News

  • Category Issues Totalization Articles Page 4

    Although it hasn't been introduced as legislation yet, some specifics were outlined in a fact sheet released by the group. Under the plan, the government would pay for three-quarters of the cost of the average plan, and for the most expensive enrollees, it would pay ninety percent of the cost. Wealthy seniors would pay a larger share of the cost, and low-income seniors would receive assistance from Medicaid. In addition, the age of eligibility would increase by three months each year, until it hits seventy in 2034. .This will give them an additional week to try and get something done. If they can't by then, they'll either pass another short-term CR giving them additional time to work until probably Christmas, or they'll give up and go home for Christmas and push everything off to the new Congress and new President in January. .I'm a divorced retiree and I file taxes as a single household. Can you tell me why my benefits are taxed and how the income threshold that subjects Social Security benefits to tax is set? People who have adjusted gross incomes of ,000 (individual) can barely cover living expenses, let alone taxes too. Is there anything I can do to reduce this tax? … Continued

  • Legislative Update For Week Ending June 14 2019

    With it looking increasingly likely that Social Security beneficiaries will receive the highest COLA in seven years —about 3.3% in 2019 — proponents of "chaining" the COLA are likely to try to argue that the COLA under current law overpays recipients. Proponents of using the chained consumer price index to calculate the COLA claim that the chained consumer price index (CPI) is more "accurate" in calculating the COLA because it takes into account how people substitute other items when prices change. .White House officials and public health leaders said they don't expect a vaccine to be widely available until March or April, which means wearing masks and other non-pharmaceutical measures will likely be the only option to reduce the spread of the virus until the end of February. .The other two actions are related to eviction protections and student loan relief. … Continued

At a recent hearing from the House Ways and Means Health Subcommittee, experts in the MA field warned that their plans will not be able to absorb the looming cuts, and they will likely have to trim benefits or increase out-of-pocket costs as they are phased in over the next decade. One witness, Chris Wing – the CEO of SCAN Health Plans – said his MA plan that covers nearly 200,000 seniors in California and Arizona will have to begin limiting provider networks or withdraw from a few markets altogether. .TSCL is receiving a large number of comments about the impact of no COLA from retirees around the country, and recently started posting some of the stories. According to new research for TSCL, there are several important factors affecting why COLAs aren't accurately reflecting retiree healthcare costs. "First of all, the consumer price index (CPI) used to calculate Social Security and other retiree COLAs doesn't survey the spending of people age 65 and over," Cates explains. The Consumer Price Index for Workers (CPI-W) does not include changes in Medicare premiums, according to background information from the Bureau of Labor Statistics (BLS). .Those receiving work authorization become vested for benefits with as little as ten years of earnings. The oldest of those who are eligible for the deferred action could potentially have worked illegally long enough to be "vested," or nearly so, for Social Security already — including disability benefits. Once illegal workers gain a work-authorized Social Security number, individuals who have evidence of earnings, even for jobs worked under invalid Social Security numbers, may claim and reinstate those earnings under their own number. The earnings are then later used to determine Social Security benefits. .What is the ,000 Lump-Sum Settlement? .Compounding the problem, in 2004 the U.S. and Mexico signed a totalization agreement allowing people who split their careers between two countries to receive a harmonized retirement benefit from the two governments. Since 1978, the U.S. has entered into similar agreements with 21 countries, and, as with previous agreements, the U.S.- Mexico totalization agreement applies only to legal U.S. residents. .The most important thing people nearing retirement should consider doing is to delay starting benefits until age 70, the report says. After reaching full retirement age, benefits will grow 8 percent per year after for each year delayed, until age 70. "The higher your benefit and COLA, the easier it will be to cover Medicare Part B and other healthcare costs in retirement," Johnson says. .Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return. .We are reading a lot these days about "Greedy Geezers." The term is used to describe supposedly self-centered seniors who insist that elected lawmakers get their HANDS OFF! Social Security and Medicare. These affluent old codgers are reportedly bankrupting the nation, leaving nothing but crushing debt and taxes for the nation's children. .Two Key Bills Gain Support