News
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Ask Advisor December 2014
Medicare's Trustees reported in April that the Part A Trust Fund, which covers hospital insurance and inpatient care, would run out of money by 202That estimate, however, does not factor in the impact of the coronavirus on the program. New estimates are coming in that the pandemic could cause the Part A Trust Fund to become insolvent much sooner. The Committee for a Responsible Federal Budget, a group of nonpartisan budget experts focused on fiscal policy, estimates that the pandemic will cause Medicare Part A to run low in 2023 or 2024 —as little as two to three years from now. .Despite tightening the law, Congress did not fix a policy loophole that would be inadvertently triggered with the passage of comprehensive immigration reform legislation. When determining entitlement for insured status, and when calculating the initial retirement benefit, the Social Security Administration (SSA) uses all reported earnings from covered employment in the United States, even if the earnings were from illegal or "unauthorized" work. (2) .The House-passed bill eliminates the medical expense deduction, which approximately 5 million taxpayers over the age of sixty-five rely upon when their out-of-pocket medical costs total more than 10 percent of their annual income. The elimination of this deduction would be a catastrophic financial loss for those who find themselves in need of costly in-home or nursing home care. Congressman Kevin Brady (TX-8) – the chairman of the bicameral conference committee – said this week that he hopes to keep the deduction in place, but discussions remain up in the air. … Continued
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Congressional Corner Medicare Should Protect Your Teeth Too
COLAs Going To Be Flat In 2014 .Home care, though, is much cheaper, overall. The yearly average cost, per person, of a nursing home to Medicaid is ,000 compared with ,000 for home care workers, according to one expert. .If I received the ,000 Lump-Sum Settlement, would I then lose my monthly Social Security check? Would the amount of the check be raised to the level that it should have been all along? … Continued
Even though flying is a relatively low-risk activity, traveling should still be avoided unless absolutely necessary. .Medicare's Trustees reported in April that the Part A Trust Fund, which covers hospital insurance and inpatient care, would run out of money by 202That estimate, however, does not factor in the impact of the coronavirus on the program. New estimates are coming in that the pandemic could cause the Part A Trust Fund to become insolvent much sooner. The Committee for a Responsible Federal Budget, a group of nonpartisan budget experts focused on fiscal policy, estimates that the pandemic will cause Medicare Part A to run low in 2023 or 2024 —as little as two to three years from now. ."We should not allow health insurers to limit how much cost-sharing assistance can help patients at the pharmacy counter," the spokesperson said. .This week, lawmakers in the House and Senate adjourned for a week-long recess. In addition, The Senior Citizens League saw three key Social Security and Medicare bills gain support in the House. .Sixty-five percent of people surveyed by The Senior Citizens League support lifting the thresholds that subject Social Security benefits to taxation. The Senior Citizens League is seeking input from the public on this issue. To participate in a survey about Social Security and Medicare, visit . .My daughter's father-in-law lives with them and he looks really sick. I urged my daughter to take him to the doctor. My daughter tells me that she learned that he doesn't have Medicare Part B. He's 81 years old! After spending hours on the phone, she learned that he will have to pay an extra 0 per month for his Medicare Part B coverage, in addition to the 8.50 for 202Can this be correct? What can she do? .Medicare Therapy Caps: A Long Battle for Patient Access .In Washington, my priority is helping improve the lives of the American people, and that includes addressing our nation's retirement system to ensure it serves our seniors more effectively. One way Congress did this was by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 201This bill, which passed with my support, will streamline and update our nation's retirement system in several ways, including removing the age limitation on IRA contributions, increasing access to retirement plans by allowing small businesses to join together to offer plans, and allowing penalty-free distributions from a retirement account for the birth or adoption of a child. This legislation isn't perfect, but it is a step forward, and I am glad the SECURE Act was passed into law at the end of 201While approximately half of American households still don't have an option for work-based retirement plans, as a nation we must continue to work to advance access to retirement savings vehicles and decrease barriers to entry for small employers who want to offer savings plans to their employees. .On Tuesday evening, President Obama gave his fifth State of the Union Address before both chambers of Congress. To The Senior Citizens League's (TSCL's) surprise, the sixty-five minute speech included no mention of Social Security or Medicare, but the President did speak briefly about immigration reform and a new retirement savings plan called "myRA."