American consumers have waited too long for Congress to finally make bipartisan progress on lowering prescription drug costs. At a time of rampant hyper-partisanship on Capitol Hill, I've seen glimmers of hope for how lawmakers from across the political spectrum can unite on this issue. We can't stop pushing for lower prices, because our nation's seniors deserve that level of respect, commitment, and urgency..The purpose of this update each week is to give our supporters like you information about issues that are important to seniors, but that do not make the headlines. They are usually issues we are working on to ensure our elected officials keep faith with the commitments that were made to each of us during our lifetimes of work, especially concerning Social Security, Medicare, and Medicaid..Seniors have earned their Social Security benefits. It is our duty as elected representatives to protect them, which strengthens the fabric of our nation, making our society healthier and our communities stronger..Also, we should be wearing masks outdoors as well as indoors at this time. While being indoors with others is far riskier, being outdoors is not risk free if you are with others you don't live with..Recently my mother got a notice from Social Security saying that her income is over the limit, and now she's paying much higher Medicare premiums than last year. Normally her income is modest, but in 2009 we sold her home after she moved into an assisted living facility. Her monthly Part B premium rose from .40 to 1.50. Her Part D coverage had increased by per month and the government tacked on a surcharge of more than doubling the premium that she paid last year. Altogether, my mother's Social Security was reduced by .10 a month! Someone told me this was part of healthcare reform. Why was there no advance notice to allow families to plan for this?."Many food companies decrease the size of their containers, while keeping the same price," Joe said in his comments about price increases that he's observed. "Cost increases get masked when container sizes shrink." For example, after last year's hurricanes, a major orange shortage nationwide led to shrinking orange juice bottles. "Brands that originally sold in 64 oz containers, downsized to 59 oz and then to 52 oz - a 20 percent reduction in what our orange juice money buys today," Joe says..The 2021 Part B increase comes at the same time beneficiaries are receiving one of the lowest COLAs ever paid. The annual inflation adjustment will increase the average Social Security benefit by only .00 per month. Because Medicare Part B premiums and out-of-pocket costs grow several times faster than the annual COLA, healthcare costs take a rapidly growing share of Social Security benefits in retirement. The situation can leave older households without adequate income and dwindling savings just a few years after retiring..Already Senate leaders are making in known that they won't get their work done on time again this year. Senate Appropriations Committee Chairman Richard Shelby said he's ready to move ahead with fiscal 2021 spending bills. But he told his subcommittee chairmen the Senate isn't likely to pass those measures until after the election, in December. Lawmakers expect to pass another stop-gap to prevent a funding lapse in September..Last week, as part of the Executive Order effort, the Administration announced a set of actions designed to ensure the U.S. has access to the pharmaceuticals necessary for economic security, health security, and national defense.

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You can contribute to more than one IRA. It's possible to have a traditional IRA, one or more 401s and a Roth IRA or Roth 40You can contribute to as many as you want but the total you may contribute is limited to a maximum amount that is adjusted annually and the type of account..At Tuesday's hearing, lawmakers on the Aging Committee and those who testified advocated for the passage of the bipartisan Building Our Largest Dementia Infrastructure for Alzheimer's Act, which was recently introduced by Chairman Collins and currently has the support of forty Senate cosponsors. If adopted, the bill would create the public health infrastructure that is needed to promote early detection, coordinate care, support caregivers, and combat Alzheimer's disease..In response to concerns over high prescription drug prices, I have introduced two bills in this Congress to lower the cost of prescription drugs. H.R. 448, the Medicare Drug Price Negotiation Act, would authorize the Secretary of Health and Human Services to negotiate for lower drug prices on behalf of Medicare Part D beneficiaries. H.R. 447, the Affordable and Safe Prescription Drug Importation Act, would allow qualifying prescription drugs manufactured at FDA-inspected facilities of licensed Canadian sellers to be imported into the United States. These solutions, along with other bills introduced by my colleagues in the House and Senate, will help to fundamentally change the playing field, helping to lower prices for patients while reining in excessive drug company profits. … Continued

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During the nation's recovery from the 2007- 2009 Great Recession, and Troubled Asset Relief Program bailouts, Social Security and Medicare became frequent targets of deficit cut negotiations. Deficit plans included proposals to reduce annual cost-of-living adjustments by tying it to the more slowly growing chained consumer price index. The Budget Control Act of 2011 led to automatic 2% annual Medicare cuts on payments to providers. "That cut affected all Medicare providers, including hospitals, doctors, nursing staff," Johnson observes. "These are very same providers that are now so dangerously strained by the coronavirus pandemic.".Who will be affected by higher Part B costs? According to the Congressional Research Service, they include:.The letter you received from Social Security should indicate a deadline for your response. If you have missed the deadline, act quickly and contact Social Security requesting an extension. You may indeed learn there is an error and be able to correct the amount of money to be withheld. In addition, when you check your earnings record, you may need to contest earnings that don't belong to you. … Continued

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