It would permanently set the Social Security Administration's administrative funding at 1.5 percent of overall benefit payments, more than doubling the funding that the administration currently receives. .Many observers believe the plan will likely include a combination of tax increases and benefit cuts for Social Security. Some of the most commonly mentioned proposals are: (1) switching to the chained Consumer Price Index (CPI) to calculate Social Security COLAs; (2) lifting or raising the cap on income which is subject to Social Security taxes; and (3) raising the Social Security retirement age. Switching to the chained CPI alone would both reduce initial benefits and cut lifetime Social Security benefits by more than 10%. .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. .The America's Health Insurance Plans (AHIP) trade group commission released a report claiming that insurance premiums would increase by 1.9 to 2.3 percent by 201The report asserts that the new fee will be passed on to consumers. Citing the annual fee on insurers mandate under the Affordable Care Act, an AHIP spokesperson predicted the increase in costs would act "just like any other sales tax." The White House disputed the claim, saying that the report was "fundamentally flawed" and ignored provisions of the law that would decrease costs. .A surviving beneficiary spouse is one who collects Social Security benefits not from their own account, but from the account of his or her deceased spouse. To find out more about Notch Reform benefits for surviving beneficiaries, click here: What Happens to Benefit Payments When Your Spouse is Deceased? .How Much Would Delaying Retirement After Full Retirement Age Increase My Benefit? .Because of the strong push on the part of the President and members of Congress to find a way to lower drug prices, and getting drugs from other countries where the cost is lower has become popular as a solution, the Food and Drug Administration (FDA) recently released a proposal to let states submit drug importation plans for federal approval. .The Senate bill also would change Medicare Part D by adding an out-of-pocket maximum for beneficiaries of ,100 starting in 202No such out-of-pocket cost cap currently exists. According to our 2019 Senior Survey, about one-in-five survey participants report out-of-pocket spending this high for prescription drugs. Advisor editor Mary Johnson estimates that this legislation would protect almost 14 million Medicare beneficiaries from out-of-pocket drug costs exceeding ,100 in the first year of enactment if signed into law. .The President's favored nations rule has also upset conservative groups along with the industry and patient organizations. Some of those groups had launched a media campaign against the proposal before Trump actually announced it.