News

  • Tag Rising Costs

    Generic drugs account for 84% of drugs sold nationally, but only 12% of spending. .The Congressional Budget Office recently estimated in their September budget outlook that Medicare outlays for 2020 would rise about 12 percent — roughly double the rate forecast by the Medicare Trustees in their April 2020 report. This suggests that the Medicare Part B premium increase for 2021 could be about .40 per month higher in 2021, rising from 4.60 to 2.00. But even this estimate does not include the impact of cost shifting due to protecting people with low Social Security benefits from reductions due to the high Medicare Part B increase. .We are no longer physically able to work, so we're concerned that current Social Security and Medicare benefits and future COLAs will be cut via D.C. shenanigans and slight-of-hand legislation, thus making our financial situation worse. … Continued

  • Whats The Most Important Priority For Congress In Coming Months

    The U.S. – Mexico Totalization Agreement—which was signed by the Social Security Administrations of both the U.S. and Mexico in 2004, and is due to undergo review by the current or future President(s)—continues to pose a threat to Social Security beneficiaries. Because of a loophole, if the President signs the final Executive Totalization Social Security Agreement with Mexico, it could lead to Social Security benefits going to individuals who worked in the U.S. while illegal. .But New Co-Pay "Tiers" May Raise Some Costs .Over the past 8 years COLAs have been at record lows, averaging just 1.1 percent. During three of those years there was no COLA at all, and in 2017, the COLA was just 0.3 percent. But inflation, especially for the goods and services used by older Americans, has continued to grow more quickly than annual COLAs. … Continued

The loss of a job entitles each of you to a Special Enrollment Period (SEP), but the rules and deadlines will differ for each of you. Because your husband is under the age of 65, he should check options for coverage on the Health Insurance Marketplace (www.Healthcare.Gov). Because of your husband's job loss, your income may be lower and he may qualify for an advance premium tax credit subsidy that would lower the cost of premiums. .Sources: "Humana Inc. Overcharged Medicare Nearly 0 Million, Federal Audit Finds," Fred Schulte, NPR, April 20, 202"Insurers Running Medicare Advantage Plans Overbill Taxpayers By Billions As Feds Struggle to Stop It," Fred Schulte and Lauren Weber, Kaiser Health News, July 16, 201"Reducing Medicare Advantage Overpayments," Committee for a Responsible Federal Budget, February, 23, 2021. .Increase income. On average, older Americans get about 34% of their total income from Social Security; 33% from earnings; 11% from personal assets such as money in IRAs, 401(k) plans and taxable accounts, and 22% from pensions. To boost income, they could invest more aggressively in higher-yielding and perhaps more risky assets, such as long-term bonds and high-dividend-paying stocks; go back to work; or if they are still working, take on more hours. .The Senior Citizens League thanks Senator Sanders and Representative Larson for their leadership on this important issue, and we look forward to working with their offices in the months ahead to help build support for their bill. For more information about the Social Security Administration Fairness Act, visit the Bill Tracking section of our website. For progress updates, follow TSCL on Twitter. .Should seniors with Medigap supplements that provide "first dollar coverage" be required to pay more up-front? Should Medicare continue to pay for services based on medical necessity, or should the government change to a system "based on evidence of the value of services?" Congress may be debating these questions this month when the Medicare Payment Advisory Commission (MedPAC) issues its June report to Congress. The idea is to make Medicare beneficiaries "think twice" before scheduling doctor, outpatient services, or hospital stays in order to reduce government spending on Medicare. .If adopted, this bipartisan bill would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two Social Security provisions that cut the benefits of millions of teachers, police officers, and other state or local government employees. By repealing these two provisions, the Social Security Fairness Act would ensure that all public servants receive the Social Security benefits they have earned and deserve. .A monthly supply of diabetes drug Lantus Solostar, for example, ranges from a high of 2.00 from the mail - order pharmacy of First Health Part D Value Plus plan to a low of .75 from the network retail pharmacies for SilverScript Choice, a difference of 4.25 per month. .Sources: "Latino Voters and the 2010 Election: Numbers, Parties, and Issues, National Council of La Raza, 2010. .TSCL recently asked their members and supporters how no COLA in 2016 would impact their budgets. "They told us they will struggle to cover the costs of prescription drugs, car repairs, property taxes, rising food costs, and even their most basic needs next year," Cates says. "Simply put, Americans living on a fixed income cannot afford to go without a COLA, and we are concerned about the impact recent years of record - low COLAs will have on the long-term adequacy of benefits for millions of people who depend on COLAs," Cates explains.