News

  • Social Security Medicare Questions October 2011 Advisor

    This week, lawmakers in both chambers voted to approve a temporary spending bill to fund the government past September 30th. In addition, The Senior Citizens League's (TSCL's) legislative team met with several Members of Congress and their aides, and two key bills gained support. .Medicare Advantage plans require very careful scrutiny of potential costs. Some plans have lured seniors with low premiums and deductibles, only for enrollees to discover high undisclosed costs later. .Data indicates that many, if not most, retirees, leave a significant amount of Social Security income on the table because people tend to retire too soon. Consider this: even when you reach your full retirement age, that only represents the point at which you are entitled to start full benefits without reduction for starting benefits early. It does not represent the age at which you would receive the maximum benefit amount, which is age 70. The reward for work and patience can pay off significantly. Once you reach your full retirement age, Social Security benefits are increased by 8% per year (or 2/3 of 1% per month) until age 70. … Continued

  • 2018 Cost Living Adjustment

    The high cost of treatment is a frequently cited barrier by those who are not getting the dental care they need. Elizabeth H., a retiree living in Colorado told us "I do not have the ,000 I was told that I needed to get my teeth fixed. They need to either be pulled and a bridge put in, or root canaled. Being on a limited income, I do not see getting any of this done, and so it affects my health negatively. Without dental care, I'm not as healthy as I could be." .What tips do you have for job hunting seniors? .Medicare Has a Tele-Scam Problem Telephone scammers are bilking Medicare out of billions of dollars, and bombarding millions of older U.S. consumers with multiple daily automated phone calls for everything from "free" back braces to genetic tests. While Medicare scams have been with us for decades, what's new is the use of automated calling technology, and the massive international scale. Medicare Advantage Insurers Overcharged Medicare By Nearly Billion Medicare Advantage plans have overcharged Medicare by almost billion in recent years, but so far officials have only recovered a small fraction of that money. The federal government has announced it is stepping up efforts to recover those funds and TSCL is closely watching to see that it does. … Continued

Also this week, Senate Finance Committee Chairman Charles Grassley (R-Iowa) expressed optimism that he will gain support for the bill to lower prescription drug prices that he and Senator Ron Wyden (D-Ore.) have written. Grassley's remarks came in the light of President Trump's State of the Union speech where he thanked Grassley for his work on the drug price issue and urged Congress to get a bill passed and sent to him. .Three Bills Gain Cosponsors .However, support in the House has gone to two bills of the bills, both of which moved forward this week: HR 5826, sponsored by Rep. Richard Neal (D-MA), Chairman of the House Ways and Means Committee; and HR 5800, sponsored by Rep. Bobby Scott (D-VA), Chairman of the House Education and Labor Committee. While they each deal with the same issue the way they try to solve it is different. .First, one new cosponsor – Representative David Cicilline (RI-1) – signed on to the Protecting and Preserving Social Security Act (H.R. 3302), bringing the total up to twelve. If adopted, H.R. 3302 would improve the Social Security cost-of-living adjustment (COLA) by basing it on the Consumer Price Index for the Elderly (CPI-E). It would cover the cost of this change and improve the solvency of the Trust Funds by ensuring that high income earners pay their fair share of taxes into the program. .Apply for Extra Help. Extra Help is the Medicare program for low-income seniors that can help with most or all of the cost of your drug plan premium, deductibles and co-pays. You also get valuable coverage in the Part D coverage gap. If you qualify, you would pay between $ for each drug. Apply even if you aren't sure, because the income requirements are not as stringent as those for State Pharmacy assistance programs. .Critics of mandatory arbitration say the agreements stack the deck against long term care residents and consumers. Unlike civil suits which go to court, arbitration is private, and there's no judge or jury. There are no rules of evidence that arbitrators have to follow under the law, and there's no oversight. Critics also contend that consumers are less likely to win their cases in private arbitration and, if they do win, they tend to get much less money than they would in court. .Many Members of Congress will hold town hall meetings throughout the recess, giving voters an excellent opportunity to voice their views and concerns. In the upcoming week, the following Members of Congress, among others, will hold town halls in their states and districts. .Companies requiring mandatory arbitration say it saves money and time for resolving complaints. But older consumers still may wind up with legal fees, and may wind up having to pay a share of the arbitration fees. .The information you do get can seem contradictory. The one piece of advice almost all retirement advisors do agree on is this — starting Social Security at 62 is a bad idea unless you are terminally ill with only a few more years to live. Your benefits will be permanently reduced up to 30% depending on your full retirement age, and if you are working, your benefits could be reduced due to earnings restriction rules.