Ramya S PatelThe government will announce the 2017 COLA on October 18, 2016 and it remains to be seen whether Congress will take action to protect older Americans and state Medicaid budgets from unexpectedly high Medicare Part B premium costs. In response to similar circumstances last fall, Congress passed legislation that modified the Part B premium spike to the amount it would have increased if the hold harmless provision had not gone into effect..A recent report by the Office of Inspector General of the Department of Health and Human Services has also found that high price drugs are affecting federal spending on drugs and increasing federal payments for Medicare Part D catastrophic coverage. Once people hit the catastrophic level of Part D coverage, beneficiaries pay a 5% coinsurance for drugs while the Federal Government pays the vast majority of the remaining costs. But there is no limit. The Inspector General's report said that federal payments for catastrophic coverage in 2015 exceeded .2 billion in 2015, which is more than triple the amount paid in 20Incredibly, only ten high-priced drugs accounted for nearly one-third of all drug spending in catastrophic coverage in 2015..including your home), a long-term care policy won't be an affordable option. If … Continued
Racial Equity And Health Policy Perspective Pulling It Together A Recovery Raises ExpectationsHow would switching to the chained CPI cut Social Security?.When the COLA does not accurately or adequately reflect the costs that retired and disabled people actually have, the buying power of Social Security benefits erodes over time. A study by TSCL has found that Social Security benefits have lost 30 percent of their buying power since 2000..But while FICA taxes and the revenues paid by older taxpayers on Social Security benefits are real cash, the "interest" earned by the I.O.U.s is a "paper" accounting entry. There's no dedicated source of revenue for that money. The money to repay the Social Security Trust Fund comes from general revenues, and Congress borrows more money by lifting the debt limit. … Continued