Opportunity to invest in programs that allow seniors to age in place and maintain their independence..Consumer price index data show that the rate of inflation has changed significantly over the past decade, and has yet to return to the average rate during the decade prior to the 2010 Great Recession. From 1999 to 2008, COLAs averaged 3%. Since 2010, however, the COLA, which is tied to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, has averaged just 1.4%. Since that year, inflation has been so low that there was no COLA payable three times - in 2010, 2011, and 201In 2017, inflation was almost zero at just 0.3 percentage point. This is not normal, and research on the costs experienced by older Americans indicates the COLA often doesn't reflect inflation that retirees actually experience..Most troubling, in October we reported that Medicare Advantage plans have overcharged Medicare by almost billion in recent years. Officials know that some Medicare Advantage plans exaggerate how sick their patients are by inflating the "risk scores" in order to collect higher payments from Medicare, yet the federal government has recovered only a tiny percentage of the overpayments to private insurers in the past..The Social Security Administration also included a fact sheet that confuses things for any recipient who, like me, is currently age 6It shows an example of how benefits would grow from age 66 and 2 months through age 70. The 66 and 2 months is the full retirement age of people born after 1954..Changes to Medicare and the tax code this year will affect some seniors positively, but many more seniors negatively. Those who fall into the donut hole will receive some much-needed relief from the federal government, while young retirees with high medical bills and those who rely heavily on investment income may be hit with tax increases. The Senior Citizens League will continue to closely monitor the implementation of the Affordable Care Act, and will post updates on our website. To learn more about these and other issues affecting seniors, visit SeniorsLeague.org..We must ensure benefits earned are benefits maintained. That's why I am proud to cosponsor H.R. 141, bipartisan legislation to eliminate the Windfall Elimination Provision and Government Pension Offset in our last Congress. The WEP and GPO unfairly penalize workers who paid into Social Security and earned benefits in addition to receiving a public pension through other work..To learn more about deducting medical expenses, see IRS publication 502, which can be downloaded at..The amount you pay for your CT scan will vary by your Medicare Advantage plan and whether you get your CT scan from a preferred provider. You will need to call your plan to learn the out-of-pocket cost details, and to make sure the facility, doctors, and medical technicians performing the CT scan are preferred providers with your Medicare Advantage plan. You could pay considerably more if you use providers who are not under contract with your Medicare Advantage plan. Call the customer service number on the back of your health plan's card, have your questions written down and be ready to take notes..Possibly. A great deal will depend on how much of your 401 and IRA distributions are taxable. A quick way to check is to take one-half of your total Social Security benefits, add to that all taxable pensions, wages, interest, dividends and other taxable income. Then add any tax-exempt interest income. This is called your "provisional" income.
