With unemployment still 5.4%, and less payroll tax revenue to finance the benefits of swelling Social Security rolls, how is the program's financing faring during our 2021 economic recovery? The Social Security Trustees are expected to soon release a much-anticipated annual report that gives us our first real glimpse of how the recession caused by the COVID-19 pandemic affected Social Security's retirement, survivors and disability programs in 2020..Check your health plan's "out-of-pocket" maximum and budget a little more annually for emergencies: Traditional Medicare has no limit on out-of-pocket spending for hospital or doctors' services. But Medicare Advantage plans have annual out-of-pocket limits. On average, the out-of-pocket limits for Medicare Advantage plans is ,037 this year, but limits can be as much as ,700. Check the booklet that came with your plan, or call your plan's customer service number. It's a good idea to budget more than the out-of-pocket maximum for goods and services not covered by Medicare or your plan. For example, your plan may cover eye exams but not glasses. It's also good to have more the out-of-pocket maximum set aside in case you should ever require hospitalization..Social Security's finances depend largely on payroll taxes, tying the strength of Social Security to the strength of the U.S. economy. The U.S. unemployment rate was more than 13.3% through May. That was worse than the 2009 Great Recession, when the unemployment rate reached a peak of 10.6% in January 20With 20.5 million people out of work, combined with a higher number of new claims for benefits as older unemployed workers turn to Social Security, there will be a significant impact on the finances of the Social Security Trust Funds. The degree of the impact depends on how long it takes to get our economy safely up and running again..TSCL agrees with Congressman Garamendi, and we hope to see his CPI-E Act signed into law before the end of the 115th Congress. For more information on H.R. 1251, visit the Bill Tracking section of our website. To read The Senior Citizens League's Loss of Buying Power study, click HERE..Sudden price spikes in older drugs are putting patients at risk of going without vital medicine. A new report by the U.S. Senate Special Committee on Aging uncovered an insidious business model that's leading to monopoly pricing power and astronomical price increases..Social Security represents America's promise that after a lifetime of hard work and paying into the system, senior citizens have earned greater financial security in their golden years, free from abject poverty. Americans expect that when their leaders give their word, they keep it..The Humane Society of the United States, HumaneSociety.org, maintains a comprehensive list of financial aid-related organizations that can help with pet costs. There are animal welfare organizations that can help out with vet bills, either with low-cost care, loans, or grants..and inexpensive generics but she suffered from extreme fatigue and depression..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.

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In addition, according to the CBO's analysis, around 15 million fewer individuals would receive coverage through the Medicaid program, which currently covers the cost of long-term care for one in five Medicare beneficiaries. The BCRA would do away with the current Medicaid reimbursement system where the federal government matches state Medicaid expenditures and replace it with a new formula that would be tied to inflation. If costs grow more quickly than reimbursements as they are expected to, states would likely need to cut benefits, increase taxes, or restrict Medicaid eligibility..This week, the Social Security and Medicare Trustees released their annual reports on the financial health of the programs. In addition, Senator David Vitter's Notch Fairness Act and Representative Buck McKeon's Social Security Fairness Act each gained one new cosponsor..If signed into law, the Consumer Price Index for Elderly Consumers Act would amend the Social Security Act with regard to the annual cost-of-living-adjustment Social Security beneficiaries receive. Currently, the COLA is based upon the spending patterns of young, urban workers as calculated by the Bureau of Labor Statistics the CPI for Urban Wage Earners. This legislation would calculate the COLA based on the spending patterns of seniors, or by using the BLS tracked CPI-E. … Continued

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"You have a whole spectrum of people out there who won't be reassured by any amount of information," he said. "If we don't pay strict attention to safety, this is going to backfire.".Neighborhood, and safety concerns. Does your friend still feel safe living alone? Are there suspicious strangers stopping by asking for jobs like yard work or repaving her driveway? People who live alone are frequent targets of scam and thieves..An excessively low COLA triggers an important provision of law that ensures an individual's net Social Security benefit will not decrease from one year to the next because of an increase in the Part B premium. That's valuable protection. But when the provision is triggered there's no law which specifies how the unpaid portion of Medicare Part B premium increases will be financed. … Continued

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