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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..Lower revenues from the taxation of Social Security benefits. About 4% of Social Security's financing comes from the taxation of benefits. Because many retired household incomes were impacted by lower earnings, along with business and retirement account losses in 2020; the amount of revenues from the taxation of Social Security benefits was lower in 2020..Even though Congress passed and sent to the President this week an emergency supplemental spending bill to deal with the coronavirus, the issues caused by the outbreak may result in the failure to pass other legislation that had been planned on..Cost of modifications to your home for medical reasons..The current Social Security system is like "longevity" insurance. Workers pay into the system through payroll tax withholdings up to the taxable limit on earnings. In return, retirees, and dependents on their account, receive monthly income when they claim benefits. According to projections by Johnson, an age - 66 retiree, who claims benefits in 2017 with an average benefit of ,300 a month, can expect to receive roughly 0,000 over the course of a 25- year retirement, assuming a 2.2 percent annual cost-of-living adjustment..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..How far will your 2013 COLA go? What other options do we have to address Social Security's solvency? Take TSCL's 2013 Senior Survey!.After passing the so-called "cromnibus" late last week, Members of Congress returned to their home states and districts for the remainder of the year. They will return to Capitol Hill in January to begin the 114th Congress.."The Social Security Notch: An Economic Analysis," John Haldi, The Senior Citizens League, October 2002.

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Medicare "Premium Support" Gains Momentum.However, it's not clear whether employers are going to pass the savings on to employees. Since the taxes would be deferred, not waived, several experts question whether firms would actually pass the money along to their workers, because it is the businesses that are on the hook for the taxes..The Republicans say that is a form of government price controls and interferes with the free market. That's why Majority Leader McConnell refuses to bring the Grassley-Wyden bill up for debate in the Senate. That bill differs in how it would lower drug prices but Senator McConnell opposes it because it would, in his opinion, still interfere with the free market and also because health care will be a big issue in the elections this year. … Continued

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"The government now finds itself trying to figure out how to satisfy patients who desperately need help, even though scientists think this particular treatment lacks strong evidence for its effectiveness and policy experts warn it is setting up a budgetary nightmare for Medicare in the future.".Some have hailed this provision as the closing of a "loophole," while others have said the provision will cause companies to cut jobs, and cut prescription drug coverage for retirees. Because companies would no longer be able to deduct the subsidy, it would increase the taxes they expect to pay under current law. The Senior Citizens League is monitoring this provision's potential effects on retirees. TSCL is concerned that some employers may cancel the often-generous prescription drug coverage that they provide to their retirees as a result of the expected increased costs of providing that benefit. If any retirees lose their current prescription drug coverage, they could then go through Medicare Part D to get their prescription drug coverage..Keep good records: If you already keep detailed records of your health expenses for tax or other reasons, good. If not, set up a bookkeeping sheet for all healthcare expenses, including items like dental and vision care that Medicare does not cover. Enter new costs as soon as you incur them, or at least monthly, so you don't miss any. Use these records at tax time to determine if you're entitled to a deduction. … Continued