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  • Best Ways To Save When Should You Enroll In Medicare

    Town Hall Question: Comprehensive immigration reform would make millions eligible for Social Security benefits based on work done without legal authorization. What is your position on the current policy that allows entitlement based on work done under invalid Social Security numbers, and would you consider supporting legislation that would close this loophole? .Participants in The Senior Citizens League's surveys indicate that household medical expenses consume a significant portion of their monthly income. More than 39 percent of respondents to a recent survey say that they spend more than 0 per month on Medicare and other healthcare costs. In 2020, the average Social Security benefit is ,460, but the 1.6 percent COLA raised the average Social Security benefit by only .40 per month this year. The following chart illustrates ten of the fastest growing retiree costs since 2000. .It's not what the government tracks that causes your Social Security cost-of-living adjustments (COLAs) to grow so slowly. It's what the government isn't tracking that's keeping your COLAs so low. It may surprise you, as it did us at TSCL, to recently learn that COLAs are calculated using methodology that doesn't directly measure what you pay out-of-pocket for health insurance premiums. Add to that the fact that the consumer price index (CPI) the government uses to calculate COLAs (CPI-W) represents the spending habits of younger urban wage earners and clerical workers — or the spending habits of only 29% of the U.S. population. That's certainly not going to reflect the inflation experienced by most Social Security recipients. … Continued

  • Congressional Corner Totalization Amnesty And Illegal Immigrations Drain On The Social Security Feed

    Thus the new formula went into effect almost immediately for most people and is one reason why retirees born over the ten-year period of 1917 through 1926 were affected, not only those covered by the five-year phase-in. In addition, the economy did not perform the way Congress and the Social Security Administration assumed it would under the new benefit formula. Slower than anticipated wage growth, and higher than expected price inflation, resulted in even greater benefit reductions than under original assumptions. These economic conditions persisted for a decade, thus affecting those born over a ten-year period. .In the coming weeks, TSCL will continue to monitor the "myRA" and immigration reform issues that President Obama spoke about on Tuesday evening. We will provide updates here in the Legislative News section of our website as more details become available. .28% Of Medicare Beneficiaries Hit Doughnut Hole In 2015 … Continued

Conference Committee Announces Compromise .As a result of the new rule, consumers will have to pay more for their prescriptions, as a growing number of people rely on the programs offered by drug makers to lower their copays. .In the weeks ahead, TSCL will continue to advocate for tax reforms that would benefit the financial security of older Americans, and we will post updates on the movement of the Ways and Means Committee's bill here in the Legislative News section of our website. For more information on TSCL's tax reform recommendations, click HERE. ." ‘If it comes to getting my family members vaccinated, and all that's available is J&J or Novavax, I'd tell them to take it,' said Robert Hancock, president of the Texas College of Emergency Physicians." .Social Security arose again at the hearing when Committee Member James Clyburn (SC) commented on the payroll tax cap, which is currently set at 6,800. He suggested that the cap be raised to cover 90 percent of income – as it did in the early 1980s – in an effort to restore the program to solvency. Some Members scowled disapprovingly at this proposal and it is still unclear whether the Committee will even touch Social Security, but if they do, this option could appear on the short-list. Clyburn asked Barthold to research the potential effects of raising the wage cap and to report back to the Joint Committee. .The Senior Citizens League enthusiastically supports the two bills mentioned above, and we were pleased to see support grow for them this week. For more information about these and other bills that have been backed by The Senior Citizens League, visit the Bill Tracking section of our website. .Using the budget reconciliation process, lawmakers are expected to successfully repeal the Affordable Care Act by early February. The legislation will be filibuster-proof, and will only require a simple majority of fifty-one votes to win passage in the Senate. .Doc Fix for Medicare Providers – Establish a permanent solution in order to bring greater stability to doctor reimbursements, ensuring continued access. .The House of Representatives, on the other hand, did not come back to town and go into session because of the continuing coronavirus emergency. No official date has been set for the return of the House, but House Speaker Nancy Pelosi said they will probably return sometime next week.