I'll always have the backs of our seniors, and I will ensure you all have the help you need and to protect against those who seek to take advantage of you. We all know this is going to take a fight. I'm hopeful that, with the Senior Security Act, we will help create real and lasting change, and I will be here, fighting by your side, every step of the way..would significantly drive up costs for older Americans,.If signed into law, the Social Security Preservation Act would require that all annual surpluses of the Social Security Trust Funds be invested in marketable interest-bearing obligations of the United States or obligations guaranteed by the United States. It also outlines certain requirements for determining the annual surplus of the Trust Funds. With the Social Security Trust Funds set to expire in 2033, TSCL believes that it is now more important than ever for Congress to protect and secure the program's monies. Rep. Paul's bill would do just that, and we were pleased to see support grow for it this week..In addition, TSCL announced its support for legislation from Rep. Grace Meng that would address the Social Security Notch once and for all. It would allow Notch victims born between the years 1917 and 1926 to choose between a ,000 lump sum payment or an improved monthly benefit calculation. TSCL firmly believes that Congress must provide some compensation to victims of the Notch injustice, and we are hopeful that Congresswoman Meng's bill will be approved by the end of this year..New study says drug prices really have been increasing.In last week's update we told you about the pending retirement of Senator Lamar Alexander, who has been a champion of legislation to end surprise medical billing. We feared the effort to end the practice would now be more difficult in Alexander's absence..McCaskill brought her own brother's experience with pharmaceutical companies as an example to illustrate the way companies wine and dine the doctors who prescribe their medications..The hold harmless provision kicks in when the dollar amount of an individual's Medicare Part B premium rises more than the dollar amount of an individual's COLA adjustment to prevent a reduction in Social Security benefits. The provision applies to individuals with incomes below ,000, and whose Medicare Part B premium is automatically deducted from their Social Security benefits. Johnson estimates that about 35.5 million Social Security recipients were held harmless in 2016 and 201"People who have been held harmless in both those years are paying premiums that are roughly 8 per month in 2017 on average, a difference of about from the current 4 premium. However, for many of those people, especially those with below - average Social Security benefits, the 2018 COLA won't be high enough to cover the full 4 Part B premium..When Medicare solvency is under discussion, the focus is often placed on the Medicare Part A Trust Fund, which is primarily financed by payroll taxes. The last time Medicare Part A Trust Fund was forecast to become insolvent was in 200That year, the Medicare Trust Fund was forecast to become insolvent by 201In 2010, Congress enacted the Affordable Care Act which changed Medicare revenues in two ways. It added an additional payroll tax of 0.9% to the 1.45% of Medicare taxes paid by high earning individuals with wages over 0,000. A second provision affecting individuals with this level of income, imposed a new 3.8% tax on a portion of net investment income. Estates and trusts can also be subject to this tax.
