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Retirees are rightfully anxious about financing healthcare in retirement. Some retirement experts estimate that a 65 - year - old couple who retired in 2016 would need 0,000 for medical expenses throughout retirement and 0,000 if you include the costs of long-term care..Boosting Social Security benefits for everyone. The proposed boost would equal 2% of average benefits..On Wednesday, lawmakers on the Senate HELP Committee held a courtesy hearing to question Representative Tom Price, a Congressman from Georgia and an orthopedic surgeon who has been nominated to fill the position of HHS Secretary. Both the Social Security Administration and the Centers for Medicare and Medicaid Services fall under the jurisdiction of HHS, and the agency has one of the federal government's largest budgets at trillion..I believe Social Security is a promise made to hard working Americans a promise that must be kept. We need to improve our economy to get folks back to work and paying into the program so our children and grandchildren have access to the same social safety net. I will work with my colleagues on both sides of the aisle to keep these promises made to seniors and it starts by passing H.R. 973..An ongoing study of the buying power of Social Security benefits, a special project of TSCL, has found that, since 2000, COLAs increased Social Security benefits by a total of 46%, but the typical expenses of older households grew more than twice as fast - 96.3%. For every 0 a retired household spent in 2000, the same household can only buy about worth of goods and services today..Congress Adjourns for Summer Recess.People 65 years and older should get a flu shot, not a nasal spray vaccine. They can get any flu vaccine approved for use in their age group with no preference for any one vaccine over another. There are regular flu shots that are approved for use in people 65 years and older and there also are two vaccines designed specifically for this group:."Medicaid plays an essential role for both low - income older Americans and middle -income seniors made poor by their health care costs," Johnson notes. Medicaid benefits can include paying premiums and out - of - pocket costs for Part B coverage. It is also the primary payer of costs not covered by Medicare, including nursing home care..This year, for the first time since the early 80's, the Social Security Trust Fund that pays retirement and survivors benefits fell into deficit and is paying out more than it receives in payroll taxes and taxes on Social Security benefits. In years in which there was an excess of Social Security taxes, the federal government used the surplus revenues for other purposes and then credited the Trust Fund with special non-marketable government bonds representing IOUs. But with the recession and prolonged economic recovery, the taxes that fund Social Security plunged. At the same time, enrollment is soaring as seniors who have lost their jobs turn to Social Security early. When the Trust Funds don't receive enough tax revenues, then the government must find the cash to redeem the IOUs to pay benefits. The only options Congress has is unsustainable levels of borrowing, tax increases, or cutting benefits.

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Bringing Newly Hired State and Local Workers Into The Social Security System: Currently 96 percent of U.S. workers are covered by Social Security; most of the remaining four percent are covered by federal, state and local pension plans and do not contribute to Social Security. Bringing newly hired state and local workers into the system by 2021 would make Social Security more inclusive and increase its revenues. This proposal would close about eight percent of the program's 75-year shortfall..According to a news report we've seen, groups that support President Trump are urging him to take a "hard look at mandatory spending, the root cause of the United States' fiscal woes." And when they say "mandatory spending" they are talking about Social Security and Medicare..The Congressional Budget Office estimates that there would be costs both to Social Security and Medicare, primarily for disability benefits starting as early as 2017, assuming enactment into law this year. The CBO said, however, that the new TSCL-supported amendment would save the programs about billion over the first 20 years, with the savings growing greater in the future. … Continued

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For more tips like these to save on your Medicare costs and to maximize your Social Security benefits, sign up for The Senior Citizens League's Social Security & Medicare Advisor newsletter here or call for more information..Third, the Standardizing Electronic Prior Authorization for Safe Prescribing Act of 2018 gained three new cosponsors in Representative Todd Rokita, Representative Jackie Walorski, and Representative Roger Marshall, bringing the new cosponsor total to six. If signed into law, H.R. 4841 would allow for and standardize electronic prior authorization for Medicare Part D beneficiaries..How to Hold That Thought … Continued

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