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Dr. Kevin Schulman, a physician-economist at the Stanford Graduate School of Business, called that amount "staggering." But Katherine Baicker, dean of the University of Chicago Harris School of Public Policy, said that from society's perspective "0 billion might not be an unreasonable sum" to pay to tame an epidemic that has left millions unemployed and cost the economy trillions. .According to the National Council on Aging, 34% of older households hold credit card balances, and another 29% still owe money on a mortgage, home equity line of credit, or both. Digging out requires work and making changes. Reducing debt requires increasing income, restructuring your budget, and other changes. Here are some things to consider: .TSCL will be watching closely for the expected executive orders and we will report on them in our legislative update that follows the release of the orders. … Continued
Another Record Low Social Security Cost Of Living Adjustment Is Forecast
Last Friday the Chairman and Chief Executive Officer of Pfizer, Inc., urged President Biden to form a bipartisan coalition in Washington to address high drug costs. .Your required minimum distribution (RMD) is the minimum amount that you must withdraw from retirement accounts each year. Failure to do so by your deadline can result in a penalty equal to 50% of the required amount not withdrawn. .The SSA and the AARP say, however, the Notch affects only those born during the five-year period of 1917 through 192Those born during that period were covered by a special transitional benefit formula, the purpose of which was to provide a 5-year phase-in for the new 1977 benefit formula. … Continued
Warning: Scams prey on seniors and others .Last week we wrote about a new bill that was expected to be introduced this week by House Speaker Nancy Pelosi (D-Calif.) that would lower prescription drug prices on some of the most expensive drugs. The plan would allow the secretary of Health and Human Services to negotiate the price of up to 250 drugs per year, and the lower prices would apply to people both with private insurance and those on Medicare. . Zero premiums are also likely to end very soon. If Congress should cut reimbursements to plans as has happened in the past, some plans may respond by no longer offering coverage at all. Should Paula enroll in a Medicare Advantage plan and her plan ceases to offer coverage in the future, Paula could have problems finding something comparable that she could afford. .The total cost for a single year of treatment with the nation's most expensive specialty drugs can cost more than the entire retirement savings for many retirees. The annual cost of the cancer drug Idhifa, for example, is 0,85According to a new study by the non-partisan Kaiser Family Foundation, the median out-of-pocket cost that Medicare Part D beneficiaries will pay out-of-pocket for specialty drugs in 2019 would be ,55Patients suffering from multiple sclerosis could pay an estimated out-of-pocket of ,409 in 2019 for Glatiramer acetate. Even on the "low side," the annual out-of-pocket for Hepatitis C drug, Zepatier runs ,622. .Under current law, Social Security benefits are adjusted annually based on changes in the consumer price index for Urban Wage Earners and Clerical Workers (CPI-W). According to the Social Security Administration, the intent of the annual cost of living adjustment (COLA) is to help protect the buying power of benefits from increases in inflation. All beneficiaries receive the same percentage of increase, but the dollar amount varies based on the amount of benefits that one receives. In years in which inflation has gone down, there can be no COLA at all. .However, many lawmakers on Capitol Hill were satisfied with the court's ruling. Rep. Bob Goodlatte (VA-6) – Chairman of the House Judiciary Committee – said, "President Obama's executive overreach on immigration poses a clear and present danger to our constitution and I am pleased that the president's actions continue to be halted so that the states' lawsuit can continue to move forward." .In addition, Many Members of Congress have gone on the record saying that they would prefer to pass a short-term spending measure that would provide funding only through March of next year. That way, Republican majorities in both chambers would have more leverage when the issue is revisited. In an interview last week, Rep. Tim Huelskamp (KS-1) stated: "It doesn't make any sense to me to say, ‘Let's negotiate before we have a better position.'" Many lawmakers in the House and Senate seem to feel the same way. .Why Does My Doctor's Office Need to Call My Insurer Before Scheduling a CT Scan? .The Foundation for Sight and Sound. Through its Help America Hear Program the foundation provides hearing aids for people with limited financial resources. To learn if you qualify, visit: Help America Hear Program or call 631-366-3461.