News

Publication No. 05-10069..The CBO option would change the taxation of Social Security to be more like distributions from defined benefit pension plans. Those distributions are fully taxable except for the portion that represents the recovery of "basis," or what an employee paid in - that is, his or her after-tax contributions to the plan. Once the recipient has recovered his or her entire "basis" all subsequent pension distributions are fully taxed..Lawmakers remained in their home states and districts this week for the New Year's holiday. They will return to Washington on Monday, January 5th, to begin the first session of the 114th Congress. The Senior Citizens League looks forward to working with both new and veteran lawmakers in the New Year, and we will continue to advocate tirelessly on behalf of our members and supporters in 2015..This week was a busy one for Social Security and Medicare Advocates! There was considerable activity to combat the high cost of prescription drugs. The Ways and Means Committee had a hearing on the Social Security 2100 Act. And, work continues on repealing the Windfall Elimination Provision..Co-pays and coinsurance: This refers to the portion of the cost of services that you pay out-of-pocket. Co-pays are a fixed amount that you will pay for each service. For example, in a Medicare Advantage plan, you may be billed a co-pay of to see a primary care physician and to see a specialist. On the other hand, coinsurance is a variable amount. It is a percentage of the cost of the service. Theoretically if the total cost of the service is ,000 and you pay 20% coinsurance, your cost could be about 0. Under Medicare Advantage your health plan negotiates the cost of service, thus you would want to call your plan to get an idea what your total out-of-pocket costs would be, and whether your provider is a preferred provider. Under most Medigap policies, the Part B co-insurance cost is covered in large part, but there still could be some "excess charges" that you pay out of pocket..People who are already retired, or close to it, aren't able to make adjustments to retirement plans if benefits are abruptly cut..But she worries how she will manage another year with no net increase in her benefits. "This isn't right," she says. "Congress isn't looking out for the interests of seniors," she adds. "I'm going farther and farther into poverty.".Do You Qualify For Medicare Part D Extra Help?.Mortgage rates and home costs have been at historic lows in 2012, but buying or selling a home is complicated for anyone - and seniors have special issues. Depending on your financial situation and needs, here are some points to consider: