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  • Whats Stake Social Security Benefits Upcoming Election

    Watch the latest video at video.foxbusiness.com .The abrupt and severe contraction in the U.S. economy caused by the coronavirus has far-reaching consequences for Social Security. Twenty million workers filed claims for unemployment between March 15, 2020 and April 17, 2020, a level that has not been seen since the Great Depression. Both the wide-scale shutdowns and layoffs, as well as provisions of the coronavirus CARES Act stimulus legislation significantly reduce the anticipated amount of payroll taxes flowing into Social Security this year. .TSCL's Endorsement Sought for Social Security Bill … Continued

  • Category Issues Medicare Part B Page 7

    It sounds as though either your mother, or her acquaintance, received some incorrect information. "The Notch Fairness Act," legislation that would provide Notch Babies born 1917 through 1926 with a settlement of ,000, or a higher monthly benefit, has not yet passed. No doubt that's why the Social Security Administration did not respond to your mother's request. It is correct that widows or widowers receiving benefits on the account of a Notch Baby would be entitled to the ,000, or the higher monthly benefit if the legislation is enacted. .This sounds similar to the current Medicare Advantage system except for one big difference — the Health and Human Services secretary would be given authority to set beneficiary cost-sharing "based on evidence of the value of services." Under this criterion, who do you think would be more likely to get the best coverage for expensive services like CT scans that can cost ,000 — an 84-year-old, or a 43-year-old mother with two children? Finally, the recommendation would require insurers to pay a surcharge on the Medigap policies that they offer to beneficiaries. This proposal is not new. .Spending Bill Dominates "Lame Duck" Session … Continued

Before a vaccine was approved for distribution, the U.S. Securities and Exchange Commission posted a warning about fake stock offers pitching a nonexistent biotech company allegedly developing a vaccine. .On Wednesday, the Senate Finance Committee held a confirmation hearing for Sylvia Mathews Burwell, President Obama's nominee for the position of HHS Secretary. Burwell was nominated back in April, shortly after Secretary Kathleen Sebelius announced that she would be stepping down. If confirmed, she will oversee the Medicare, Medicaid, and Social Security programs, and she will also manage the continued implementation of the Affordable Care Act. .That was the second ruling in a week to delay the policy. A federal judge in Maryland had ordered on Dec. 23 that the rule, which was slated to take effect Jan. 1, be paused for two weeks. .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. .Locality pay adjustments are currently used to adjust the paychecks of federal workers. Federal employees receive a two-part pay adjustment that includes base pay (which is established by a specific formula set by law) and locality pay adjustments. The locality pay adjustment varies depending on where the employee works. The parameters aren't set by law but use metropolitan statistical areas to define locality pay areas. .According to the Congressional Budget Office (CBO), wages are growing faster for people who earn more than the Social Security taxable maximum than for people earning less. The CBO projects that this unequal growth in earnings will cause a decline in revenues received by the Social Security Trust Fund over the next decade. .Finally, the Equal Treatment of Public Servants Act (H.R. 711) also gained one new cosponsor this week. Rep. Jared Nadler (NY-10) signed on to it, bringing the cosponsor total up to 10That bill, if signed into law, would repeal the Windfall Elimination Provision (WEP) while establishing a new formula for the non-covered earnings of future retirees. It would also create a separate formula for retirees who are currently affected by the WEP. TSCL believes H.R. 711 is a sensible step forward, and we hope it continues to gain strong support in the months ahead. .The Senior Citizens League believes the inflation index that is currently used to calculate the COLA – the Consumer Price Index for Urban Wage Earners (CPI-W) – underestimates the inflation that Social Security beneficiaries experience largely because it fails to account for rising Medicare costs. .Susan has rheumatoid arthritis and was taking Humira, a drug that would cost more than ,000 out-of-pocket if she had to purchase it through a Part D plan. Prior to starting Medicare, she paid a .00 per month co-pay for Humira through her husband's insurance. Before starting on Medicare though, Susan decided to try a less expensive older generic, Methotrexate, which costs just .00 per month through her Part D plan.