The Social Security Trustees now say that benefit costs are exceeding the cash revenues coming in. Do you think changes are needed, and if so, what?.This week, action on Capitol Hill slowed down as the House of Representatives adjourned for a holiday recess, and the Senate focused on legislation to reauthorize programs within the FDA. Meanwhile, TSCL expressed support for a new House resolution, introduced by Rep. Scott Rigell..Medicare costs often consume up to half of your Social Security benefit. In a recent TSCL survey, 48% of respondents said they spent 11% to 33% of their Social Security benefits on healthcare in 201Another 25% said they spent from 34% to 50% of their Social Security on healthcare..Third, the Standardizing Electronic Prior Authorization for Safe Prescribing Act of 2018 gained three new cosponsors in Representative Todd Rokita, Representative Jackie Walorski, and Representative Roger Marshall, bringing the new cosponsor total to six. If signed into law, H.R. 4841 would allow for and standardize electronic prior authorization for Medicare Part D beneficiaries..In 2017, you are allowed to earn ,880 or in the months prior to full retirement age without any reduction to your benefits. If you earn more than that, Social Security will withhold in benefits for every over that amount..Consequently, surprise billing is universally loathed. More than eighty percent of participants in TSCL's 2020 Senior Survey wanted Congress to prohibit surprise medical bills, and the legislation that was signed into law in December prohibits this practice..This week, lawmakers returned to Capitol Hill following the month-long August recess and quickly passed legislation to temporarily fund the federal government and lift the debt ceiling. In addition, one House Subcommittee held a hearing to discuss the Social Security Disability Insurance program, and one Senate Committee met to debate the future of the Affordable Care Act..If you own stocks in a retirement account, make sure the company holding your.This is one of the many retirement questions for which there is no straightforward answer. Many financial advisors recommend delaying the start of Social Security until you are at least your full retirement age or better yet, to wait until age 70. At your full retirement age, you would be eligible for 100% of the benefit to which you are entitled. However, for every year you delay until age 70, your Social Security benefit will grow 8%. Your benefit at age 70 would be 32 percent higher than you would get at 6That's a return that's very hard to find these days.

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Before making such a major decision, we strongly recommend that you get free, one-on-one counseling from your State Health Insurance Program Medicare Counselor. Your counselor can help you compare plans to ensure that the choice you're considering is right for you. Many local area agencies on aging or senior centers host counseling programs..The CMS announced new streamlined payment mechanisms for healthcare provider transactions this week. Doctors, hospitals, health plans, and states will all see reduced administrative costs under CMS' larger "administrative simplification" initiative..Two years is a long time for even Members of Congress to go without a paycheck giving them a good incentive to bury the budget hatchet. The government will again reach the federal budget limit later this fall. A group of Republican senators have been meeting privately with the White House to lay the groundwork for a deficit reduction agreement. President Obama included a proposal to cut Social Security cost-of-living-adjustments in his fiscal year 2014 budget. GOP leaders are trying to work out a compromise on a new spending agreement. TSCL is fighting COLA cuts and visiting Members of Congress. We urge you to send letters to the editor of your local media to educate the public on the importance of the COLA and to use examples of rising costs that illustrate the erosion in the buying power of your benefits. … Continued

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That said until you crunch the numbers it's hard to say whether itemizing your medical expenses or taking the standard deduction would be the better option..The blueprint also calls for billion in Social Security cuts, and it would fully repeal the Affordable Care Act and replace it with the House-passed American Health Care Act. That change would leave millions of older Americans not yet eligible for Medicare without health insurance coverage due to high costs. It would also impact around 11 million Medicare beneficiaries who are also enrolled in the Medicaid program many of whom are patients in costly nursing home facilities..As a result, the highest-risk patients were not filling their medication after prices jumped. Those most vulnerable to a heart attack and stroke cut back more on statins and anti-hypertensives than lower-risk patients - irrespective of socioeconomic status. … Continued

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