Customer service be prepared be prepared to make your health care wishes known data image png base64 iVBORw0KGgoAAAANSUhEUgAAAHsAAAAVCAYAAABmOZFVAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAAEnQAABJ0Ad5mH3gAAABPSURBVGhD7dExAcAwDMCwdPxZBVj7jIWsxwB8dvdOCN fAJoNaTak2ZBmQ5oNaTak2ZBmQ5oNaTak2ZBmQ5oNaTak2ZBmQ5oNaTak2YyZByvoA3Lay1 oAAAAAElFTkSuQmCC

"Even one year of high health costs, like being hospitalized for surgery, could force most seniors to spend through their savings faster, or go into debt," says TSCL Chairman, Ed Cates. "Most retirees are dealing with fragile fiscal safety nets," he says. "What makes this finding so significant is that most Medicare health plans have annual out-of-pocket maximums that exceed ,000," Cates adds..Age doesn't matter for contributions to Roth IRAs. Regardless of your age, if you have earned wages you can contribute to a Roth IRA. While the contributions to a Roth will not lower your income for tax purposes, the money you put in will grow tax deferred without any required minimum distributions. And distributions from a Roth won't subject your Social Security benefits to taxation..In addition, one new cosponsor Sen. Christopher Murphy signed on to the Social Security Fairness Act this week, bringing the total up to fourteen in the Senate. If signed into law, S. 896 would repeal two provisions of the Social Security Act that unfairly reduce the earned benefits of millions of state and local government employees each year. TSCL believes that the two provisions the Windfall Elimination Provision and the Government Pension Offset must be repealed before the end of this year so that dedicated public servants receive the retirement security they have earned..It's not perfect - we still have a year to go before implementation starts. However, starting in 2022, consumers will no longer receive surprise or "balance bills" when they are unknowingly treated by out-of-network providers. Patients will pay only the deductible and copayment amounts they ordinarily would under the in-network terms of their insurance plans. Medical providers will not be allowed to hold patients responsible for difference between the amount they get and the higher fees they would like to charge. Instead providers will have to work that out with insurers..If signed into law, the Consumer Price Index for Elderly Consumers Act would amend the Social Security Act with regard to the annual cost-of-living-adjustment Social Security beneficiaries receive. Currently, the COLA is based upon the spending patterns of young, urban workers as calculated by the Bureau of Labor Statistics the CPI for Urban Wage Earners. This legislation would calculate the COLA based on the spending patterns of seniors, or by using the BLS tracked CPI-E..In addition, The Senior Citizens League believes that an extension of the tax holiday could make a permanent cut more likely, further jeopardizing the program's ability to fully pay Social Security benefits in the future..In years when there has been no, or almost no cost-of-living adjustment, Medicare Part B premiums have spiked significantly. TSCL is highly concerned that another Medicare Part B premium spike could occur again in 202Medicare beneficiaries who are not protected by the special provision of law known as the Social Security "hold harmless" provision could get hit with significantly steeper premium costs in 2021, and it may take several years before the majority of beneficiaries see their net Social Security benefit grow again..For a big eye-opener on how illegal immigrants can become entitled to Social Security under current law and for information on Social Security's totalization agreement with Mexico, read Social Security Benefits For Noncitizens, from the non-partisan Congressional Research Service, Publication No. RL32004..Update No. 2 on Discount Drug Card

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As the law is phased in over the coming months and years, TSCL will monitor it closely, and our legislative team will advocate against the implementation of the provisions that will increase costs for beneficiaries. For updates on its movement, visit our website at SeniorsLeague.org or our new Facebook page at Facebook.com/SeniorsLeague..To learn whether you or someone you care for qualifies, call your local Medicaid office, Family Social Services Department, or State Health Insurance Assistance Program to learn if you are eligible..Either way, you will need to consider how well your income, including Social Security, retirement savings, pension and other income will allow you to sustain mortgage payments over the refinancing periods. It's also helpful to use realistic budget expenses. That means estimating how taxes will reduce your Social Security and retirement income, and factoring in a realistic growth rate for medical expenses of at least 10% or more each year, to account for both rising prices and the greater need for services as we age. … Continued

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Use distributions from Roth accounts to minimize taxation of Social Security benefits. Unlike distributions from traditional IRAs and 401s, qualified distributions from Roth IRAs - those taken when you are over 59½ and the contributions were made more than five years ago - will not subject your Social Security benefits to taxation. To minimize taxation of your Social Security benefits, consider taking distribution from your Roth IRA, and let your Traditional IRA or 401 grow until you reach age 70 and a half. Once you reach that age, distributions of Traditional IRAs and 401s must start by April 1 of the year following..How do they claim benefits if the law prohibits illegals from collecting?.Your friend should be commended for being sharp and perceptive enough to anticipate her own needs. All too often discussions about changes in one's housing and assisted living occur during a health crisis. But because your friend lives alone, she needs someone like you to talk about the "red flags" that you both may start to notice, and she may need help working up plans for the next life phase. … Continued

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