TSCL would like to thank Reps. Allen West, Madeleine Bordallo, Cedric Richmond, Tom Marino, and Bill Posey for taking the time to discuss the issues that are most important to our members and supporters. TSCL also met with Anna Gonzalez, Rules Associate for Rep. Alcee Hastings, and Brett Richards, Legislative Assistant to Rep. Steven Palazzo..Drug prices in the U.S. are much higher than in other developed countries, because there are no federal laws regulating prices. In fact, the law specifically forbids Medicare from negotiating prices on behalf of its beneficiaries. Allowing the importation of prescription drugs from countries such as Canada, where drugs are less expensive, has the potential to lower drug costs for both U.S. consumers and the federal government..Social and recreational activities.Between age 55 and 64, it's as if our body's warranty expires and.Compounding the problem, it's also common for people close to retirement to underestimate medical expenses. Four-out-of-ten participants in the Nationwide survey did not expect to spend any of their Social Security income on healthcare. The Social Security Administration, however, automatically deducts the Medicare Part B premium, which is 4.00 per month in 2018, from Social Security benefits. Medicare Part B premiums have been the fastest rising retiree cost over the past 18 years.."But there's still time for Congress to pass legislation to provide an emergency COLA," says Cates. TSCL strongly supports legislation that would provide 70 million Americans with a one-time emergency COLA payment of 3.9%. The Seniors and Veterans Emergency Benefits Act was introduced last fall by Senator Elizabeth Warren, and a companion bill was introduced in the House by Representative Tammy Duckworth..With about 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Located just outside Washington, D.C., its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of TREA The Enlisted Association. Please visit or call for more information.In addition, new retirees in 2017 or later would no longer have their benefits reduced by the WEP. Instead, all earnings would be considered when determining Social Security benefits. Ways and Means Committee Chairman Kevin Brady the sponsor of H.R. 711 explained on Tuesday, "No more unfair formula … Instead, we use the same benefit formula for everyone, looking at all earnings. And if some of those earnings aren't from Social Security covered employment, we adjust benefits to reflect the proportion that are.".Based on consumer price index data through May of this year, TSCL's Social Security policy analyst and study author, Mary Johnson, estimates that the COLA for 2018 may indeed be significantly higher than in recent years - around 1.9% - 2.1% - but that could change since there are still several months to go before the COLA is announced in October.

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Fifty-six percent of participants in a national survey by The Senior Citizens League say they pay taxes on their Social Security benefits. "The tax on Social Security income takes new retirees by surprise," says TSCL Chairman Ed Cates. "This is one retirement expense that must be carefully planned for. The government today taxes the Social Security benefits of a majority of older adults, even people with very modest middle incomes," he notes..About 4 million people who turn age 61 this year are in for a deep hit to their Social Security benefits when they retire. The initial retirement benefits of these individuals may be permanently reduced by about 9.1%, according to an estimate by Social Security's Chief Actuary. Without quick remedial action from Congress, the retirement benefits of people born in 1960 would be lower than the benefits of people with identical earnings and retirement histories who were born just one year prior to them. This is due to a flaw in the Social Security benefit formula..Medicare doesn't cover dental benefits, and dental insurance premiums can be more expensive than paying out of your own pocket for routine check ups- and cleanings. The cost to buy an individual policy averages about 0 a year. That's about what you might pay out-of-pocket without any insurance for two annual exams and cleanings, plus some X-rays. … Continued

Fiscal Policy Coronavirus Covid 19 State Budget Updates And Revenue Projections637208306

Subcommittee Chairman Sam Johnson explained the origin of the issue in his opening statement, saying: "Both the House and Senate wanted to modify the benefit formula for those workers who spent part of their careers not paying Social Security taxes. I guess it should come as no surprise that the House and Senate didn't agree on the numbers … As tends to happen here they ended up somewhere in the middle.".So, we wanted to close this week's update with some good news, as reported by Bloomberg News..Unfortunately, many Subcommittee Members seemed to agree with Rep. Burgess, who plans to introduce legislation that would provide a one-year pay patch for Medicare physicians. TSCL hopes that Congress will continue to work toward a permanent solution, and we will continue to monitor the SGR discussion in the coming months. … Continued

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