"Using that criterion, the Social Security reform trigger has already been pulled," Johnson notes. In their latest report, the Social Security Trustees say the combined retirement, survivors, and disability Trust Funds will exceed total income by increasing amounts starting in 2022 and will be depleted in 2034, well within the 75-year period called for in the budget resolution..But in addition to health benefits, Susan needs the income from work to help cover the expenses of family caregiving. Her 43 - year old son, Andrew who was diagnosed with cerebral palsy as an infant, and has lived at home with Susan his entire life. Suffering from seizures, a speech disorder and difficulties with walking and moving around safely, Andrew requires daily care. More recently Susan moved her 90 - year old mother in as well. With day care help from one of Susan's daughters and other family members, Susan has been able to keep her son and mom where they want to be - out of institutions, and at home with family - while she continues to work..This week, one new cosponsor Rep. John Tierney signed on to the Strengthening Social Security Act, bringing the total up fifty-seven. If signed into law, the bill would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would adopt the Consumer Price Index for Elderly Consumers, resulting in more accurate cost-of-living adjustments, and it would lift the cap on income subject to the payroll tax. H.R. 3118 would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors..Medicare beneficiaries would still be on the hook for the ,000 that would need to be spent out-of-pocket before the catastrophic coverage even starts. For the average beneficiary, that could take one-third or more of one's entire Social Security income for the year..This week, one new cosponsor Rep. Timothy Bishop signed on to Rep. Peter DeFazio's Consumer Price Index for Elderly Consumers Act. The cosponsor total for the bill is now up to thirty..An excessively low COLA triggers an important provision of law that ensures an individual's net Social Security benefit will not decrease from one year to the next because of an increase in the Part B premium. That's valuable protection. But when the provision is triggered there's no law which specifies how the unpaid portion of Medicare Part B premium increases will be financed..He said, "We have to work to do more to ensure that every older American has the resources and the support that they need to thrive. That challenge protecting our seniors, dealing with the rising costs of an aging generation, ensuring we have enough home care workers looking out for our family members, maximizing the contributions that older Americans can make to our country these challenges are just becoming more urgent.".senior who hadn't seen a doctor in years, despite being a smoker. It took some.Travel expenses to and from medical treatments. In 2018, the standard mileage rate for tax purposes is.18 cents per mile for medical purposes. Keep a travel log for documentation.
