Inadequate COLAs have long-term consequences for both retiree finances and health. COLAs affect the amount of total lifetime Social Security income, and that in turn affects the rate of withdrawals from retirement accounts and savings, debt levels. Adequate income in retirement also determines whether individuals have the finances to pay for supplemental Medicare health premiums, out-of-pocket costs and prescription drugs..If Trump does, in fact, veto the bill it is likely Congress will attempt to override it this week although the timing of the override attempt may hinge on whether an agreement of government funding can be reached this week..During that period COLAs have averaged just 1.4%. In 2010, 2011, and 2016 there was no COLA payable at all and, in 2017, the COLA was just 0.03 percent. "But COLAs have never remained so low, for such an extended period of time, in the history of Social Security," says Johnson, who has studied the COLA for more than 25 years. Over the 20 - year period covering 1990 to 2009, COLAs routinely averaged 3 percent annually, and were even higher before that period.."Public health officials were quick to tout J&J's data as a strong result, particularly given that regulators initially said a vaccine would only have to be 50% effective to be authorized. A vaccine that is 66% effective is an incredibly powerful tool in fighting respiratory viruses, they stressed. 'We would be celebrating a seasonal influenza vaccine with 60% efficacy,' Jay Butler, the deputy director for infectious diseases at the CDC, told reporters..Eliminating the payroll tax is estimated to put more money into the pockets of working people. But at today's savings rates, that could leave even more Americans much worse prepared for retirement than they already are. "By far the biggest winners of this proposal would be the share - holders of the nation's largest employers," Johnson says. "Companies would pocket the 6.2 percent payroll tax they currently spend matching the 6.2 percent withheld from employees, making this one of the biggest corporate tax breaks in our nation's history." "This proposal is an insidious attack on the finances of all Social Security beneficiaries," Johnson says..of the Center for Infectious Disease Research and Policy at the University of Minnesota and one of the foremost experts in the world on infectious diseases, said "the next six to 12 weeks are going to be the darkest of the entire pandemic.".Members of the committee heard from several witnesses at Wednesday's hearing, including Stephen and Rita Shiman, two older Americans from Saco, Maine who were recently victims of the common grandparent scam against seniors. The couple was contacted via phone by a scammer who claimed to be their grandson. The caller told Mr. and Mrs. Shiman he was being held unfairly in a county jail and needed ,230 to be released on bail. They completed the transaction without a second thought and learned they had been scammed later that day, when they called to check in on their actual grandson..After Surgery What Can I Do About Unexpected Bills?.Medicare doesn't cover dental benefits, and dental insurance premiums can be more expensive than paying out of your own pocket for routine check ups- and cleanings. The cost to buy an individual policy averages about 0 a year. That's about what you might pay out-of-pocket without any insurance for two annual exams and cleanings, plus some X-rays.

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When Congress enacted automatic Social Security COLAs in 1972, there was only one CPI and it measured the inflation experienced by urban wage earners and clerical workers. The 1972 amendments used this CPI as the basis for determining your COLA today. But today there are other, more appropriate indexes for calculating the COLA. In 1978 the Bureau of Labor Statistics expanded the CPI known as the CPI-U to cover all urban residents, including most retirees, and in 1983 the BLS launched an experimental index, the Consumer Price Index for the Elderly, which reflects the spending patterns of people age 62 and older..Social Security beneficiaries received a 2.8% cost-of-living adjustment this year, but millions of older Americans with low benefits have seen their increases completely offset by higher Medicare Part B premiums. Do you support the Fair COLA for Seniors Act, which would give beneficiaries a more adequate Social Security COLA?.Since the passage of the Affordable Care Act in 2010, it was my understanding that the 3.8% tax on net investment income was intended to fund the Medicare Part A Trust Fund, in much the same way a portion of the taxes on Social Security benefits are earmarked for the Part A Trust Fund. … Continued

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Masks and face coverings remain an important tool to stop spread of the coronavirus, the director of the Centers for Disease Control and Prevention told Congress this week, adding that he's worried that some Americans appear to be ignoring the advice..This week, in the days leading up to the five-week August recess, Members of the House focused on a series of tax extension bills and Members of the Senate debated cybersecurity legislation. Meanwhile, one House Subcommittee met to discuss the removal of Social Security numbers from Medicare cards, and The Senior Citizens League saw support grow for three key pieces of legislation..Berna Heyman, a retired librarian who has Wilson Disease testified how she was a victim of obscene price gouging. Her annual co-pay for the drug Syprine rose from 0 in 2013 to ,000 in 2014, with her drug plan paying over 0,000. When she and her doctor applied for Valeant pharmaceutical's patient assistance program, she was denied financial assistance from the manufacturer because she was on Medicare. … Continued

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