The largest amounts of money come from corporate and special interest groups who want certain legislation passed or stopped..However, a modification to the bill is under consideration that would provide a portion of the income taxes collected on Social Security benefits to the Medicare Trust Fund in the same manner and amount as current law. That modification, however, would have a big impact on Social Security's cash flow in the earlier years. According to the Joint Committee on Taxation, the change would lower the total amount of revenues going into the Social Security Trust Fund by 1 billion over the 2020-2029 period, and would not prevent Social Security from becoming insolvent by 2036..Social Security is one of the foundations of our nation and it is based on the principle that if you work hard and play by the rules you will have the stability and security of guaranteed income in your older years. For 75 years, Social Security has been a critical safety net for our nation's seniors and it should be preserved for generations to come. For these reasons, I will keep fighting to provide an accurate measure of inflation for our senior citizens and to strengthen the program..It will be important to continue to wear masks, maintain social distancing, wash our hands frequently, and continue the other precautions we've been taking in order to protect those for whom the vaccine might not work. As time goes on and more people are vaccinated and more who've gotten the virus get better, the rates of infection will start to drop. It's at that point we can begin to go back to normal..That is why TSCL so strongly opposes the President's proposal. True, it would be a boost for those now employed. But it will do nothing for those who are unemployed, and those are the people who need the most help right now. There are other ways to aid them, as well as to help the currently employed..While neither platform outlines a comprehensive path forward for Social Security, they do offer two dramatically different stances on the program's future. The Democrats adopted a platform that prioritizes an expansion of Social Security, while the Republicans committed to reforming the program in a way that improves the program's financial outlook without using revenue increases to do so..The proposal to cut the growth of COLAs formed a major Social Security reform provision of President Obama's 2010 Fiscal Commission. It would reduce the growth rate in COLAs by switching to the more slowly-growing "chained" CPI. "The switch is insidious because it's enormously complicated to figure out, and it looks so small on paper - just 0.03 tenths of a percentage point," Hyland observes. "But the loss compounds over time. Within a decade it would have a significant financial punch that just keeps getting bigger," Hyland explains. The following chart provided by TSCL illustrates the impact of a chained CPI on a married couple's Social Security benefits, which start at a total of ,500 per month today, and how their benefits change over the first ten years. After ten years the chained CPI would reduce benefits by per month, and would cut benefits by ,488 over the ten-year period..Representative John Larson introduced H.R. 860 on January 30, 201It has since been referred to the Committee on Ways and Means..The federal government negotiates prescription drug prices for Medicaid and for veterans, but it is barred from negotiating lower prices for Medicare beneficiaries. As a result, senior citizens enrolled in Part D often pay much higher prices for their prescriptions. What are you doing to correct this unfair policy?

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It can happen because the patient got treated by a doctor not on the list of providers that contract with that person's health plan to provide care at negotiated rates. This can happen on visits to a hospital emergency room, when there's no option of which doctor to see, for example..Shopping for a new Medicare Plan? Watch out For This Overlooked Practice..Talk to your doctor about the best schedule to resume routine or elective care. Be realistic. The above Medicare bulletin continues to recommend that people age 65 and over stay home when possible, continue to social distance by standing at least 6 feet away, wear a face mask, and keep washing hands! Stay safe. … Continued

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John, age 66, is already enrolled in Medicare in 200He pays .40 per month. Because there is no COLA, and the basic Medicare Part B increases, his Part B premium will remain .40 because he's protected by the hold harmless provision. His premium will be adjusted to prevent a reduction in his Social Security in 20His wife Jane is 6She's not eligible to enroll in Medicare Part B until 20Her monthly premium would be an estimated 4 instead of .40. She won't have "hold harmless" protection until 2011..How Can I Budget For Healthcare Expenses When I Don't Know What They Will Be?.Washington, DC) How is the pandemic affecting retirement savings? Forty - eight percent of retirees with retirement accounts say that their savings have not recovered pre-pandemic levels, according to a new survey by The Senior Citizens League. "There's no doubt about it, the Coronavirus - caused recession is forcing many older adults to rethink retirement plans," says Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League. "While the U.S. stock market ended 2020 at an all - time high, the retirement savings held by many retired adults do not appear to have benefited from the run up," Johnson says. "This is exactly why the guaranteed income nature of Social Security is so important," she notes. … Continued

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