Ncsl In Dc Task Forces Task Force On Redistricting And Elections"Even one year of high health costs, like being hospitalized for surgery, could force most seniors to spend through their savings faster, or go into debt," says TSCL Chairman, Ed Cates. "Most retirees are dealing with fragile fiscal safety nets," he says. "What makes this finding so significant is that most Medicare health plans have annual out-of-pocket maximums that exceed ,000," Cates adds..TSCL is working hard for legislation that would lift the taxable maximum cap, expand Social Security by boosting retirement benefits and provide greater retirement security by using a "seniors" consumer price index, the CPI-E, to determine the annual COLA. To learn more, visit..The CPI-E tends to grow about 0.25 percentage point more quickly than the CPI-W on average, but there can be wide differences between the two. For example, if the CPI-E were used to calculate the COLA it would be 1.2% in 2020, vs. 0.5% based on CPI-W data through March 201We had similar situation in 2016 and 2017 when the COLA was zero and 0.3%, respectively. The CPI-E would have yielded 0.6% instead of zero, and 1.5% instead of 0.3%. Those are not big differences, but like interest, compound over time. For anyone depending on Social Security for half of their income or more, every dollar makes a difference - and adding up over time may be enough to buy an extra week's worth of groceries. … Continued
Digital Political AdsIf you are in for observation, Medicare considers you an outpatient, and your services are covered under Medicare Part B. Generally, this means you will have a co-payment for each individual outpatient service. In some cases, your total copayments for all services may even be more than the inpatient hospital deductible. In addition, most of the prescription drugs you get in an outpatient setting aren't covered by Part B and you would need to check with your drug plan to find out whether the drugs would be covered..Some seniors may also experience income tax hikes this year particularly those who rely on investment income. Taxpayers with total incomes greater than 0,000 for individuals or 0,000 for joint filers will face a new 3.8 percent surtax on investment income. The Senior Citizens League fears that this new tax will disproportionately affect seniors at a time when they are struggling to keep up with rising costs. According to the Tax Foundation, reliance on investment income tends to increase with age, and 36 percent of taxpayers with dividend income and 38 percent with capital gains income are seniors..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. … Continued
