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The study examined the increase in costs of 39 key items between 2000 and January 201The items were chosen because they are typical of the costs of most Social Security recipients, and include expenditures like the Medicare Part B premium, that are not measured by the index currently used to calculate the COLA. Of the 39 items analyzed, 25 exceeded the percentage of increase in the COLA over the same period. "This study illustrates why legislation is needed to provide a more fair and adequate COLA," Johnson says. "To put it in perspective, the same 0 worth of groceries that a retiree household could buy in 2000, can only buy worth today," Johnson adds..This week, the Congressional Budget Office released its analysis of the Senate's new Better Care Reconciliation Act, and leaders in the Senate postponed a vote on it until after the week-long holiday recess..Second, one new cosponsor Senator Debbie Stabenow signed on to the bipartisan Beneficiary Enrollment Notification and Eligibility Simplification Act, bringing the cosponsor total up to three. If adopted, S. 1909 would simplify and modernize the complex Medicare enrollment process..Here's how one TSCL-backed proposal the Social Security 2100 Act would restore the program's solvency through the next century while strengthening benefits for older Americans..Research conducted by Johnson for The Senior Citizens League has found that Social Security benefits have lost 34 percent of their buying power since 2000 because the index used to calculate the annual cost-of-living-adjustment increase doesn't adequately factor in the cost increases experienced by retirees. In 2000, for example, it cost 5 to fill up a 500-gallon home-heating oil tank. The average benefit amount in 2000 was 6, leaving older homeowners with 1 to put toward other household expenses. Today, it costs about ,640 to fill the same oil tank, but those who received benefits of 6 in 2000 only receive ,193.10 in 201"That leaves older consumers digging into savings or borrowing to make up the difference of 6.90," Johnson says. "The Social Security loss of buying power for 2018–2019 appears likely to continue to get worse.".During women's working years they tend to earn less than men for the same work. In addition, many women also take time out of the workforce to have children, or to provide care for aging family members. Some women do both, leaving low earnings and even zeroes in the earnings record that the Social Security Administration uses to determine their retirement benefit..In a way that's not news. You already knew prices had been going up and so did we at TSCL. But it's nice to have the facts to back us up..Some home healthcare can be deductible. In order for home healthcare expenses to be deductible, those who require the care must be unable to perform two or more of six activities of daily living and have a plan of care from a physician that specifies help with these tasks..Medicare has been subject to automatic 2 percent spending cuts since 2014, enacted as a provision of the Budget Control Act of 201Providers continue to bill Medicare in the normal way, but they are only paid 98 cents on the dollar. According to a FAQ from the House Committee on the Budget, the Medicare spending cut for the government's fiscal year 2021 which starts October 1, 2020, will reduce spending by .2 billion.

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"Medicare is also in the cross - hairs for massive changes," Johnson says. The budget resolution stipulates major changes that would focus Medicare on a system of private insurers, and provide beneficiaries with premium subsidies to shop for their own health insurance. A Congressional Budget Office report has found that similar proposals in the past would shift a growing portion of costs to older Americans. In that 2013 report, the CBO estimated that Medicare beneficiaries' premiums would be about 30 percent higher by 2020 than under current law..By Jessie Gibbons, Legislative Director."The 6.7 percent increase in the Part B premium is the largest since 2006 for a year in which a COLA is payable," Johnson says. There have been bigger jumps in Part B premiums as recently as 2016 and 2017, but those were two years in which there was no or almost no COLA paid. This situation can cause unusually high Part B premium spikes. … Continued

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A survey conducted by TSCL earlier this year found that 73 percent of people responding strongly oppose a widely debated proposal to cut benefits by switching to a more slowly-growing COLA index. Sixty-five percent, however, strongly favor raising the taxable maximum income cap and requiring high income workers with wages of more than 7,000 to pay taxes on all earnings..Prior to 1984 Social Security benefits weren't taxed, and when the tax on benefits was first enacted in 1983, Congress sold it to the public saying it affected "high income" beneficiaries. At that time, only 10% of Social Security beneficiaries paid the tax. But during the 2015 tax season, an estimated 56% of Social Security beneficiary households will owe federal income taxes on part of their benefit income according to the Social Security Administration..Congress Should Work Together to Strengthen Social Security … Continued