News

  • Ask Advisor February 2015

    What Could A COLA of No Less Than 3 Percent Mean For You? .Old vs. New LawЧMonthly Benefit Differentials ."The Congressional Budget Office said in 2019 that the bill would likely hamper some pharmaceutical development due to lower ‘potential global revenues' but predicted that ‘the effects of the new drug introductions from increased federal spending under the bill on biomedical research would be modest and would almost all occur more than 20 years in the future.' On the other hand, it estimated that the bill would save more than 0 billion in drug spending over the next decade." … Continued

  • Weekly Update For Week Ending August 22 2020

    After a bill passes Congress there is a certain process that must be followed when it is transmitted to the President for his signature. That is why the extra time is needed at this point. .According to the report, CMS has not expanded the recovery audit program to Medicare Advantage by the end of 2010 as was required by the Patient Protection Act. Recovery audits have been used for years in other Medicare programs to recover improper payments. TSCL believes Congress must provide stronger oversight to ensure that scarce Medicare dollars are spent appropriately and to prevent private insurers from boosting profits by gauging both taxpayers and older Americans. .In the meantime, the chairman of the influential Senate Finance Committee Chuck Grassley (R-Iowa) will re-introduce a drug pricing package (S. 2543) he assembled with the ranking member of his committee, Ron Wyden (D-Ore.), and soon call on Senate leaders to allow debate on the measure, a Grassley spokesman announced last week. … Continued

Republicans and Democrats across the ideological spectrum agree that the payment system must be repealed and that the rate of growth in health care spending in the United States is unsustainable. But, even with strong bipartisan support, political hurdles still remain. I believe we must set aside politics and work together to enact a fiscally responsible and permanent solution to solve this problem. We owe it to American seniors to end this perennial threat to Medicare once and for all. .This year's Trustees Reports show that both programs face modest financial challenges that can be addressed by Congress with minor changes. The Senior Citizens League supports the passage of legislation like the Social Security 2100 Act or the Social Security Expansion Act, both of which would strengthen the Social Security program's finances responsibly, without cutting benefits for current or future retirees. In addition, we hope Congress will pass legislation to bring down prescription drug costs in the Medicare program. Requiring Part D drug price negotiation would save billions of dollars for both the federal government and Medicare beneficiaries. .While inflation varies significantly depending on the area of the country in which people live, locality - based payment rates are not calculated on living costs or specific price levels like the COLA. According to a story appearing on the Federal News Network's website, this is a common misconception about locality pay. In fact, consumer inflation is not even a factor when setting locality pay. .New Co-Sponsors Added .(For more details see our "FAHow ‘Undocumented' Workers Are Becoming Entitled To Social Security.") Of particular importance is an exception that applies to immigrants receiving benefits living in a country with which the U.S. has a totalization agreement. It appears that under the U.S./Mexico Totalization Agreement, all that any illegal Mexican worker must do to qualify for benefits is return to Mexico. Once a claim has been filed, the U.S. Social Security system counts all earnings, even for jobs worked without legal authorization, to determine entitlement to benefits. TSCL is particularly wary of how the 2012 presidential election may affect the status of the agreement. And, even if voters send a new president to the White House, the agreement will continue to remain pending even if no action is taken by President Obama, for the next President's consideration. .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. .As seniors know from experience, even as we face ever-higher prescription drug prices every year, we face increased Medicare premiums but also reduced Social Security COLAs. .House Leaders Propose ACA Replacement .And third, one new cosponsor – Senator Kirsten Gillibrand (NY) – signed on to the Social Security 2100 Act (S. 2671), bringing the cosponsor total to two. If adopted, S. 2671 would comprehensively strengthen and reform the Social Security program by basing COLAs on the CPI-E, increasing monthly benefits by 2%, 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%.