It's also a common tendency to overestimate how much you will get from Social Security, according to a survey by the Nationwide Retirement Institute. About 30% of future retirees in the survey anticipated collecting more than they are likely to receive, saying they expected to get ,628 per month in Social Security benefits on average, but current retirees are receiving an average of ,257 per month. That gap is significant because 55% of those surveyed said that Social Security benefits would be their main source of income in retirement..Spanberger announced that she will be introducing a bipartisan bill this week to correct the error and make sure that senior Medicare beneficiaries will also be eligible for a free vaccine..I decide I better put them back on my computer desk, but first I'm going to water the flowers..This week, two congressional committees held hearings on issues affecting older Americans, and The Senior Citizens League saw support grow for four key bills in the House and Senate..You may not be able to get your Medigap plan back: Under federal law you are only guaranteed the right to purchase a Medigap plan during your initial enrollment period. If you drop your Medigap plan and later want to get it back you must do so within a year of trying an MA plan. After that, an insurer may deny coverage or impose 6 - month waiting periods for pre-existing conditions..Petition to Congress Protesting Illegal Alien Amnesty and U.S. Social Security Totalization With Mexico.Higher out-of-pocket costs: The drawback to MA plans is higher out-of-pocket costs. Where Medigap supplements pay most or almost all of your covered out-of-pocket costs, there are co-pays and deductibles for most services received through MA plans. Depending on the type of MA plan you are considering you may be required to use a narrower network of healthcare providers in order to get the lowest costs. If you are considering an HMO you will be required to use only the doctors, hospitals and providers in the HMO network, or neither the MA plan nor Medicare will reimburse your bills..The CPI-E Act, if signed into law, would amend the Social Security Act with regard to the annual cost-of-living adjustment for Social Security and Medicare benefits. Currently, the COLA is based upon the spending patterns of young, urban workers, but this legislation would calculate the COLA based on the spending patterns of seniors..Conferees Hit Budget Impasse

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Here's a hypothetical example: Let's say that you shop at the same grocery store every week. The price of navel oranges varies by the time of year, but in December of 2018 you were able to buy navel oranges for about .39 a pound. By June of 2019, however, the price goes up to .4That's a difference of $.10 a pound and a 7% jump in cost. That's price inflation..Legislation to lower prescription drug prices is a top priority of TSCL's this year and we continue to monitor things very closely and work to pass legislation that will lower drug prices in a substantial way..The Office of the Chief Actuary of the Social Security Administration recently said that office is assessing the impact from COVID-19, but the smaller than expected year over - year increase appears to be due to excess deaths. About 80% of the deaths from COVID-19 were people age 65 and older - more than 374,004 people, according to data from the Centers for Disease Control and Prevention. … Continued

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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..A major move is underway to reduce government spending on Social Security by cutting the growth rate in annual cost-of-living adjustments. What would it cost you? Here are answers to some of your most frequently asked questions:.benefits. If you're in a high-earning year, your earnings may help boost your … Continued

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