News

  • Ask The Advisor May 2011 Advisor Feed

    The proposal is not new. Former Federal Reserve Chairman Alan Greenspan supported a similar proposal in the late 1990s. In fact, it's one of a series of technical changes to the CPI recommended by the Boskin Commission in 1996 — which said that the CPI overstates inflation and that the COLA overpays seniors by about 1.1%. The Bureau of Labor Statistics busily instituted a number of those changes from 1995 through 2000 that, by my estimates, have already cut the rate of growth in the CPI and average Social Security benefits, compared to previous CPI measurement methodology by about 5 annually over the past ten years. If Congress were to adopt the chained CPI to calculate COLA starting with the COLA payable in 2012, that would additionally cut the growth in average benefits by about ,429 over the next ten years. .Congress Averts Government Shutdown .Surprisingly, there was no discussion of slowing the growth of cost-of-living adjustments (COLAs) by switching to the more slowly-growing "chained" CPI. The proposal is getting increasing attention (mostly favorable) in media editorials. Switching to the more slowly-growing chained CPI would reduce cost-of-living-adjustments, and many policy experts view the option as a front-runner for reducing the deficit. … Continued

  • Legislative Update Week Ending April 24 2015

    The Social Security Disability Trust Fund (SSDI) is rapidly closing in on becoming the first of the two Social Security Trust Funds to become fully insolvent. The disability trust fund, which is separate from the one that pays retirement and survivors benefits, is due to have funding problems by 2016. .While there is no estimate of how large the cuts would be under the legislation that just passed, the Congressional Budget Office estimated that a previous version of the Covid relief bill would have triggered about billion in cuts to Medicare in fiscal 2022 and between and billion from other mandatory programs. .Yes, of course, Americans' health is priceless, and reining in a deadly virus that has trashed the economy would be invaluable. … Continued

Find out which drug store has the lowest cost-sharing before you fill. Your cost sharing can be dramatically higher depending on where and how you fill your prescription (retail versus mail order). Make sure you are using a preferred vs. standard network pharmacy and compare the prices of retail pharmacies with getting a 90-day supply from your drug plan's mail order pharmacy. For example, if you are enrolled in the Wellcare Wellness Rx plan and get your Eliquis from a standard in-network pharmacy, your copay for Eliquis after the 5 deductible would be during the initial coverage phase, and 7.38 in the Part D coverage gap. However, if you get your Eliquis from a preferred in-network pharmacy the co-pay is .00 during the initial coverage phase and 3.36 in the coverage gap. Depending on where you live, and your drug plan's mail order pharmacy, sometimes you may save a little more using mail order. .For more information about these and other bills that would reduce prescription drug prices, visit the Bill Tracking section of our website. For progress updates, follow The Senior Citizens League on Twitter. .Reduce the annual cost-of-living adjustment (COLA) that beneficiaries receive once they become eligible for benefits. .Government agencies will identify themselves. .The Department of Justice (DOJ) has filed charges against more than half a dozen people accused of pushing silver products and other fake treatments for Covid-1The Federal Trade Commission (FTC) has gotten the marketer of a Vitamin C supplement to stop claiming it can treat the virus. And the FTC and Food and Drug Administration have been sending dozens of joint warning letters to companies for touting unapproved treatments or preventatives. .In addition, other medical supplies, including masks, gloves, and gowns are also made, in large measure, in China. .(Washington, DC) – Consumer price index data through August 2021 indicates that the 2022 COLA will likely be about 6 percent. But soaring inflation this year has deeply eroded the buying power of Social Security benefits, according to a new update to an ongoing inflation study by The Senior Citizens League (TSCL). The study, which compares the growth in the Social Security cost of living adjustments (COLA)s with increases in the costs of goods and services typically used by retirees found that, since 2000, Social Security benefits have lost 32 percent of their buying power. .Surveys have found that public opposition to cutting benefits is widespread, but there is support for changes that would make Social Security payroll taxes more equitable. According to TSCL's 2017 Senior Survey, 73% of survey participants support abolishing the taxable maximum cap and to apply the full 12.4% payroll tax to all earnings. .Does Medicare Cover Eyeglasses?