Because Medicare Part B premiums are automatically deducted from Social Security benefits, retirees find it difficult to fully anticipate the squeeze that rising Medicare Part B can put on benefits and their budgets. In the past 15 years the percentage of the Social Security COLA increase has been lower than Medicare Part B premium increase 9 times..In order to cover shortfalls - in 2021, and every year thereafter - the Social Security Trust Fund will liquidate the special issue bonds it holds in order to pay scheduled benefits until the program becomes insolvent. According to the Social Security Trustees in 2020, without Congressional action, the combined Social Security Trust Fund will become insolvent around 2034, a little more than ten years from now. At the time of insolvency, Social Security will only receive enough revenues to pay about 77% of benefits. In other words, Congressional inaction could result in an automatic benefit cut of about 23%..With Medicare outlays spiraling due to outlays for COVID-19, Congress recently passed legislation to head off an expected Part B premium spike, by restricting the increase for 202TSCL has been warning about the potential of a low cost of living adjustment and spiking Medicare premiums since July of this year..Why is this important for TSCL supporters?.Also this week, seventeen new cosponsors signed on to Rep. Rodney Davis's Social Security Fairness Act, bringing the total up to thirty-eight. In addition, one new cosponsor signed on to Sen. Mark Begich's Social Security Fairness Act in the Senate, bringing the total to four. Both bills, if signed into law, would repeal the Government Pension Offset and the Windfall Elimination Provision two provisions that unfairly reduce the earned Social Security benefits of millions of teachers, firefighters, peace officers, and other state or local government employees each year. TSCL firmly believes that the GPO and the WEP should be repealed immediately so that dedicated public servants receive the retirement security they deserve. H.R. 1795 and S. 896 would do just that, and we were pleased to see eighteen new cosponsors announce their support this week..If you don't want diabetic testing supplies delivered to your home, you can go to any local store that is enrolled in Medicare and buy them. Ask if the local store accepts "assignment" or the Medicare approved amount as payment in full. If they do not, the store may charge more than the 20 percent coinsurance and any unmet deductible. Shop around. Call your local stores and find out what your copayment would be first if you decide to pick up supplies instead..There is a warm can of soda sitting on the window ledge..CMS has also partnered with the Department of Justice to help to increase law enforcement efforts for Medicare fraud and abuse. In 2009, the Health Care Fraud Prevention and Enforcement Action Team was established to provide a law enforcement arm to the government's effort to stem the tide of Medicare fraud and abuse perpetrators. The special task force combines authorities from local, state, and the Department of Justice and Health and Human Services agencies to increase communication and shared investigative techniques..That doesn't even include any other Medicare costs, which are illustrated in the following chart, or costs that aren't covered by Medicare including dental and vision services.
