News

I'm new to Medicare and recently had surgery. I've received several unexpected bills, including one for ,100 from the anesthesiologist. I thought these costs would be covered. What can I do?.I was diagnosed with cancer in 2019 which required surgery and considerable follow-up treatment. I also required extensive dental work during the year. My medical and dental expenses alone totaled more than ,000, and that does not include my husband's premiums and out-of-pocket costs, which were close to ,000. Will we be able to deduct these expenses on our income taxes? We were unable to deduct our routine medical costs last year..Reducing the taxation of Social Security benefits by increasing the income thresholds that subject Social Security benefits, from ,000 for single filers and ,000 for joint returns, to ,000 and 0,000 respectively..Representative Dan Lipinski introduced H.R. 2787 on May 16, 201It has since been referred to the Committee on Education and Labor..On Wednesday, Congressman Jimmy Duncan introduced the CPI for Seniors Act, and TSCL announced its support for it shortly thereafter. The bill, if signed into law, would mandate the formulation and publication of a new Consumer Price Index specifically for seniors with the purpose of establishing a more fair and accurate cost-of-living adjustment..Medicaid currently covers about 60 percent of people in nursing homes. But to qualify, seniors in long-term care are required to "spend down" their life savings to the last ,000 and ,000 before Medicaid covers the bill. That won't apply to people younger than 65 under the new rules. Financial eligibility is based on modified adjusted gross income. Medicaid will no longer count how much applicants have in assets like savings and investments for this group of applicants as long as they aren't in long-term care. While that's likely to help more low-income seniors under 65 qualify for Medicaid, TSCL is concerned that it also opens the program to greater potential for gaming the system and fraud..The costs don't stop at ,350. Unlike other types of health insurance, there is no out-of-pocket annual maximum for beneficiaries enrolled in Part D. After spending the ,350 in drug costs, Part D plan enrollees pay the greater of 5% co-insurance or copays of .60 for generics and .95 for brand or non-preferred brand drugs. For someone taking high cost specialty drugs, the 5% coinsurance could still be in the hundreds of dollars and, would continue for each refill until the end of the year..Are My Medical Expenses High Enough to Deduct From My Income Taxes?.Senate Republicans said this week they are more focused on reforming the Small Business Administration's Paycheck Protection Program, providing more money for cash-strapped state and local governments, boosting benefits for Social Security recipients and fixing other elements of COVID-19 relief bills passed earlier this year.