As was noted in last week's update, the AHCA would reform the current health system and negatively impact older Americans in several ways. It would restructure the Medicaid program, which funds nursing home care for many qualified Medicare beneficiaries. It would base premium subsidies on age instead of income, while allowing private health insurers to charge older Americans five times more than they charge younger folks for their coverage. And it would deplete Medicare's Hospital Insurance Trust Fund by eliminating two revenue sources that the ACA created, creating a funding crisis for the program..The high cost of healthcare and the significant cost of serious illness or dementia is climbing at one of the most rapid rates in years. Last year TSCL's annual Senior Survey found that 29% of survey respondents spent up to one-half of their Social Security benefits on healthcare costs, up from 25% the previous year. Another 18% spent more than one-half of their benefits on healthcare, up from 13% the previous year..This week, House and Senate lawmakers returned to Capitol Hill to begin the "lame duck" session. In addition, The Senior Citizens League saw two key Medicare bills gain support in Congress..Under current Social Security law, that's all that's required to later claim benefits. To file for benefits, individuals don't need to be citizens, but must have a workauthorized Social Security number. Those receiving work authorization would become vested for benefits with as little as ten years of earnings. The oldest of those who are eligible for the deferred action could feasibly have worked illegally long enough to already be "vested" for Social Security — including disability. This would add to program solvency problems since the Congressional Budget Office and Social Security Trustees have estimated that the Social Security disability trust fund will be fully insolvent by 2016..But when you work, there's a limit to how much you can earn and still keep your benefits. When you are under full retirement age, your Social Security benefit will be reduced for every you are over the earnings limit..COLAs act much like interest rates on savings. Low COLAs mean Social Security benefits grow more slowly in retirement. This occurs even though many costs experienced by retirees, such out - of - pocket spending on prescription drugs - may grow several times as fast. "People who have been retired for 10 years or longer have absorbed the full financial blow of low COLAs," Johnson says. Johnson's analysis found that, over a ten - year period, average Social Security benefits of ,075 per month in 2009 lost a total of ,258 in financial growth from 2010 to 2019 when compared to the previous decade when COLAs averaged 3 percent. By the end of that 10 year period, average benefits were 3 per month lower than they would have been had inflation averaged the more typical 3 percent..match you up with business mentors or help you brush up on skills like using a.Since 2000, Social Security benefits have lost 23 percent of their purchasing power due to inaccurate inflation adjustments based on the CPI-W. This year, for instance, seniors would be receiving a 2.1 percent Social Security benefit increase if the COLA were based on the CPI-E. Instead, they are receiving a 0.3 percent COLA that is offset completely by increased Medicare Part B premiums..What can I do?
