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One of the Biggest Financial Mistakes You Can Make In Retirement.Although Medicare has an annual Open Enrollment period, when beneficiaries can compare drug plans and switch to lower costing drug plans, few retirees actually do so. "In most areas of the country, the Medicare beneficiaries have more than two dozen Part D plans to sort through, and the average person just don't know where to begin, or that free, unbiased help is available," Johnson says. "Consequently, Medicare beneficiaries winds up overpaying for prescriptions that could be obtained for a lower cost from a different drug plan.".While the additional payroll tax went directly to the Part A Trust Fund, the 3.8% "Medicare" net investment tax was never transferred to Part A. It wound up going straight into the U.S. General Fund where it could be appropriated for any government spending..Through 2012, annual COLA increases have been tied to the increase in the consumer price index for Urban Wage Earners and Clerical Workers. Deficit reduction plans would switch to a more slowly-growing CPI known as the "chained" CPI to determine COLAs. Traditional CPIs measure the increase in prices. But the chained CPI doesn't. It measures consumer spending when prices go up. For example if the price of beef goes up, it assumes people switch to less costly choices, like chicken. The chained CPI measures inflation as growing less slowly than traditional indexes..The piece of the law under discussion relates to the way the government subsidizes companies that provide prescription drug coverage to retirees. When Congress created Medicare Part D, it also created an incentive for employers to continue providing prescription drug coverage to their retirees. Under current law, the government subsidizes 28% of the costs that employers incur from providing prescription drug coverage to retirees who are at least 65 and Medicare eligible. The companies that receive the subsidy are then allowed to deduct 100% of the costs of providing coverage to their retirees from their taxes - this deduction also includes the 28% subsidy that the government provides. The new healthcare law keeps the 28% subsidy intact but starting in 2013 it removes the ability of companies in computing their taxes to deduct the subsidy they receive from the government..The loss of buying power is an early indicator of whether the Social Security COLA will climb in the following year. Based on consumer price index data through May of this year, we estimate that the COLA for 2019 will be about 3.3%, the highest since 201However, that number could change, since there are still several months of price data to be released before the Social Security Administration announces the COLA in October..Representatives Donna E. Shalala, Phil Roe, M.D., Ann McLane Kuster, and Larry Bucshon M.D. have introduced legislation to eliminate out-of-pocket costs for vaccines to everyone under Medicare. Currently, Medicare vaccine coverage is split between Medicare Part B and Medicare Part D. Seniors can access vaccines covered under Part B - such as flu, pneumonia and Hepatitis - with no out-of-pocket costs. However, under Part D, vaccines such as shingles and pertussis often include a cost to beneficiaries..Costs not covered by Medicare such as dental, vision and audio care..Medicare is currently prohibited from covering most hearing, vision, and dental services, even though millions of seniors are afflicted with age-related hearing loss, low vision, and poor oral health. When left untreated, these conditions often result in serious injuries and complications. What do you feel should be done about this?