The chances are high that the next president of the United States will sign into law legislation that reforms the Social Security program and extends the solvency of the trust fund beyond 2034, its projected year of exhaustion. For years leaders in Washington have been authoring sweeping plans that would enact major benefit cuts like reduced cost-of-living adjustments or increased eligibility ages in order to strengthen the financing of the program. But the unpopularity of those plans with voters ensured those plans never went anywhere..If your "provisional" income is over the base amount, then a portion of your Social Security benefits would be taxable. Up to 50% of your Social Security benefits are taxable if your provisional income is above ,000 to ,000 if you file singly, or above ,000 to ,000 for joint filers. If your provisional income exceeds ,000 or ,000, up to 85% of your Social Security benefits are taxable..New legislation before the House and Senate would repeal the Windfall Elimination Provision and the Government Pension Offset so that public servants receive the Social Security benefits they have earned and deserve. Will you cosponsor the Social Security Fairness Act when you return to Washington on Monday?.In a statement, Mary Johnson a policy analyst for The Senior Citizens League said this week: "This could be particularly problematic for older, low-income Americans who represent a disproportionate share of Medicaid spending … Capping and adjusting payments to states would take benefits away from millions of low-income families, including disabled and older Americans in nursing homes, all to pay for massive tax breaks for the very wealthiest U.S. households.".One TSCL concern remains regarding the possibility of some seniors losing their prescription drug coverage from their former employers. Therefore, we supported incentives to help businesses continue to cover their former employees. We will continue to monitor this development to help ensure that retirees are given the option to maintain coverage that they are used to and prefer..The soda is getting warm, and I decide to put it in the fridge to keep it cold..On the other hand under Medicaid, net drug prices are heavily influenced by two rebates that are required by law. Manufacturers of brand name drugs must pay a rebate equal to 23.1% of the average price that manufacturers charge to pharmacies. In addition, for generics, manufacturers are required to pay a rebate of 13% of the average price they charge to pharmacies..On Wednesday, the Social Security and Medicare Trustees released their annual reports on the financial outlook of both programs. As expected, they found that Social Security and Medicare are experiencing long-term financing shortfalls. Social Security's combined trust funds are expected to be depleted in 2034, which remains unchanged from last year's report. Medicare's Hospital Insurance trust fund is expected to be depleted in 2028 two years earlier than the trustees projected last year..partnership programs available in several states.

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Since 2009 the COLA was zero in 2010, 2011, and 2016, and only 0.3 percent in 201Since 2010, the COLA has averaged just 1.2 percent, compared to the prior decade, 2000 through 2009, when the COLA averaged 4 percent..Despite receiving the largest Social Security cost of living adjustment in five years, the majority of retired and disabled beneficiaries will not see any increase in their net Social Security benefits in January, warns The Senior Citizens League. A big jump in Medicare Part B premiums is to blame. The Centers for Medicare and Medicaid Services recently announced that the Medicare Part B premium will be 4 for next year. That's the same amount that the Part B premium is today, but tens of millions of Medicare beneficiaries are paying less than that this year. Millions of beneficiaries pay roughly less - and their annual COLA may not be enough to cover the difference..The BPC released its own estimate of the impacts of a coronavirus recession on Social Security, projecting that it would accelerate the depletion of the trust fund from 2035 to 202Without any changes, a depletion of the Social Security trust fund would trigger program wide benefit cuts of 23%, as benefits adjust to the level of revenues still received by the program. … Continued

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Because Medicare is such a crucial program, most members of Congress usually stumble over themselves to protect it. However, if the situation ever presents itself, they will use threats to Medicare to bash the other party..Heap's story is part of a major investigative series on Medicare drug fraud, by the independent, non-profit investigative news organization ProPublica. Reporters, using Medicare's own data, were able to identify scores of doctors whose prescribing within Part D followed known patterns of fraud. ProPublica's investigation found that "Medicare's system for pursuing fraud is so cumbersome and poorly run that schemes quickly siphon away millions." The stories are drawing a remarkable reaction from the normally snail-paced Medicare. The agency recently announced plans to better control prescription drug fraud, including new authority to revoke doctors' Medicare enrollment if patterns of abusive prescribing are found..Medicare Advantage plans merit a serious look, but you need to understand the pros and cons to determine the best fit for your budget without sacrificing insurance protection. The costly trade - offs to lower Medicare Advantage premiums often don't start showing up until you get sicker or need hospitalization. Some key considerations: … Continued

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