Highly recommended reading: "How To Make Your Money Last, The Indispensible Retirement Guide," Jane Bryant Quinn, January, 2016..Fifty six percent of older adults think we need to invest more in Medicare in order to respond more quickly and effectively to a healthcare crisis like COVID-19, according to a new survey by The Senior Citizens League. "Boosting funding for Medicare is one of the most important issues for older voters this year," says Mary Johnson, a Medicare, and Social Security policy analyst for The Senior Citizens League..This week, two new cosponsors Reps. David Cicilline and Steve Cohen signed on to the SAVE Benefits Act, which was recently introduced by Rep. Alan Grayson in the House. If signed into law, the bill would give Social Security beneficiaries a 3.9 percent COLA next year instead of the zero COLA they are expected to receive. It would cover the cost of the emergency COLA and extend the solvency of the Trust Funds by closing a loophole that allows corporations to deduct bonuses for CEOs from their taxes..If it weren't for the coronavirus and the start of the vaccination program against it the top news story would probably be the fact that Congress still can't reach a final agreement to keep the government from shutting down. As we indicated in last week's update, they had to pass another one-week Continuing Resolution last Friday in order to give them more time to try and pass the needed legislation..The COLA as currently calculated is failing to protect the buying power of the beneficiaries for whom it is intended. TSCL supports legislation, the 3% COLA Act, that would ensure a more fair and adequate COLA two ways. It would base the annual boost on an index that more accurately reflects of the costs of older Americans - the Consumer Price Index for the Elderly. In addition, the legislation would require an annual minimum COLA of no less than 3%..TSCL agrees that legislative action is needed soon in order to avoid harsh benefit cuts for Social Security beneficiaries. In the months ahead, we will continue to advocate tirelessly for legislation like the Social Security 2100 Act, which would strengthen the financing of the program for decades to come while also strengthening benefits for those who depend on them the most. For progress updates, follow TSCL's legislative team on Twitter, or visit the Legislative News section of our website..This week, lawmakers in the House passed legislation to repeal the controversial Independent Payment Advisory Board, and The Senior Citizens League announced its support for one new piece of legislation..Reps. Linda Sanchez and Rush Holt introduced H.R. 3118 on September 17, 201It has since been referred to the Committee on Ways and Means, and to the Committee on Education and the Workforce..Representative Peter DeFazio

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Your own retirement benefit would be low if you were to take it at age 64 - prior to reaching your full retirement age. Full retirement age at which you start receiving full, unreduced benefits, is rising. For people born in 1956 your full retirement age is 66 and 4 months..If you experience a steep rapid price increase like this, where the drug doubles or quadruples as it did for Janice, first check with your drug plan to learn whether the drug is still covered by your plan. You can double check the price you have been quoted by using the Medicare drug plan finder at. If the drug is covered and the price has increased like this example, please contact your Members of Congress, starting with your Representative in the House and share details about the cost increase of your drug. Members of the House have announced hearings in coming weeks to investigate this sort of price gouging and your Representative will be interested in hearing your story..In an ideal world, prior authorization is supposed to deter patients from receiving care that is not truly medically necessary, thus reducing costs for insurers and out-of-pocket costs of enrollees. But prior authorization is sometimes misused to create barriers to getting care, or to even deny medically necessary care. Regardless of how prior authorization is used, it creates extra administrative hassles for physicians when they have to file the documentation to obtain the authorization. … Continued

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If signed into law, the bill would repeal the Windfall Elimination Provision and the Government Pension Offset two provisions of the Social Security Act that cut the earned benefits of millions of teachers, firefighters, police officers, and other public servants each year. Because these individuals receive pensions from their state or local governments, their monthly Social Security checks are arbitrarily reduced, often by one-half or more..Nonetheless, TSCL will not let the Senate forget that the need to pass legislation to help bring down the prices of prescription drugs must not be set aside because of the coronavirus threat. Many, many seniors are at risk because they can't afford the drugs they need, and the situation must be dealt with now..TSCL's opposition to any Payroll tax cut stems in part from previous comments from some Congressional leaders, including Senate Majority Leader Mitch McConnell In the past he has said: … Continued

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