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Have health insurance coverage. If you are under the age of 65 and didn't have health insurance for some or part of 2014 you may have to pay a tax penalty. For people who don't have Medicare or Medicaid, the penalty for not having coverage is the greater of 1% of your annual income, or The penalty is rising in 2015 to the greater of 2% or 5 per person..Lower than expected payroll tax revenues. Payroll taxes account for roughly 89% of Social Security's financing. But in 2020, businesses nationwide temporarily shuttered due to emergency stay at home orders. In addition, widespread layoffs, reductions in work hours, and job losses resulted in the collection of fewer payroll tax revenues. Emergency legislation that was passed last year allowed employers to even temporarily defer payment of Social Security payroll taxes until December of 2022 to help companies shore up cash flow and stay in business. While the job market is getting back on its feet again in 2021, unemployment is still higher than it was prior to the pandemic, and payroll tax revenue has not yet returned to pre-pandemic levels..To learn more about what you may itemize and how much you can deduct, visit and download instructions for Schedule A Form 1040 Itemized Deductions..Learn all your options for health and drug plans by using Medicare's health plan finder FIRST: We recommend using this tool rather than attempting to check plans or insurers individually, which could rapidly become overwhelming and aggravating. You can contact insurers for details later when you have narrowed down your best bets..The plan would affect both current and future Medicare beneficiaries by carving Medicare into two systems. People who already receive Medicare would continue under the current system. People who turn 65 by 2021 would receive a voucher to purchase private insurance..If adopted, it would cut .9 trillion from the deficit over the next ten years by implementing a combination of tax increases and spending cuts, around 5 billion of which would come from the health sector. Several proposed changes to the Medicare program are included in the package, including one important measure that would allow the Secretary of the Department of Health and Human Services to negotiate prices for high-cost drugs on behalf of Medicare Part D beneficiaries. Doing so would save billions of dollars each year..Find out the full cost of your new drug and whether your drug.This week, lawmakers in the House passed legislation to repeal the controversial Independent Payment Advisory Board, and The Senior Citizens League announced its support for one new piece of legislation..This week, appropriators in the House and Senate revealed a unique proposal to prevent a government shutdown on December 11th. It would fund the entire federal government through the remainder of the fiscal year, except for the Department of Homeland Security. That agency would only receive funding through the next three months, which should buy lawmakers enough time to solidify a legislative response to President Obama's recent immigration orders.