More than 1,057 respondents participated in The Senior Citizens League's annual senior survey, which was conducted from January through March of this year. Participants confirmed that monthly household expenses made steep increases over the past year, far in excess of the dollar amount that their COLAs increased benefits. More than half, 56%, indicated their monthly expenses went up by more than Yet 50% of survey respondents said that their COLA increased benefits less than per month, after the increased Part B premium for 2018 was deducted from their Social Security benefits..The survey found that a person having the national average Social Security benefit in 2000 - 6 per month - would have ,169.80 per month by 2016 due to COLA increases. However, because retiree costs are rising at a substantially faster pace than the COLA, that individual would require a Social Security benefit of ,517.80 per month in 2017 just to maintain his or her 2000 level of buying power..Despite these obstacles, Subcommittee Members were relentless in their requests for CMS to reform the system. A frustrated Chairman Herger stated, "To date, CMS has offered little beyond excuses and questionable reports. If CMS does not responsibly act, then Congress will require them to." Trenkle closed the hearing with an agreement to provide the Subcommittee with an updated list of options and cost estimates by the beginning of next year. TSCL will continue to monitor any movement on this important issue..Members of Congress may lose an election but unlike other Americans, they never lose their retirement and health benefits. A Member of the House or Senate who retires at age 60 after just 12 years in office will receive a Congressional pension of ,000 a year and lifetime benefits that could total more than 0,000. That doesn't even include 401 benefits or their Social Security benefits -..Help! Social Security Estimates That I Earned 0,320 And Stopped My Benefits!.In past years, Congress has chosen to allow this cost to shift to the 30 percent beneficiaries who are not held harmless. The total cost increase is spread over far fewer people, instead of all beneficiaries, and those who are not protected pay a much bigger share of Medicare Part B costs. This could happen again for the 2021 premium..As we all know, seniors are being hit the hardest by the coronavirus. To add even more insecurity and uncertainty to the lives of seniors is just plain wrong..Will Social Security be adjusted to provide greater financial security, especially for lower-income beneficiaries?.It's important for the public to understand how the bill would increase costs and affect access to health care. The May 4th House vote took place less than 24 hours after the revised bill was posted, and without the nonpartisan Congressional Budget Office's analysis of the new bill. "Meaning that House GOP Members voted without having adequate time to review the bill, knowing the full cost of the legislation or how the new changes in the bill would impact coverage for their own constituents," Johnson points out. "The public has a right to know that information prior to our elected lawmakers enacting legislation."

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According to the Congressional Research Service, for an age 65 retiree with average wages, a maximum benefit disparity of 10% would have arisen between the highest benefit under the old rules and the lowest benefit under the new rules if the 1977 assumptions had materialized. Under the economic conditions that actually arose, the disparity was 25%-two and one half times greater..Even small tweaks in inflation can save the government hundreds of billions over time. Using the chained CPI would reduce the measured rate of inflation, and the amount of money you would receive in your COLA every year. The Congressional Budget Office has estimated that moving to the chained CPI would cut government spending on Social Security by 2 billion over the first 10 years alone..Rep. Tim Ryan has also supported Pascrell's plan to fire the board, citing constituents' calls about late bills, checks and holiday cards. … Continued

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If you have not been offered affordable insurance through your employer, you are not receiving Medicare, and you purchase your own health insurance coverage, you may be among those who have the most to gain from shopping for health insurance on the new health insurance exchanges. Depending on your income, you may be eligible for new premium subsides that would cover part of the cost of your health insurance premiums. The exchanges are now open for comparing health insurance coverage that becomes effective January 1, 2014..The 2017 tax law contained a provision for all taxpayers, that temporarily increased the deduction for qualified medical expenses. Taxpayers are allowed to deduct qualified medical expenses in excess of 7.5 percent of their adjusted gross income for the 2017 and 2018 tax years. In 2019, the threshold will become less generous for all taxpayers, rising to the excess over 10 percent of AGI..Wall Street economists are in the midst of a growing debate over whether we are in for "the return of inflation." … Continued

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