Top 10 Fastest Growing Costs of Older Americans Since 2000.President Trump recently signed an executive order intended to change Medicare by expanding the role of Medicare Advantage - the private insurance alternative to Medicare. Medicare Advantage plans have been growing in popularity in recent years enrolling about one third of the nation's 61 million Medicare enrollees..If you were to start your own retirement benefit now, your benefit would be permanently reduced, and you would be giving up potentially tens of thousands of dollars in long-term Social Security income. If you delay starting Social Security as your husband is doing, you receive 100% of your own benefit at your full retirement age. The Social Security Administration has a retirement age calculator to help..According to an article by StateNews.com, pharmaceutical manufacturers have been pouring millions of dollars into this year's Congressional campaigns..The opinions expressed in "Congressional Corner" reflect the views of the writer and are not necessarily those of TSCL..According to studies performed for TSCL, many Notch Babies, particularly those who rely on Social Security for most, if not all of their income, are at risk for living near or below the federal poverty level. For example, Notch Babies who retired in 1984 at age 65 with average benefits of 0 per month would receive about ,839 this year. In the 48 contiguous states and Washington DC, that's only 8% above the federal poverty guidelines..Under current law the Social Security COLA is calculated based on the spending patterns of younger working adults using the Consumer Price Index for Urban Wage Earners and Clerical Workers. But older consumers spend a bigger portion of their household budgets on healthcare and housing, two categories that have been increasing more rapidly in recent years. "Medicare Part B premiums are the fastest growing cost most retirees will ever have," notes Johnson. "But those costs are not even surveyed under the CPI-W or reflected in today's COLA," she says..What TSCL does is try to hold elected officials accountable, not just in an election year, but when there is not an election. With your continued support, we will do just that..This discrepancy between COLAs and real costs is squeezing senior households. Retirees are forced to draw down savings faster than planned, and work far longer than anyone ever imagined. In addition, the percentage of households with credit card debt headed by someone age 75 or older has doubled from 11 percent in 1998 to 22 percent in 2010 according to recent data from the Employee Benefit Research Institute. The sad fact is that people 65 and older are the fastest-growing segment of the U.S. population filing for bankruptcy. Seniors are getting deep into debt because of high medical bills, long-term care costs, and dwindling retirement savings.

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But in the meantime, beware of scams and identity theft attempts. Scammers are taking advantage of the confusion created by the transition, and reports of Medicare card scams are rampant. The two most important things to know: Medicare will not call or contact you for "information about your account," and the new card will not cost you anything..Highly recommended reading: "How To Make Your Money Last, The Indispensible Retirement Guide," Jane Bryant Quinn, January, 2016..To begin with, it will apply only to some seniors, depending on which Medicare supplement program they enroll in, and it is completely voluntary on the part of both the supplement provider and the individual enrolled in Medicare. … Continued

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Based on the result of this poll, The Senior Citizens League has endorsed legislation called the Seniors Have Eyes, Ears, and Teeth Act, a bill introduced by Representative Lucille Roybal-Allard and 131 cosponsors in the House of Representatives. If adopted, H.R. 508 would expand Medicare coverage to include essential hearing, vision, and dental services..New legislation passed in the House to repeal and replace Obamacare puts access to health care for the sickest, poorest, and even older Americans on Medicare at risk, warns The Senior Citizens League. Says TSCL's Medicare and Social Security policy analyst, Mary Johnson, "The GOP's American Health Care Act:.Increasing funding for Continuing Disability Reviews, which are conducted periodically to ensure that disabled enrollees still qualify for benefits. CDRs return to the program for every invested. … Continued

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