Borrowing money to fund Social Security and Medicare benefits would not be possible unless that option could win the support of three-fifths of both the House and Senate..Then last week the Centers for Medicare and Medicaid Services announced it will make sure that a COVID-19 vaccine will be made available to all seniors at no cost once a vaccine is approved..Republican lawmakers are voicing deep skepticism about passing another round of ,200 rebate checks as they contemplate the next and possibly final stage of coronavirus relief legislation..The annual COLA is tied to the rise in inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers, maintained by the U.S. Bureau of Labor Statistics. Inflation has been at record lows in most of the seven years since 2009, averaging just 1.2 percent. In the decade prior to 2009, COLAs averaged more than 3 percent. And although low inflation can be helpful to younger wage earners and workers, "it's not always a boon for people receiving Social Security benefits," says Ed Cates, Chairman of TSCL..In April, more than 150 House lawmakers proposed a budget blueprint that would have reformed the Medicare program and cut Social Security benefits by adopting the "chained" CPI, eliminating the COLA for some seniors, and raising the eligibility age. Did you support this budget blueprint, and if so, why?.In addition, one new cosponsor Rep. Marcy Kaptur signed on to Rep. Peter DeFazio's No Loopholes in Social Security Taxes Act, bringing the total to twenty-eight. Rep. DeFazio's bill would subject all income over 0,000 to the Social Security payroll tax, reportedly adding another fifty years to the solvency of the Trust Fund. Currently, the payroll tax is capped at 3,700, and no income over that amount is taxed..The CPI-E Act, if signed into law, would amend the Social Security Act with regard to the annual cost-of-living adjustment for Social Security and Medicare benefits. Currently, the COLA is based upon the spending patterns of young, urban workers, but this legislation would calculate the COLA based on the spending patterns of seniors..Open Enrollment on the new health exchanges starts November 15 and will run for about one month. But even after a year of technical problems and significant repair efforts, the Government Accountability Office recently warned Congress that the federal exchange may continue to have more enrollment problems. Nevertheless, due to the high cost of insurance and potential tax repercussions, TSCL recommends that you start early and be persistent about finding your best plan..You may possibly qualify for a divorced spouse Social Security survivor's benefit that would be the same as what a widow would get, but you have a number of options that you need to carefully think through. If you receive survivors benefits as a divorced spouse now, you can switch to your own retirement benefit later if it is higher than your widow's benefit.

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The current Social Security system is like "longevity" insurance. Workers pay into the system through payroll tax withholdings up to the taxable limit on earnings. In return, retirees, and dependents on their account, receive monthly income when they claim benefits. According to projections by Johnson, an age - 66 retiree, who claims benefits in 2017 with an average benefit of ,300 a month, can expect to receive roughly 0,000 over the course of a 25- year retirement, assuming a 2.2 percent annual cost-of-living adjustment.."Splitting pills, taking prescriptions every other day, or simply not refilling prescriptions is hazardous to health, especially when the drug is an essential one for conditions such as diabetes," says Johnson, whose mother was a diabetic. "The process of comparing plans can be a chore and confusing. But there are Medicare counselors in every state who are available to help beneficiaries compare and select the best choice of coverage, with free one - on - one counseling," Johnson explains..By Jessie Gibbons, TSCL Legislative Director … Continued

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Medicare spending in 2013 accounts for 16% of the federal budget. That spending is projected to almost double as a share of the nation's economy in coming years, according to the Congressional Budget Office. The House, Senate, and the President's budget plans contain a number of provisions that would cut federal spending on Medicare. But how do senior voters view the proposals?.According to TSCL's research, Barbara is correct. Since 2000, Social Security benefits have lost 30 percent of their buying power due to inaccurate COLAs, and in the last year alone, they have lost 7 percent. This loss of purchasing power has occurred because Social Security COLAs are based on the spending patterns of young, urban workers not the spending patterns of retirees..Nationwide, nearly 1.5 million people are affected by the WEP, meaning that those who receive a public pension from a job, and are not covered by Social Security, see their benefits reduced. For example, a teacher who spends summers working a second job, or a first responder who leaves the force after years of service, but is not yet ready to retire, can see his or her benefits reduced by up to 40 percent. … Continued

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