News

  • How Much Of Your Social Security Is Taken By Medicare Costs

    It remains to be seen how the CR debate will unfold in the coming weeks, but TSCL will monitor it closely since another government shutdown could have serious effects on Social Security and Medicare beneficiaries. For updates as the situation develops, visit the Legislative News section of our website. .TSCL Gears Up For Busy New Year .The database that compares health plans and Medigap policies does not give specific costs, but supplies a range of likely costs. I find some of the estimates confusing and misleading because they are based on certain government assumptions about the services an "average" Medicare recipient uses. Because nobody is "average," this may over or under state costs in your specific case depending on your health. … Continued

  • Weekly Update For Week Ending September 12 2020

    In coming years, growing program cost pressures could mean that some illegals may benefit from the use of invalid and fraudulent Social Security numbers at the expense of others who worked and paid into the system legally. TSCL's new 2014 Senior Survey found that 87 percent of respondents favor prohibiting payment of Social Security benefits calculated on earnings from unauthorized work by illegal immigrants. TSCL supports legislation that would prohibit earnings under invalid and fraudulent Social Security numbers from use in determining entitlement to Social Security benefits. .Under current law, the Medicare program excludes coverage of most routine and emergency dental care, leaving around 70 percent of seniors without comprehensive dental insurance coverage. Will you support the Medicare Dental Benefit Act (S. 22) to ensure that seniors have access to essential health care? .TSCL Meets with Members of Congress … Continued

What you can do: To sign a petition, click here. .Each year, the "taxable maximum" increases according to growth in the national average wage index. However, the percentage of earnings subject to the payroll tax has decreased over time, since earnings by the wealthiest have grown faster than earnings by the rest of the population. Increasing the "taxable maximum" to cover a larger portion of income could responsibly cover the cost of the Notch Fairness Act. Third, Congress could allow the temporary Social Security payroll tax holiday to expire. For nearly two years, employees have enjoyed a two - percent payroll tax cut, but it has done little to stimulate the economy and it has undermined the self-sustaining nature of Social Security. .Given that disabled beneficiaries would receive on average 0,000 prior to transferring to Social Security benefits, even the smallest error in determining eligibility can result in significant overpayments. TSCL believes that the government should make every effort to perform timely continuing disability reviews (CDRs) to ensure that benefits are only paid out to those who are eligible. The Social Security Administration estimates that every spent on medical CDRs yields about in SSA program savings over ten years. Currently the CDR backlog stands at 1.2 million. SSA's goal for FY2013 is 435,000 CDRs based on the current level of funding. .The age at which you start Social Security is for most people the biggest financial decision you will ever make. But according to TSCL's annual Senior Survey, 71% of survey participants said that prior to starting Social Security benefits, they had no idea of the amount of money they could expect over a typical 20 to 30 year retirement. That lack of financial information can have big consequences for your standard of living in retirement, your success at making your retirement finances last, and ultimately how much you enjoy retirement. . Find out which drug store has the lowest cost-sharing before you fill. Your cost sharing can be dramatically higher depending on where and how you fill your prescription (retail versus mail order). Make sure you are using a preferred vs. standard network pharmacy and compare the prices of retail pharmacies with getting a 90-day supply from your drug plan's mail order pharmacy. For example, if you are enrolled in the Wellcare Wellness Rx plan and get your Eliquis from a standard in-network pharmacy, your copay for Eliquis after the 5 deductible would be during the initial coverage phase, and 7.38 in the Part D coverage gap. However, if you get your Eliquis from a preferred in-network pharmacy the co-pay is .00 during the initial coverage phase and 3.36 in the coverage gap. Depending on where you live, and your drug plan's mail order pharmacy, sometimes you may save a little more using mail order. .There's an old saying: "Laws are like sausages; it is better not to see them being made." .Make no mistake: millions of American families and our entire economy depend on getting mature workers the right skills for today's jobs. We need them back at work, earning good salaries, investing in their retirement, mentoring young workers and driving our economy forward. .How the Coronavirus Pandemic Is Affecting the Finances of Older Households .This week, action on Capitol Hill slowed down as Members of Congress adjourned for a holiday recess.