News

  • Social Security Medicare Qa Is It True Social Security Pays Non Contributors

    The Hard Times Guide to Retirement Security .We know that other prevention steps help stop the spread of COVID-19, and that these steps are still important, even as vaccines are being distributed. .Hearings Over Controversial Healthcare "Cutting" Board … Continued

  • Social Security Recipients To Get 1200 Stimulus Check

    Only a little more than half of the nation's nursing homes had received inspections, according to data released earlier this month, which prompted Medicare and Medicaid chief Seema Verma to direct that states complete the checks by July 31 or risk losing federal recovery funds. .Many observers believe the plan will likely include a combination of tax increases and benefit cuts for Social Security. Some of the most commonly mentioned proposals are: (1) switching to the chained Consumer Price Index (CPI) to calculate Social Security COLAs; (2) lifting or raising the cap on income which is subject to Social Security taxes; and (3) raising the Social Security retirement age. Switching to the chained CPI alone would both reduce initial benefits and cut lifetime Social Security benefits by more than 10%. .After spending four days at a local hospital being treated for a broken elbow and pelvis, 93-year-old Lois Frarie went to a nearby nursing home to build up her strength. Her family was later shocked to learn they would have to pay thousands of dollars out-of-pocket since two of the days she spent in the hospital were considered "observation care" as an outpatient. Because she wasn't an inpatient for at least three consecutive days, she didn't qualify for Medicare's nursing home coverage. … Continued

This tax hike will disproportionally hit America's oldest and most vulnerable populations. Seniors make up more than half of those claiming the medical expense deduction. .This week, House and Senate lawmakers remained in their home states and districts for a week-long spring break. They are expected to return to Capitol Hill on Monday, March 25th. Until then, many Members of Congress will be hosting town hall meetings and attending events in their home states and districts. ."We should not allow health insurers to limit how much cost-sharing assistance can help patients at the pharmacy counter," the spokesperson said. .Based on your age, you potentially may be able to use a claiming strategy at your full retirement age (66) that could provide you with a divorced spousal benefit, while you wait for your own benefit to grow. Once you have reached full retirement age you can choose to receive only the divorced spouse's benefit and delay receiving retirement benefits based on your own work record until a later date or when you turn age 70. .Provide a one-time bump – up in monthly benefits for all beneficiaries. A higher level of monthly benefits would mean more adequate COLAs and a greater ability to afford Medicare Part B premium increases in coming years. .Fight to End Surprise Billing is Losing Key Ally .If you have been fully vaccinated: .The Tax Cuts and Jobs Act would eliminate many important tax deductions that older Americans rely on to reduce their taxable retirement income and preserve their savings. Those include deductions for medical expenses, which can be considerable for retirees. The bill also eliminates the deduction for state and local income taxes, casualty loss expenses, such as fire, wind damage and theft, and imposes new limits for the mortgage interest deduction. "The loss of these exemptions would leave older Americans paying taxes on more retirement income and higher tax bills," Johnson says. .While 401(k) plans have enjoyed a decade of relatively strong returns recently, these plans carry greater risk and place responsibility on individuals for saving, investment decisions, and management. "These are three skills sets that most of us have never adequately learned, much less ever expected to practice after we retired," says Johnson. "One simple mistake can affect your standard of living in retirement for years," Johnson says.