Social Security Benefits Slowed Amid COVID-19 Deaths.Nonetheless, TSCL will not let the Senate forget that the need to pass legislation to help bring down the prices of prescription drugs must not be set aside because of the coronavirus threat. Many, many seniors are at risk because they can't afford the drugs they need, and the situation must be dealt with now..It would be unlikely for the vast majority of low-income beneficiaries. That's because state and federal poverty guidelines used to determine low-income are also adjusted annually for inflation, and the income thresholds would rise roughly in tandem with Social Security benefits. Currently the federal poverty level is ,880 for individuals, and ,020 for a family of two, with slightly higher amounts for Alaska and Hawaii..The legislation fully covers the cost of providing the emergency payments by closing corporate compensation loopholes, which provide enormous tax breaks for the CEOs of the nation's top corporations. By closing the loophole, the bill also would add substantial new revenue to Social Security, extending the solvency of both the retirement and disability insurance trust funds..Call Congress.Again, according to the Politico report, "Several of the moderate Democrats expressing reservations about the drug pricing bill are the targets of a million-plus campaign by the conservative American Action Network opposing the legislation. The group plans to air ads in the districts of more than 40 Democrats, slamming H.R. 3 as "Nancy Pelosi's socialist prescription drug takeover plan" and warning it would 'cancel new cures for the patients who need them and send American innovation overseas.'".However, concern is growing that the Medicare Part B premium increase, which the Social Security Administration deducts directly from Social Security benefits, could consume a substantial amount of any COLA increase next year. Legislation enacted by Congress last year restricted the 2021 Medicare Part B premium from increasing more than .90 per month due to the very low COLA increase of just 1.3 percent, a result of extremely low inflation due to the COVID-19 recession. The basic Part B premium is 8.50 per month in 202"With a high COLA increase in 2022, Part B premiums might make a catch-up jump, especially as people make up visits to get healthcare services that were postponed due to the pandemic," Johnson says..The stakes are high for retirees, who want Congressional action. Eighty eight percent of those of you who took our 2021 Senior Survey want Congress to reduce prescription drug costs by allowing Medicare to negotiate prices. Congressional inaction would cost all of us dearly, if lawmakers fail to take action to boost Social Security benefits and enact reforms that would strengthen Social Security's financing for decades to come..The unexpected change received no prior public debate, it went into effect almost immediately, and it hit seniors who were just months away from claiming benefits. In a poll recently conducted by TSCL, 70% of respondents said they viewed the change as an "unnecessary benefit cut" rather than a "closure of an unintended loophole," as portrayed by Congress.

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At 2.8%, the annual cost-of-living adjustment that Social Security beneficiaries received in 2019 was the highest in seven years. The average monthly retiree benefit of ,425 increased by almost , but since October of last year, consumer price index data indicate that growth in inflation has stalled. In fact, if the current trend continues, it suggests the COLA payable in 2020 could be zero, according to projections by Advisor editor, and COLA researcher, Mary Johnson..Extra Help pays for your Part D plan premium, up to a specific amount, based on your state..By: Jessie Gibbons, Legislative Analyst … Continued

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"The 6.7 percent increase in the Part B premium is the largest since 2006 for a year in which a COLA is payable," Johnson says. There have been bigger jumps in Part B premiums as recently as 2016 and 2017, but those were two years in which there was no or almost no COLA paid. This situation can cause unusually high Part B premium spikes..Investigate national and community charitable programs and organizations. An excellent guide to Prescription Drug Assistance Programs is available from The American Cancer Society. Even if you don't have cancer, the information is pertinent to all drug assistance programs. For more information call or download the publication..Abusive high interest rates offered to high-risk borrowers who are most likely to default. Does the lender suggest a loan because of "bad credit or no credit?" To qualify for the lowest loan costs, borrowers earn low interest rates with good credit histories. Stay clear of dealers and lenders who promise to put you behind the wheel regardless of your credit. … Continued

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