News

Health insurers are pushing back, and are warning that the cost of new coverage could limit other benefits they offer in private Medicare Advantage plans - such as free transportation to medical appointments or free over-the-counter drugs..Creating a new minimum benefit for low-income retirees set at 25% above the poverty line ;.Nonetheless, TSCL will keep a close eye on the bill's movement in the coming weeks, since it could have a significant impact on the Social Security and Medicare programs. For updates, visit the Legislative News section of our website..Most Americans contribute 6.2 percent of every paycheck to Social Security, but workers earning over 2,900 contribute nothing over that amoun,t due to a payroll tax cap. Around 75% of Social Security beneficiaries believe the Social Security taxable maximum should be eliminated to extend the solvency of the Trust Funds responsibly, without cutting benefits. Do you agree?.The plan released this week is not expected to be adopted or even to win any bipartisan support on Capitol Hill. However, it does mark the start of the fiscal 2016 budget negotiations, and it lays out the line-by-line needs of the federal agencies for appropriators. Soon, the House and Senate Budget Committees will release their own spending blueprints for fiscal 2016, and TSCL expects to see proposals that would dramatically alter the Social Security and Medicare programs. We will keep a close eye on the negotiations as they evolve, and will post updates here in the Legislative News section of our website..Totalization with Mexico is highly controversial because of the millions of Mexicans who have illegally worked in the United States without authorization. The agreement raises concerns that millions of such workers and their dependents would become newly eligible for Social Security benefits worsening the long-term solvency of the program. In addition, substantial new costs could trigger benefit cuts and higher taxes for both retirees and workers..As you have experienced, one of the biggest appeals of Medicare Advantage plans are low, or sometimes no, premiums. However, you would still have deductibles to satisfy and co-payments for most, if not every service. In addition, plans are allowed to charge you an out-of-pocket maximum up to ,700 in 2019, an amount that varies and tends to grow each year. Under Medigap, your premiums are higher and, depending on the policy, can increase annually. On the other hand, covered out-of-pocket costs are minimal to nothing. Medicare Advantage is more affordable when you are healthy, but can cost significantly more per year if you require a lot of healthcare services..At a time when our country faces a real and growing retirement crisis, it is more important than ever that we take steps to protect and expand Social Security. Yet today, Social Security remains under attack. Republicans in Washington are doing everything they can to privatize and cut benefits for millions of seniors who rely on Social Security to keep food on the table and a roof over their heads..So, we wanted to close this week's update with some good news, as reported by Bloomberg News.