delayed retirement credit which is 8.0% per year until age 70 (if you reached.Your answers to TSCL's Annual Senior Survey makes a difference! TSCL shares the results with Members of Congress and the media..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.".TSCL enthusiastically supports the Strengthening Social Security Act since it would extend the solvency of the Trust Fund responsibly, while also making benefits for seniors more fair and accurate. We look forward to working with Sen. Harkin and Reps. Sanchez and Holt in the coming months to help build support for their bill..The statement that "nearly two-thirds of undocumented immigrants affected by the president's executive action don't pay taxes today" doesn't appear to be supported by the government's own data, and is contradicted by statements from Social Security's own Chief Actuary Stephen Goss. Goss was quoted in The New York Times as saying that about "three-quarters of other-than-legal immigrants" already pay payroll taxes. And the Social Security Administration receives on average about 9 million copies of suspicious wage and payroll tax reports a year in which the Social Security number and name don't match those on Social Security records. This situation frequently occurs when undocumented immigrants illegally work under invalid or fraudulent Social Security numbers. But if that's the case, awarding work authorization and Social Security numbers now would make up to 5 million individuals eligible to claim permanent Social Security and Medicare benefits based on earnings under those illegitimate wage reports..McCaskill is calling on drug companies and doctors to scale back their financial relationships, and believes that, if necessary, Congress should step in to stiffen federal laws banning doctors from receiving gifts from such companies..Second, one new cosponsor Senator Debbie Stabenow signed on to the bipartisan Beneficiary Enrollment Notification and Eligibility Simplification Act, bringing the cosponsor total up to three. If adopted, S. 1909 would simplify and modernize the complex Medicare enrollment process..The last time no COLA was payable, was in 201The Medicare Trustees had estimated Part B premiums would increase by an unprecedented 52%. Congress enacted legislation that limited the premium increase to 16%, but also required a per month "repayment" to make up the difference in subsequent years. After deduction for Part B premiums, roughly half of all beneficiaries saw no growth in their net Social Security benefits from 2016 until 2019, when there was a 2.8% COLA, according to TSCL's annual surveys..Social Security Taxation Question Pushes Action on "Boost Bill" Into 2020

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The report looked at five prescription drugs and found that drug companies slightly alter the formulas in those drugs, allowing them to extend their patents on the new formulations, and delay the move to the generic drug marketplace..Support Grows for Key Bills.The letter and the fact sheet leave out the most important part of the calculation - the additional lifetime income that one could expect to receive over a 20 30 year retirement, if one delays benefits up to age 70. That can add up to tens of thousands of dollars if you are in reasonably good health. In fact, Social Security's publications tend to imply that people get about the same amount of benefits if they start benefits early because they receive the reduced benefit over a longer period of time. That isn't necessarily the case. … Continued

Ncsl In Dc Publications And Resources Capitol To Capitol Oct 7 2019

The high cost of health care is one of the biggest threats to Medicare and older Americans' health in general. I stand ready to take action on drug price negotiation and Medicare-X and to debate whatever ideas Democrats, Republicans, and independents have to bring down the cost of health care today and protect Medicare's viability for generations to come..Low-income beneficiaries who are eligible for both Medicare and Medicaid. According to the Congressional Research Service, state Medicaid programs pay the Medicare Part B premiums of about 18% of Medicare beneficiaries. Although this group is not protected by the hold harmless provision, because their state Medicaid program pays their Medicare premium it is not deducted from their Social Security. Increases in Part B premiums would not reduce their Social Security their benefits..This week, the Social Security Administration announced that benefits will increase by 2% percent beginning in January 201In addition, The Senior Citizens League announced its support for one new bill that would improve the integrity of the Social Security program. … Continued

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