News
-
Ask Advisor May 2017
New retirees often fail to understand just how rising Medicare costs can result in less Social Security income than anticipated. The Social Security Administration automatically deducts premiums for Medicare Part B from Social Security benefits. This year, the Part B premium is 4.00 per month for retirees with incomes under ,000 and the Medicare Trustees estimate it will rise to 5.50 for 2019. .In addition, two new cosponsors – Sen. Tom Harkin (IA) and Rep. Michael Honda (CA-17) – signed on to the Protecting and Preserving Social Security Act (S. 308 and H.R. 649), bringing the total up to two in the Senate and twenty-six in the House. If signed into law, the bill would base the annual cost-of-living adjustment (COLA) upon the spending patterns of seniors, and it would gradually eliminate the cap on income subject to the payroll tax. It would reportedly add fifty years to the solvency of the Trust Fund, while also making the COLA more fair and accurate. .Throughout the remainder of the 113th Congress, TSCL will continue to urge Members of Congress to pass the Social Security Fairness Act since we believe strongly that it would go far in ensuring the retirement security of millions of seniors. To aid us in our efforts, we encourage you to contact your elected officials to request their support for S. 896 and H.R. 1795. … Continued
-
Update For Week Ending July 17 2021
In 2018 Sally will finally get a COLA of 2% raising her monthly benefit of ,003 by .10 to ,023.However, if Medicare Part B premiums would be 4 per month in 2018 — Sally would need a COLA of .10 to cover the full cost of Part B premiums. Because Sally's benefit only increased .10, the increase in her Part B premium cannot exceed that amount. Thus Sally will continue to receive hold harmless protection and her monthly Medicare Part B premium would be adjusted downwards to 8.00 (7.90 + .10) to avoid reduction of her Social Security benefit. .Who are these beneficiaries? The Inspector General's report refers to these beneficiaries as dependents and survivors of other Social Security beneficiaries and subject to the Social Security Alien Nonpayment Provision (ANP) law. The ANP forbids payment of retirement, survivor and disability benefits when non-citizens have been outside the United States for more than 6 months. But as is so often the case with Social Security law, there are several exceptions; for example, if the non-citizen is from a foreign country that has its own social insurance system and meets certain conditions. Mexico is on the list of countries that meet the conditions of the exception. .Congressional Republicans have also indicated opposition to the administration's proposal, saying it breaks from GOP philosophy by linking U.S. prices to those in other countries where there are price controls. While they like it in part, some Democrats have said it does not go far enough in lowering prices. The change would only lower prices for physician-administered drugs for people on Medicare, meaning people with private insurance and people getting drugs at the pharmacy counter would not benefit from lower prices. … Continued
On October 22, 2014, TSCL's Executive Director was interviewed on Fox Business about the 2015 COLA announcement. .In 2015, after a national coalition of senior advocacy groups (including TSCL) demanded action, Congress reduced the increase in Part B premiums from 9.30 per month to 1.80 per month, which was still a very high increase of 16.1 percent. The premium included a "repayment" amount that was added to monthly premiums of all beneficiaries in future years to recover the cost of the reduced premium rate in 2016 over time. .Just years before they were set to retire, these individuals learned that they would receive significantly lower benefits than originally anticipated. The problem has grown and compounded over time, and TSCL believes that in order to make the program more equitable, some compensation for the injustice should be provided. We enthusiastically support Rep. Meng's Notch Fairness Act, and we were pleased to see one new cosponsor sign on this week. .In what was a major organization-wide effort, the TSCL staff dispersed across House of Representatives offices to hand-deliver the message of our supporters. The hundreds of thousands of petitions that poured into the TSCL office from nearly every Congressional district were organized into a long list of vocal and concerned citizens. The effect created a bold statement and embodied the true spirit of TSCL's politically-engaged supporters. .With the economy continuing to sputter, most seniors and Baby Boomers don't feel all that secure about their retirement finances. How realistic will my budget be for the New Year? Will Social Security and othe retirement income cover all my bills? Are my savings adequate to cover expensive chronic health costs? Seniors can find answers, practical tips and more in a special "Best Ways to Save" issue of The Social Security & Medicare Advisor newsletter free from The Senior Citizens League (TSCL). .TSCL would like to remind you to contact your Members of Congress while they are still in their home states and districts. Many Senators and Representatives will attend local events or hold town hall meetings this weekend, giving voters an excellent opportunity to have their questions and concerns addressed. We encourage you to contact your Members of Congress to request their support for fair cost-of-living adjustments, Notch fairness, and other key issues. .Despite increased efforts by SSA, Mr. Bagdoyan emphasized the need for better program evaluation. He said: "SSA has taken some steps to establish an organizational culture and structure conducive to fraud risk management in its disability programs … But it has yet to comprehensively assess these risks or develop a strategic approach to ensure its anti-fraud activities effectively mitigate these risks." .What Is the Risk of Catching the Coronavirus on a Plane? .USA TODAY