News

On Wednesday, the Social Security and Medicare Trustees released their annual reports on the financial outlook of both programs. As expected, they found that Social Security and Medicare are experiencing long-term financing shortfalls. Social Security's combined trust funds are expected to be depleted in 2034, which remains unchanged from last year's report. Medicare's Hospital Insurance trust fund is expected to be depleted in 2028 two years earlier than the trustees projected last year..The President describe this last order as the "granddaddy" of the four orders, but he also promised to drop the plan if the drug companies can come up with a better one within the next month..New Legislation Aimed At Fixing Social Security and Medicare.Last week TSCL was part of a virtual meeting with Senator John Thune who, as the Majority Whip, is the second-ranking Republican in the Senate, after Majority Leader Mitch McConnell..So, as we told you back on Sept. 29, "Don't Bet on 0 Drug Discount Card Just Yet.".The poll raises questions about both the adequacy of Social Security benefits, and proposals that would make seniors pay an even bigger share of their healthcare costs in the future. According to the Social Security Administration, the median income for retirees aged 65 and older is just ,056.[1] In 2010, the most recent year for which data is available, Medicare beneficiaries spent ,734 on out-of-pocket costs on average, including premiums for Medicare and other supplemental insurance or health plans.[2].The letter was written in response to recent comments from Office of Management and Budget Director Mick Mulvaney, who told reporters last week that he has been "actively discussing potential executive or administrative solutions" to the prescription drug issue with President Trump. The group of Senators said, "We write to express our support for such efforts that could provide immediate relief to Americans.".AHCA Advances Through House.At what age do you think most people retire? According to the Social Security Administration, the largest group retires at age 62 with reduced benefits! Only 4% wait to start benefits at 70, the age at which they would get the maximum amount. Could the fact that most people file for Social Security benefits so early be simply because they hear so often that they can do so at 62? Does 62 become a distorting anchor on our thinking?