A report came out this weekend about the possibility of new major cuts to Medicare. This could result because of Senate rules about how many votes it takes to pass legislation..You can work while you receive Social Security benefits. When you do, your benefits may be reduced if you earn more than certain limits. But after you reach full retirement age, the Social Security Administration recalculates your benefits and it will be increased to account for the benefits withheld due to excess earnings. The work you do now could mean a higher benefit for you in the future, and that will be important in helping you to afford health care and other big cost increases later on..Top 10 Fastest Growing Costs of Older Americans Since 2000.After passing the so-called "cromnibus" late last week, Members of Congress returned to their home states and districts for the remainder of the year. They will return to Capitol Hill in January to begin the 114th Congress..Fresh is not always more healthful than frozen. From the moment fruits and vegetables are harvested, they begin to lose nutrients. Fruits and vegetables grown in North America may spend up to 5 days in transit before arriving at a distribution center, and another 1-3 days on display prior to purchase. Consumers may keep their produce for up to 7 days prior to consumption. Consequently, fresh produce can lose a considerable amount of nutrients before consumption. A University of California study found, for example, that vitamin C losses in vegetables stored 7 days range from 15% for green peas, to 77% for green beans. Unless you are harvesting and consuming your own home grown fruits and vegetables within a few hours of picking, frozen choices may be just as high in nutrients..Social Security benefits have lost 34 percent of buying power since 2000, according to the 2018 Social Security Loss of Buying Power Study recently released by The Senior Citizens League. This is the biggest loss of buying power recorded since 2012, and that was the biggest loss that The Senior Citizens League's study has recorded to date..Get multiple meals from one food item: Any meat, like ham or turkey, that's relatively low cost, provides plenty of leftovers, and freezes well, is one to consider for company entertaining. After the first meal, slice the leftovers and wrap in individual servings and store in plastic zipper bags in freezer. Use the remaining bone and small meat scraps for making soups. If you can't make soup right away, bones and scraps can be frozen until you need them..Women also tend to take their benefits sooner than men - before reaching the age for full un-reduced retirement benefits. When retiring before full retirement age, benefits are permanently reduced by up to 25% to 30%, depending on age..If you have limited income and savings, there are three Medicare Savings Programs that help pay Medicare costs. If you qualify, your Medicare Part B premium will no longer be deducted from your monthly Social Security check. Over the rest of the year, that could be worth an extra 4.60 per month in your Social Security check, and more than ,300 in higher Social Security income through the end of the year. If you qualify, you will automatically get Extra Help, the Medicare program that helps with Part D prescription drug costs.

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An intense battle over Social Security is brewing and TSCL is gearing up for major Congressional action. Recently retired Federal Reserve Chairman Alan Greenspan waded back into the fray to tell Congress "Our choices right now are not between good and better; they're between bad and worse. The problem we now face is the most extraordinary financial crisis that I have ever seen or read about. Irrespective of what you say should be done on the tax side, you still have to cut some benefits on the expenditure side." The statement is chilling considering Greenspan oversaw the largest single overhaul of the program in history, chairing the National Commission on Social Security Reform in the early 1980's..It is possible there could also be another emergency spending bill or, as we reported above, even a full-blown stimulus to try and keep the economy going..If adopted, the Seniors Have Eyes, Ears, and Teeth Act would expand Medicare coverage to include essential hearing, vision, and dental care. Under current law, the traditional Medicare program is prohibited from covering these basic health care services, and millions of seniors living on fixed incomes cannot afford to pay out-of-pocket for routine care or assistive technologies like hearing aids. … Continued

Fiscal Policy Fiscal Briefs

Get multiple meals from one food item: Any meat, like ham or turkey, that's relatively low cost, provides plenty of leftovers, and freezes well, is one to consider for company entertaining. After the first meal, slice the leftovers and wrap in individual servings and store in plastic zipper bags in freezer. Use the remaining bone and small meat scraps for making soups. If you can't make soup right away, bones and scraps can be frozen until you need them..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..While restricting a potential Part B spike in any given year is good news for beneficiaries, the problem itself isn't going away any time soon. "Unless Congress acts to boost Social Security benefits and finds a better way to adjust benefits for growing Medicare costs, this problem will continue occur with greater frequently in the future," says Johnson. "This approach of imposing future premium repayments doesn't fix the problem - it's like a payday loan. It just makes the premiums grow faster later, and the problem is triggered again the next time when COLAs are extremely low," Johnson says. The Senior Citizens League is working to get legislation introduced that would provide an emergency COLA of 3 percent in 202To learn more, visit. … Continued

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