State Category Health Costs Budgets Mental Health Agency ExpendituresThe main source of funding for Social Security comes from the payroll taxes that workers pay into the program. But there are two other sources of revenues: taxes that retirees pay on their Social Security benefits, and the "interest" earned by the "I.O.U.s" held by the Social Security Trust Fund.."Hospitals Struggle to Restart Lucrative Care After Coronavirus Shutdowns," Reed Abelson, The New York Times, May 17, 2020..Are Members of Congress Giving Up Their Health Insurance for Obamacare? … Continued
Debating The Electoral CollegeThe deduction is especially important to people age 65 and over, since spending on medical expenses increases with age, and healthcare costs can be considerable. About 23 percent of participants in The Senior Citizens League's 2018 Senior Survey said they routinely itemize medical expenses. A recent report from the non-partisan Kaiser Family Foundation says that Medicare households spent on average ,355 in 2016 on healthcare costs that Medicare doesn't cover. That's equivalent to ,700 in 2018 adjusting for inflation.."People who have been receiving benefits for 12 years or longer have experienced an unprecedented series of extremely low cost-of-living adjustments," says Mary Johnson, a Social Security policy analyst for The Senior Citizens League. What's more those inflation adjustments do not account for rapidly rising Medicare Part B premiums that are increasing several times faster than the COLA. The situation is causing those with the lower Social Security benefits to see little growth in their net Social Security income after deduction of the Part B premium..Last year, the Social Security Trust Fund fell into deficit, paying out more than received in revenues for the first time since 198The new incoming Congress will undoubtedly consider long-term proposals that would cut Social Security benefits. But at the same time, Totalization with Mexico would add potentially millions of new beneficiaries to the rolls - beneficiaries whose checks are based, at least in part, on illegal work. … Continued