News
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9 Of Seniors Prefer Checks To Electronic Deposits
The high cost of treatment is a frequently cited barrier by those who are not getting the dental care they need. Elizabeth H., a retiree living in Colorado told us "I do not have the ,000 I was told that I needed to get my teeth fixed. They need to either be pulled and a bridge put in, or root canaled. Being on a limited income, I do not see getting any of this done, and so it affects my health negatively. Without dental care, I'm not as healthy as I could be." .More information available on our website: .Since enactment 84 years ago, Social Security has been the most reliable source of retirement income that most retirees have. That said, our current Social Security program has a funding imbalance that's creeping forward. In 2018 the Congressional Budget Office reported that Social Security's total benefit costs exceeded its total income, including (for the first time) the "interest" income on the special obligations bonds, or I.O.U.s that are held by the trust fund. According to the Social Security Trustees, from here forward, Social Security benefits will be financed with a combination of payroll taxes, revenues from the taxation of Social Security income, "interest" income from the special obligation bonds, and net redemptions of those bonds, until the reserves held from the Trust Funds are depleted. … Continued
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New Legislative News Post Feed
Medicaid Cuts Would Hit Notch Babies And Families Hardest .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. .Recently I had a chance to learn how to do a better job at decision - making by taking a course through the Osher Lifelong Learning Institute at the University of Virginia. Instructor Terry Newell's work focuses on values-based leadership, ethics, and better decision making — skills for which there is very high demand — but all too short supply. Here are some insights from Dr. Terry Newell: … Continued
Please join us in our drive to gather 100,000 signatures on a petition to the White House by clicking Here to sign our petition or by pasting this into your address bar: https://petitions.whitehouse.gov/petition/stop-calling-payroll-tax-cuts-and-preserve-social-security-and-medicare .If adopted, H.R. 1716 would prohibit unauthorized workers from receiving Social Security benefits based on work done while in the country illegally, using stolen, fake, or fraudulent Social Security numbers. TSCL was pleased to see support grow for H.R. 1716 this week, and we will continue to advocate for it on Capitol Hill in the months ahead, since we feel that protecting the integrity of the Social Security program is of utmost importance. .Let's assume you are 30 months from attaining your full retirement age of 6Your monthly widow's benefit would be reduced about 11.9% or 2.60 and you receive ,328.80 or ,277.40 per month (,450 - 2.90 = ,277.40). Let's also assume you currently earn ,000 a year. Under the earnings restriction rule your benefit would be reduced for every over the limit, while you are under your full retirement age. Your earnings are ,360 over the annual limit (,000 – ,640 = ,360). Your benefits would be reduced by ,680 (,360/2 = ,680). That would leave you ,648.80 in benefits (,328.80 – ,680 = ,648.80). Social Security will withhold your benefits for 6 full months and you would then receive your ,277.40 monthly payment for six months. .TSCL was stunned to learn just how big the disparity in drug prices can be. Johnson compared the highest and lowest prices of the top ten most-prescribed drugs in the U.S. using the Drug Plan Finder found on the Medicare website. The overall average cost difference between the highest - and lowest - cost plans for the top ten drugs was 3 per month. Johnson's comparison used one zip code as a control since prices vary depending on the part of the country where an individual lives, as well as between plans. In Johnson's zip code she had 23 plans to compare. .Participants in The Senior Citizens League's surveys indicate that household medical expenses consume a significant portion of their monthly income. More than 39 percent of respondents to a recent survey say that they spend more than 0 per month on Medicare and other healthcare costs. In 2020, the average Social Security benefit is ,460, but the 1.6 percent COLA raised the average Social Security benefit by only .40 per month this year. The following chart illustrates ten of the fastest growing retiree costs since 2000. .Federal prosecutors recently announced the biggest-ever one-day takedown of a phony Medicare billing scheme. One hundred seven people were charged, including doctors and nurses in seven U.S. cities, with taking part in a scheme to steal 2 million from Medicare. About the same time, the Inspector General of the Department of Health and Human Services reported that federal investigators have uncovered questionable billings at 2,600 drugstores nationwide. A pharmacy in Kansas billed Medicare for more than 1,000 prescriptions each for just two patients. Medicare paid .6 billion to the drugstores whose billings are now being questioned. While those announcements generated great election year headlines, the fact is that seniors and taxpayers can only hope to see a tiny fraction of Medicare's money recovered. .However, MA insurers have already begun taking steps to reduce their costs in order to account for the cuts from CMS. As was noted in last week's legislative update, UnitedHealth – one of the largest MA plan providers – has dropped thousands of doctors from its networks, leaving many seniors doctor-less. It expects its physician network to be 85 percent of its pre-Obamacare size by the end of this year. TSCL is concerned that additional cuts to MA in 2015 will harm beneficiaries in other ways, by driving up premiums and reducing benefits. .Why does that happen? .In shopping for housing you will find that many senior living communities have medical criteria for acceptance. Since your sister has no children, she may need a facility that provides a continuum of care. As her health declines, she would move from independent living to assisted living, and finally nursing or memory care as her health declines. If her income is limited, all the more reason to start looking for affordable facilities ahead of time. It's not uncommon to encounter waiting lists at the most desirable facilities.