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  • Category Legislative News Page 61

    The hold harmless provision usually affects only a small number of beneficiaries in any given year, which has a relatively minimal impact on Part B financing. Since 2010, however, the hold harmless provision has been triggered on a nationwide basis an unprecedented four times. This occurred when inflation was so low that the COLA was zero in 2010, 2011 and 2016 and just 0.3 percent in 2017. .More Harmful Chemicals Found in Some Hand Sanitizers .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

  • Category Legislative News Page 8

    In addition to ensuring that we insulate seniors from fraud, we must support older Americans seeking to remain an active part of the workforce. Earlier this year, I worked with Rep. Rodney Davis (R-IL) to introduce the Empowering Encore Entrepreneurs Act to create job opportunities for seniors who have not yet reached retirement but possess years of business experience. My bipartisan bill will expand successful collaborative efforts between AARP and the Small Business Administration that offer mentoring and training to people over age 50 seeking to expand or start a small business. Older workers, once unemployed, are more likely than others to remain unemployed, which is why we need to revitalize our economy by supporting those who found themselves out of a job before retirement. .This higher starting benefit will mean higher cost-of-living adjustments (COLAs) in terms of dollars, and higher benefits for spouses and survivors that are based on your benefit. Over the course of a 25 year retirement, the extra money adds up to more income from Social Security, often in the tens of thousands of dollars depending on the age you retire. .There are immediate fixed annuities — the amount of the monthly payment does not change, and immediate variable annuities in which the monthly income is adjusted to the rate of return on stocks, bonds and cash investments held by the annuity. … Continued

If you take one or more prescriptions, you may be shocked to learn how much you can save by comparing plans based on the prescriptions you use and switching drug plans, when you find a better match. This is an important financial habit to get into EVERY year. Drug plans routinely raise premiums and co-pays, and invariably what your best choice was in 2006 no longer holds true today. Although everyone's savings experience will be different based on the particular prescriptions they take, consider these cases from my files**: .Congressman Mike McIntyre Receives TSCL 2012 Seniors Advocate Award One of North Carolina's staunchest advocates for seniors was recently recognized for his efforts on behalf of the nation's senior citizens. Representative Mike McIntyre (D-NC-7) received the 2012 Seniors Advocate Award from The Senior Citizens League (TSCL) one. Legislative Update: August 2012 Three Ways Congress Can Pay For Notch Reform .Sources: "Social Security, Treasury Target Taxpayers For Their Parents' Decades-Old Debts," Marc Fisher, The Washington Post, April 10, 201 .Last July 24 President Trump announced his intention to sign four executive orders regarding prescription drugs, including one that would tie the cost of drugs in the US to drug prices in other countries. At the same time, he said he would delay signing the order and give pharmaceutical companies, which have vigorously opposed such a move, time to come up with their own plan to lower drug prices. .The hearing examined in particular the drug company AbbVie, which makes Humira and Imbruvica, two drugs widely used by seniors. .Tragically, there are people who shamelessly try to take advantage of emergencies like the coronavirus pandemic to cheat other people out of money. Thankfully, federal agencies are mounting a multi-front attack on scams and quack cures in the wake of the crisis, an unprecedented coordinated effort that could continue for years to come. .TSCL agrees that Congress must act immediately – before next week's October 15th deadline – to prevent the cost increases from occurring. We will be advocating in the days ahead for the passage of the new bills sponsored by Sen. Wyden and Rep. Titus, and we will post updates here in the Legislative News section of our website, or on our page on Facebook. .Now that March has arrived, winter is starting to appear in the rearview mirror, large sections of the country will experience unseasonably warm temperatures this week, Covid-19 vaccinations are picking up, and we are all getting tired of living the way we have for the past year. .Although no other generation has yet been affected by a similar Notch, that could change in the future. Congressional inaction on Social Security's long-term financing problems could give birth to a whole new generation of Notch Babies. During recent hearings on the need for making Social Security more sustainable as Baby Boomers near retirement, David Walker, the Comptroller General of the United States, confirmed this saying "Doing nothing means that we are going to head to a precipitous decline in benefits. Remember the Notch Baby problem?" he asked. "This would be a Notch Baby problem magnified multiple times and it should not be allowed to happen." (10)