News

  • Legislative Update Week Ending September 2 2016

    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. .Generic drugs account for 84% of drugs sold nationally, but only 12% of spending. .About 30 percent of the "other than legal " immigrants who were living in the U.S., and age 62 in 2000, would be eligible to receive retiree benefits. … Continued

  • Once You Are Vaccinated Can Life Go Back To Normal

    This week, The Senior Citizens League was pleased to see support grow for two key bills that would strengthen the Social Security program. First, one new cosponsor – Representative Peter Visclosky (IN-1) – signed on to the Protecting and Preserving Social Security Act (H.R. 2302), bringing the total up to eight cosponsors. .If you or someone you know is struggling to make their Social Security benefits stretch from one month to another, there are two Medicare programs that can help with medical costs for those eligible — Medicare Savings Programs which cover some Part B costs, and Medicare Extra Help which provides help with prescription costs. .Seniors and Baby Boomers nearing retirement have every right to object and that doesn't make anybody greedy for doing so. After 1983, when the Social Security Trust Fund began building up reserves, our government proceeded to use all excess funds, and replaced that money with .6 trillion in special non-marketable bonds, or I.O.U.s. Seniors are frequently told those I.O.U.s are backed by the full faith of the U.S. government which has never defaulted on its debt. But now that the U.S. Treasury must borrow to pay the interest due to the I.O.U.s held by the Trust Fund, lawmakers are considering plans that would cut promised Social Security benefits. If a government default on the U.S. savings bonds held by public investors is unthinkable — why is cutting obligations to Social Security beneficiaries any less so? … Continued

You are fortunate to already be in a Medicare drug plan that covers Lantus because not all Part D plans do. If your drug plan had been one of the several Medicare Part D plans that doesn't cover Lantus, this drug could cost as much as 0 per 100/ml vial. Many diabetics need about 3 vials per month to control their blood sugar, which would cost more than ,000 over a 12-month period. But since you are in a plan that covers Lantus and presumably the other drugs that you take, here's what to expect when you exhaust 2019's Part D initial coverage limit of ,820 in total drug costs, which includes what both you and your drug plan pays. .Indeed, during the 2005 debate over Social Security reform, one of the leading proposals would make changes to the benefit formula similar to those made in 197The proposal would tie the calculation of the initial retirement benefit to changes in price inflation. According to an analysis of a leading proposal by the Congressional Budget Office, when benefits are charted on a graph as shown here, they illustrate a "precipitous decline" in benefits and an all too familiar "V" shaped Notch. .Cutting the payroll tax permanently, which President Trump said he would seek to do if he is re-elected, would bring insolvency even closer and make the whole situation so much worse. .And third, one new cosponsor – Senator Kirsten Gillibrand (NY) – signed on to the Social Security 2100 Act (S. 2671), bringing the cosponsor total to two. If adopted, S. 2671 would comprehensively strengthen and reform the Social Security program by basing COLAs on the CPI-E, increasing monthly benefits by 2%, creating a new Special Minimum Benefit equal to 125% of the poverty line, providing a tax cut to Social Security beneficiaries, applying the payroll tax to annual income over 0,000, and gradually increasing the payroll tax rate by 0.25%. .Of particular importance is the portion of income that seniors and the disabled must spend on each particular category. Under the CPI-W, out-of-pocket medical costs are weighted or assumed to account for only 5.6% of total expenditures. National surveys indicate that Medicare beneficiaries spend far more. The Kaiser Family Foundation reports that median out-of-pocket health care spending as a share of income for Medicare beneficiaries was about 16.2% by 2006. .The Inspector General found .1 billion in wages and self -employment income was reported in tax years 2006-2011 under the 67,000 numbers. The wage reports were placed in the Social Security Earnings Suspense File. The problem with placing these numbers into the Earnings Suspense File, however, allows for the earnings to potentially be claimed and used for determining benefits in the future. .By Jarrad Hensley, TSCL Legislative Assistant .Republican leaders have also begun discussing plans to reform Medicare and Medicaid next year in an effort to reduce the deficit that the .5 trillion tax bill will create. Speaker of the House Paul Ryan (WI-1) said in a radio interview on Wednesday: "We're going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit … This has been my big thing for many, many years. I think [Medicare is] the biggest entitlement we've got to reform." TSCL opposes reforms to Medicare, Medicaid, and other earned benefit programs that would result in higher out-of-pocket costs for older Americans. We will continue to advocate against benefit cuts in the months ahead. . It's a seldom-acknowledged fact. Yet it has growing repercussions for U.S. senior citizens. Immigrants who worked here illegally can claim Social Security benefits based on those illegal earnings. Illegal workers often supply employers with fake, or invalid, Social Security numbers (SSNs) that are not authorized for work. When the Social Security Administration receives wage reports under a name and/or SSN that does not match the records, the wage reports accumulate in an "Earnings Suspense File." Later, the illegal worker can file a claim for benefits based on those earnings if he or she can show evidence (like a W2) of employment and earnings.