People who don't have their premiums deducted from Social Security payments, including those still working and who haven't started Social Security yet..Even if your income or assets are slightly higher than the guidelines, you should still apply. That's because certain kinds of resources may not be counted. States figure your income and assets differently, so you may be eligible in your state. When determining eligibility, your countable assets include checking or savings accounts, stocks and bonds. Your home, and one car, will not be counted..The Social Security Trustees recently projected that the Disability Insurance Trust Fund will be fully depleted by 201If the next Congress takes no action to address the matter, payroll taxes will only be sufficient to cover about 80 percent of benefits after Trust Fund depletion. While Congress has never permitted a trust fund to run out before, time is short to make what's likely to be difficult long-term changes. "The longer lawmakers wait at this point, the greater the chances of a funding crisis and benefit cuts," Cates says..If you have not been offered affordable insurance through your employer, you are not receiving Medicare, and you purchase your own health insurance coverage, you may be among those who have the most to gain from shopping for health insurance on the new health insurance exchanges. Depending on your income, you may be eligible for new premium subsides that would cover part of the cost of your health insurance premiums. The exchanges are now open for comparing health insurance coverage that becomes effective January 1, 2014..Seventy - nine percent of older Americans think the highest -earning workers should be paying Social Security taxes on all of their wages, just like other workers do, according to recent survey by The Senior Citizens League. "The issue is a top priority with older voters, many of whom are outraged at recent legislative proposals to cut Social Security benefits and cost-of-living adjustments," says Mary Johnson, a Social Security policy analyst for TSCL..At this point in time, it remains unclear whether congressional leaders will bring the "Budget for a Brighter American Future" to the floor for a vote, but the resolution does clearly outline the policy priorities of the majority party in the House. The Senior Citizens League will keep a close eye on the movement of the budget resolution in the weeks ahead, and we will continue to voice our opposition to policies that would jeopardize the health and financial security of older Americans. For progress updates, follow TSCL on Twitter or visit the Legislative News section of our website..However, concern is growing that the Medicare Part B premium increase, which the Social Security Administration deducts directly from Social Security benefits, could consume a substantial amount of any COLA increase next year. Legislation enacted by Congress last year restricted the 2021 Medicare Part B premium from increasing more than .90 per month due to the very low COLA increase of just 1.3 percent, a result of extremely low inflation due to the COVID-19 recession. The basic Part B premium is 8.50 per month in 202"With a high COLA increase in 2022, Part B premiums might make a catch-up jump, especially as people make up visits to get healthcare services that were postponed due to the pandemic," Johnson says..This week, Congressmen Rodney Davis and Adam Schiff re-introduced the bipartisan Social Security Fairness Act with sixty-one original cosponsors. If signed into law, the bill would repeal the Government Pension Offset and the Windfall Elimination Provision two provisions that unfairly reduce the earned Social Security benefits of millions of public servants by as much as 40 percent..TSCL believes that both positions would have a significant impact on the future of Social Security, and we urge Democrats and Republicans on Capitol Hill to work together in the months ahead to strengthen and modernize the program responsibly. Throughout the 115th Congress, our legislative team will continue to advocate with a nonpartisan voice for policies that would secure the solvency of the Social Security trust funds, make the program more fair and equitable, and avoid harsh benefit cuts for current and future retirees.
