In addition, the plans in his orders all have limitations. For example, the rebate order comes with a caveat that any plan cannot increase seniors' premiums, the unworkable problem that led the administration to kill its original rebate rule last year..Plan your withdrawals to boost your Social Security benefits. While you want to allow your retirement savings to grow tax-deferred as long as you can, withdrawing money from an IRA earlier is sometimes to your advantage. Doing so may help you delay starting Social Security benefits, allowing your benefits to grow 8% for every year you wait after attaining age 66 and until age 70..We are closely watching how the foreign drug index would be structured and evaluating how prices would be adjusted. We are highly concerned that a greater portion of the high cost of these drugs that are administered in doctors offices and clinics could wind up getting shifted to Medicare patients either in the form of higher co-pays and co-insurance, or higher premiums..For details, or to see if your Members of Congress will be holding town hall meetings during the summer recess, call their local offices. You can find contact information HERE..In January, one-third of all Medicare beneficiaries could see a Part B premium increase of 22 percent the highest increase in 27 years. Do you believe Congress should take action like it did last year to prevent the dramatic increase?.Nearly twenty new initiatives were revealed at Monday's conference. In his speech, President Obama announced one that will encourage workers to save more for retirement by helping states create new workplace-based savings opportunities. Currently, around one-third of all employees do not have access to a workplace retirement plan. The initiative announced on Monday will "provide a clear path forward for states to create retirement savings programs" by the end of this year, President Obama said..On Wednesday, the Social Security and Medicare Trustees released their 2015 reports on the financial outlook of the two programs. At a press briefing, Treasury Secretary Jack Lew said: "Today's reports confirm that both Social Security and Medicare are secure today and will remain secure in the years to come. Consistent with previous years, today's reports also show that these programs are facing challenges that need to be addressed.".How Did the Supreme Court Decision About the Affordable Care Act Affect Medicare?.TSCL surveys have found that there is no public support for benefit cuts. On the other hand, 79% support eliminating the taxable maximum cap on earnings so that the highest paid workers pay Social Security taxes on all of their income, not just part of it as they do today.

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A COLA as low as 1.2% increases the risk that Medicare Part B premiums for 2020 would take the entire amount of any COLA increase for many beneficiaries. This would be especially true for any Part B increase around .00 per month..One way to strengthen Social Security is to do what's known as "scrapping the cap." Americans only contribute to Social Security on the first 7,200 in income earned every year. That makes no sense. Why should the very wealthiest get a tax break, when nurses, electricians, and grocery store clerks pay into the system on 100 percent of their earnings? Closing this loophole would extend the program for at least another generation..We encourage you to attend a town hall, and invite others you know. The future of our retirement and our healthcare benefits rests in our hands. … Continued

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Several lawmakers also asked Congressman Price about comments he recently made to reform the Medicare program before the end of the year. Congressman Price told the HELP Committee Members that there are no immediate plans to reform the program, and that he has not yet discussed the topic with the new administration. Congressman Price has authored several proposals in recent years that would transform the traditional Medicare program into a "premium support" model, where beneficiaries would be given vouchers to purchase private health insurance. TSCL opposes such plans since we believe they would result in higher out-of-pocket costs for seniors, and we will continue to advocate against them in the months ahead..TSCL is pleased that lawmakers on the Senate Aging Committee are raising awareness of scams against seniors and we agree that more must be done to combat the growing issue. In the months ahead, we will advocate for legislation that would protect older Americans from financial abuse. In the meantime, we encourage our supporters to read the Aging Committee's updated Fraud Book by clicking HERE. As Chairman Collins said on Wednesday, "The more that seniors know about these scams, the less likely they are to fall victim.".Members of Congress Support Key Legislation … Continued

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