Two of the most popular Medigap plans, "F" and "C," will no longer be offered for sale in 2020. "While individuals enrolled in these plans may keep their plans, we are concerned that premiums for these plans could rise significantly without younger and healthier new enrollees to spread the costs in those plans," Johnson says..The plans also reduce spending on premiums, because they eliminate the need for supplemental insurance. While the majority of Medicare beneficiaries still receive their Medicare benefits through traditional Medicare, many also purchase a Medicare supplement or "Medigap" policy to cover the considerable amount of out-of-pocket spending that Medicare alone does not cover, and a free-standing Part D drug plan..While the majority of workers pay Social Security on 100% of their earnings, people who earn the most, more than 8,500 a year, pay NOTHING on earnings over that amount..Also, TSCL plans to be on the Hill next week visiting with the staffs of Republican Senators to find out where they are with regard to health care legislation, and in particular the Grassley-Wyden bill..ReConsumer's Union has a brochure to explain how it works..How the Pandemic is Affecting Retirement Savings as of December 31, 2020.Pay off an existing mortgage. When you make additional principal payments on an outstanding mortgage balance, the lower balance will save you interest expense. If you have an amortized fixed-rate mortgage, the monthly amount of the payment doesn't change. With the additional principal payments the loan balance declines and more of your monthly payment goes toward the repayment of principal. You will repay the loan faster than the stated loan term on your contract. You can find mortgage calculators online, to help you determine how extra principal payments reduce your mortgage interest expense and the remaining loan term. When considering pre-paying your mortgage, consider the rates of return. If you were to save the extra cash in a savings account or CD, your rate of return currently is quite low and prepaying your mortgage may give you a better return based on the interest rate of your loan. Financial advisors, however, generally recommend that you pay off your mortgage out of income, and not cash from your retirement accounts. Your retirement accounts provide you with a savings cushion, that most seniors will need later in retirement, and they are protected from creditors..First, the bipartisan Consumer Price Index for the Elderly Act gained one new cosponsor in Representative Mark DeSaulnier, bringing the total up to fifty. If signed into law, the bill which was introduced by Representative John Garamendi last year would improve the adequacy of the Social Security cost-of-living adjustment by basing it on the spending patterns of older Americans..Right now, there are immediate steps we can take to help build a sustainable path toward cheaper drugs for all Americans - and I'd like to highlight two recent bills that could increase transparency and competition as a part of this strategy.

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More than 45 million Social Security beneficiaries were receiving benefits by 2000. The beneficiaries who are still alive are the group that has absorbed the fullest extent of the COLA cuts to date, which compound like interest, growing deeper over time. Chaining the COLA would cut benefits for this group an additional 10% through 2025, the analysis found..One of my bills would also increase insurance options for older Americans who are not yet age 6While the Affordable Care Act has greatly expanded insurance coverage, and limited insurers' ability to charge older Americans higher premiums, we can do a lot more to increase options and affordability. My Medicare-X Choice Act would expand on the Medicare framework to create a new public insurance plan for people of all ages..Surprise! The new healthcare law requires just that. A provision, added by Senator Charles Grassley, requires Members of Congress and their staff to get their health insurance through new health insurance exchanges starting in 201The provision is stirring up lawmaker worry on Capitol Hill over whether the federal government will continue to pay part of their premiums, or leave them to cover 100% of the cost. Through the end of 2013, Members of Congress get their insurance through the Federal Employees Health Benefits Program. Under FEHBP the government's share of premiums is about 75% of premium costs. … Continued

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The Senate advanced its own bi-partisan prescription drug bill, that would establish a new out-of-pocket spending cap at about ,100. While the Senate Finance Committee advanced the package to the floor, it remains on hold. Nevertheless, these bills continue to be among TSCL's highest priorities for passage this year..On Wednesday, the House Ways and Means Health Subcommittee met with officials from the Centers for Medicare and Medicaid Services and the Government Accountability Office to discuss the removal of Social Security numbers from Medicare cards. According to Subcommittee Chairman Wally Herger, more than one million seniors have been victims of identity theft in the past year, largely because the Medicare cards they are encouraged to carry everyday contain sensitive information..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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