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..The Social Security Fairness Act, if signed into law, would amend the Social Security Act by repealing the government pension offset and the windfall elimination provision. TSCL believes that these two provisions unfairly reduce the earned Social Security benefits of millions of teachers, firefighters, peace officers, and other state or local government employees each year. We were pleased to see support grow for the Social Security Fairness Act this week..As the Affordable Care Act continues its scheduled implementation, many seniors will begin to see small changes in Medicare coverage and tax rates. A few modifications have already taken effect this year, including new federal subsidies that will lower the cost seniors pay for prescriptions filled in the "donut hole." There's also an increased threshold for itemized deductions of medical expenses, and Medicare tax increases for some with investment income..One of the Biggest Financial Mistakes You Can Make In Retirement.While you can count medical bills for you, your spouse and dependents listed on your tax return, you may also be able to count some medical expenses that you paid for a family member who's not considered a dependent for tax purposes. This is the sort of question you should discuss with a tax professional..At least one participant, CVS Health, plans to begin offering vaccinations to "eligible populations" using doses from the federal program on the first day, Feb. 1The pharmacy chain expects to receive about 250,000 doses that will be rolled out at approximately 330 stores across 11 states including California, Texas, Virginia, and New York..Indeed, the Social Security Administration does not "promise" a specific amount of benefits, but they do not promise to replace a specific percentage of pre-retirement earnings either. Both benefit amounts and "replacement rates" can change at any time if Congress and the Social Security Administration deem it necessary. Prior to the 1977 changes, the replacement rate was not a stable percentage. For people who retired under the 1972-73 flawed formula, replacement rates grew from 39% to a high of 54%. The new benefit formula led to a lower, more stable replacement rate of about 43%, as well as lower benefits..It they can't do that they will have to pass a longer CR which would take the funding issue well into January of next year and the new Congress will have to deal with it as its first order of business..Currently, 62 percent of Americans ages 65 and older suffer from multiple chronic conditions which require person-centered, coordinated care. Direct Care Workers, such as nursing assistants, home health aides, or personal care aides provide an estimated 70 to 80 percent of the paid, hands-on, long-term care and personal assistance received by older adults in the U.S. DCWs are not, however, often recognized as essential contributors to care teams. Few existing models provide DCWs with the advanced training necessary to take on increased responsibilities.
