TSCL was pleased to see support grow for H.R. 1251 and S. 427 this week, and we will continue to advocate for them tirelessly in the months ahead. For more information, visit the Bill Tracking section of our website..On Wednesday, the House Ways and Means Health Subcommittee met with officials from the Centers for Medicare and Medicaid Services and the Government Accountability Office to discuss the removal of Social Security numbers from Medicare cards. According to Subcommittee Chairman Wally Herger, more than one million seniors have been victims of identity theft in the past year, largely because the Medicare cards they are encouraged to carry everyday contain sensitive information..I was born May 10, 1960. Can you tell me my retirement age? I've read that the retirement age for Social Security is rising. How does this affect the amount that I receive in benefits? Can I still retire and receive benefits at age 62?.Beware of a nationwide utilitybill payment scam. Under the scam, a customer may be contacted in person, through fliers, social media or text messages. The scammers claim that President Obama will pay a person's utility bills through a new federal program..Lawmakers Aren't Giving Up On Benefit Cuts.Tying the annual cost-of-living adjustments to the Consumer Price Index for the Elderly. We expect this change would pay a COLA that's about.25 percentage point per year higher and would boost average benefits about per month by the end of a 20-year period..On the other hand under Medicaid, net drug prices are heavily influenced by two rebates that are required by law. Manufacturers of brand name drugs must pay a rebate equal to 23.1% of the average price that manufacturers charge to pharmacies. In addition, for generics, manufacturers are required to pay a rebate of 13% of the average price they charge to pharmacies..Super Committee Fails, Budget Faces Automatic Cuts.Retirees need to pay attention to income from tax-deferred retirement accounts, pensions, annuities and Social Security benefits, in addition to other streams of income from any jobs, rental property, or income from a business. Failing to pay the right amount throughout the year could subject you to a tax penalty next April when your federal return is filed.

Blog Corrections Reform Leaders Share Experience

The COLA is intended to protect the purchasing power of the benefits received by older and disabled Americans. A 30 percent loss in buying power over a 20 - year retirement period indicates the COLA is failing to provide that protection. The Social Security COLA, as currently calculated, is a poor match to the price changes actually experienced by the people it is intended to protect..According to a report in Bloomberg Government News, "Centrist Democrats in the House are pushing to shrink their party's health-care wish list to focus more on low-income Americans, a move backed by industry groups including dentists who say a narrower focus is better policy..If signed into law, the Improving Care for Vulnerable Older Citizens through Workforce Advancement Act would create six different demonstration projects that focus on the coordination of care and the delivery of medical services to elderly patients with chronic illnesses. The projects would design and test new models of care coordination, and direct-care workers would be granted opportunities to advance their careers through additional training, increased compensation, and expanded roles. … Continued

News Summary House Appropriations Subcommittees Approve Fy 2018 State Foreign Operations Sfops And Health Human Services Hhs Appropriations Bills

The 3.8% "Medicare" net investment tax has never been received by the Medicare Part A Trust Fund, but has wound up going straight into the U.S. General Fund. That means it could be appropriated for any government spending!.TSCL encourages all readers concerned about the future of their Social Security and Medicare benefits to Contact your Member of Congress. Let's tell Congress not to pay Social Security based on unauthorized work! Work under invalid and fraudulent Social Security numbers should be invalid for entitlement to Social Security benefits. To learn more, track bills that are in congress..Accelerate retirement account distributions when you have excess deductions. If your standard deduction will exceed your taxable income this year, consider withdrawing a little more retirement funds if you will need them this year. Doing so when you have a low or even a zero tax rate will potentially help you avoid paying more in the future when your deductions are lower or taxes rates are higher. … Continued

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