Report Section Kff Health Tracking Poll December 2020 Covid 19 And Bidens Health Care Agenda Cross TabsThe Social Security Trust Fund is the single largest holder of U.S. debt. In the past, when more payroll taxes were received than required to pay benefits, the surplus was by law, used for other purposes. The federal government accounted for borrowing the funds by issuing I.O.Us from the U.S. Treasury to Social Security or Medicare Trust Funds. In recent years, the program's financing reversed and now both Social Security and Medicare Trust Funds are paying out more in benefits than money coming in. Both now rely on drawing down the interest and then the I.O.Us. But when the rest of the federal budget is in deficit, the government must borrow to pay Social Security and Medicare benefits. And according to a growing number of economists, those borrowing days are numbered..For those planning retirement however, it is the estimated dollar amount in Social Security benefits, not the replacement rate, that what one uses to determine a retirement budget, or how much more one will need to save for retirement. When one retires, it is the actual benefit amount, not the replacement rate that one must live on. One of the most frequent requests for services received by Social Security Administration is for an estimate of benefits. While no promises of benefits are made, millions of estimates are made annually. If the rules are changed abruptly, as they were for those born during the Notch period, this leaves no time to save for the shortfalls in benefits..This week, Members of one Senate Appropriations Subcommittee approved a spending bill that would fund the Social Security, Medicare, and Medicaid programs through fiscal year 201In addition, The Senior Citizens League saw three key bills gain support. … Continued
Patient Education Care Of Children Safety Precautions Bicycle SafetyMembers of Congress reached a last-minute deal to avert the Fiscal Cliff on Tuesday, temporarily preventing a combination of tax increases and automatic spending cuts from going into effect. In addition, Thursday, January 3rd marked the first day of the 113th Congress..Six Tax Moves To Make Before Year End.While that part is good news for consumers, TSCL is closely watching to see how these changes may impact Medicare Advantage premiums and emergency room co-insurance costs. And unfortunately, drug costs are likely to continue to shock us unless Congress takes action to address that next! … Continued
