a district work period. However, The Senior Citizens League (TSCL) did see support grow for one key piece of legislation. .However, others at Tuesday's hearing focused on the skyrocketing prescription drug costs for Medicare Part D beneficiaries. In his opening statement, Ranking Member Ron Wyden (OR) said, "The fact is, seniors are getting pounded by drug costs. And in my view, there is an enormous amount of work that has to be done to guarantee that seniors have affordable access to the medications they need." .In October, the Social Security Administration announced that benefits will increase by 2.8 percent in January 2019, but approximately 2 million seniors with the lowest Social Security benefits will not see any net increase in their monthly checks after Medicare Part B premiums are automatically deducted. It will be the fourth year in a row that this group will not see a boost in net benefits due to Part B premiums, which are rising several times faster than Social Security COLAs. .TSCL agrees with Congressman Carter and Ranking Member Cummings, and we believe Congress must act before the end of this year to prevent price gouging in the pharmaceutical industry. We enthusiastically support the Prescription Drug Affordability Act, and we will advocate for it tirelessly in the months ahead. For updates on the bill's progress, visit the Legislative News section of our website, or follow us on Twitter. .TSCL's legislative team is monitoring the tax reform negotiations closely, and we have serious concerns about several provisions that would impact older Americans, including the following five…