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Insider's Report: This will be welcome news for older Americans
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President Biden’s COVID $1.9 trillion relief package package should be a relief to millions of older Americans who stand to benefit from some of its key provisions. And the bill has a fairly straight path to the President’s desk for his signature.
The COVID package will contain billions of dollars for vaccine distribution. That should be welcome news for older adults, many of whom are still awaiting vaccination due to shortages and inefficiencies in the distribution process.
The relief package also includes $1,400 stimulus payments (in addition to the $600 in the previous legislation). The extra money should help eligible older Americans on fixed incomes struggling to stay financially afloat during the pandemic.
In addition to preserving Social Security, we strongly support President Biden’s plans to expand Social Security benefits, lifting an additional half a million seniors out of poverty by 2030. This includes his proposals to strengthen the Social Security Cost-of-Living Adjustment (COLA), improve the basic benefit for all, provide a higher benefit for the oldest Americans, increase the Special Minimum Benefit, protect widows and widowers, and provide caregiver credits, among other measures.
As this important COVID relief legislation makes it way through congressional committees and onto the floor of each house of Congress, we will keep you updated on any significant changes to this bill that could impact older Americans’ health security.
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| Good Bills |
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The National Committee endorses the “Medicare Economic Security Solutions Act,” introduced by U.S. Representative Katie Porter (CA-45), which would cap unfair late Medicare enrollment penalties levied on seniors at 15% of the standard monthly premium and limit how long the penalty can be applied. According to U.S. Representative Porter: “This penalty burdens hundreds of thousands of vulnerable families, including many Americans who didn’t realize that deferral subjects them to higher healthcare costs for the rest of their lives. I’m proud to introduce common-sense legislation to better protect our seniors from unfair medical costs.”
Under current law, Americans have three months to enroll in Medicare once they turn 65. If an individual defers enrollment, they pay a late enrollment penalty of 10% of the standard monthly premium for each year enrollment is delayed. Americans who delay enrollment because they are covered by their employer do not incur such a penalty, but beneficiaries who leave their jobs and maintain their insurance through COBRA are penalized.
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| Ask Web |
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Our resident Social Security expert, Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — is here to answer your questions about Social Security.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
This week's question is: A Federal retiree who is not eligible for Social Security has elected a 100 percent survivor annuity for his spouse. His wife is eligible for Social Security benefits based on her own work history. When he dies, does she collect the full 100 percent spousal survivor annuity plus her own Social Security or is her Social Security or survivor annuity reduced?
Click here to read the answer.
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| Poll Results! |
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In the last issue Benefits Watch we asked our readers the following question:
Today high income earners stop contributing to Social Security after their first $142,800 of income. Should wealthy Americans have to pay their fair share into the Social Security program like most American workers who pay Social Security tax on every dollar they earn?
The results from our recent poll are fascinating, but they’re only available to National Committee members! Join the National Committee today and we’ll immediately give you the results of this important poll. |
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Legislation
Learn more about the bills we support and oppose in the current session of Congress. |
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Join Now
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Coronavirus
Find valuable information, essential tips and warnings about COVID-19-related scams. |
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| Concern About the Affordability of Prescription Drugs |
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National Committee president Max Richtman says he's "more optimistic than ever" about the prospects for lowering prescription drug prices — now that Democrats control the White House, Senate, and House. (February 16, 2021, WOLB, Audio clip with NCPSSM President & CEO Max Richtman)
Listen Here →
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