Budget Compromise Released and Passed.The piece of the law under discussion relates to the way the government subsidizes companies that provide prescription drug coverage to retirees. When Congress created Medicare Part D, it also created an incentive for employers to continue providing prescription drug coverage to their retirees. Under current law, the government subsidizes 28% of the costs that employers incur from providing prescription drug coverage to retirees who are at least 65 and Medicare eligible. The companies that receive the subsidy are then allowed to deduct 100% of the costs of providing coverage to their retirees from their taxes - this deduction also includes the 28% subsidy that the government provides. The new healthcare law keeps the 28% subsidy intact but starting in 2013 it removes the ability of companies in computing their taxes to deduct the subsidy they receive from the government..New TSCL Poll Should Medicare Be Changed?.The August recess is a tradition that dates back to the early days of our republic when there was no electricity and, therefore, no air conditioning. Washington was so hot and miserable in August that the members of Congress wanted to get out of town and go somewhere cooler. Even though the weather in Washington is still hot and miserable in August, the excuse to leave town is no longer valid because of air conditioning, of course..This week, lawmakers in the House remained in their home districts to continue the summer recess. They are expected to return to Capitol Hill next Tuesday, September 4th. In the days ahead, many Members of Congress will be attending local events and hosting town hall meetings in their home districts. The Senior Citizens League encourages its supporters to attend these events and to ask important questions of their elected officials, like the following five..TSCL strongly believes the Social Security COLA that seniors currently receive does not accurately reflect how they must spend their money. We estimate that a senior who retired with average benefits in 1984 would have received ,723.16 more through 2011 had the CPI-E been used. TSCL is very supportive of the CPI-E Act, and we were pleased to see support grow for it this week..Earlier this month, House lawmakers voted on a balanced budget amendment to the constitution that would have been disastrous for Social Security and Medicare beneficiaries if adopted. Did you support this drastic measure, and if so, why?.The SSA and the AARP say, however, the Notch affects only those born during the five-year period of 1917 through 192Those born during that period were covered by a special transitional benefit formula, the purpose of which was to provide a 5-year phase-in for the new 1977 benefit formula..Can You Tell Me My Full Retirement Age?

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But, unlike other parts of the tax code which are adjusted for inflation, such as income brackets, the income thresholds that subject a portion of Social Security benefits to taxation have never been adjusted. "Today, the Social Security benefits of even modest-income retirees - those who have modified gross incomes of more than ,000 or ,000 - are affected by the tax," Johnson says. Had the income thresholds been adjusted for inflation the ,000 threshold would be about ,137 today and the ,000 would be about ,815, using the Bureau of Labor Statistics' inflation calculator..The Senior Citizens League is sharing these stories with Members of Congress as well. If you would like to share your story you may do so here..If the Social Security COLA were based on a more accurate measure of inflation for senior citizens, this year's increase would not have been zero it would have been around 0.6 percent according to Bureau of Labor Statistics data. Do you support legislation that would base the COLA on a more accurate inflation index like the Consumer Price Index for the Elderly? … Continued

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Congress is under intense pressure from numerous directions to get rising debt under control. The Congressional Budget Office further warned that growing interest costs on the debt would restrict our elected lawmakers ability to use tax and spending policies to respond to economic downturns or financial crises. And that in turn would increase the probably of a sudden fiscal crisis, in which the government would lose its ability to borrow at affordable rates..Was your surgery for an inpatient or outpatient procedure? Even when you spend one or more nights in the hospital, that doesn't automatically make you an inpatient. Ask your hospital or facility's billing department. Whether the service is provided as an inpatient or outpatient is important, because it will be billed differently. If your elective surgery was an outpatient procedure and your anesthesiologist billed it as an inpatient service, or vice versa, then Medicare or your health plan may reject the bill. If an error was made, ask your anesthesiologist to correct the bill and resubmit it..You can contribute to more than one IRA. It's possible to have a traditional IRA, one or more 401s and a Roth IRA or Roth 40You can contribute to as many as you want but the total you may contribute is limited to a maximum amount that is adjusted annually and the type of account. … Continued

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