#old age survivors and disability insurance

[dontmeantobepoliticalbut]

Americans’ Social Security checks will get a lot smaller in 2034 if lawmakers don’t act to address the pending shortfall, according to an annual report released Friday by the Social Security trustees.

That’s because the combined Social Security trust funds – which help support payouts for the elderly, survivors and disabled – are projected to run dry that year. At that time, the funds’ reserves will be depleted, and the program’s continuing income will only cover 80% of benefits owed.

The estimate is one year earlier than the trustees projected last year. About 66 million Americans received Social Security benefits in 2022.

Medicare, meanwhile, is in a more critical financial condition. Its hospital insurance trust fund, known as Medicare Part A, will only be able to pay scheduled benefits in full until 2031, according to its trustees’ annual report, which was also released Friday.

At that time, Medicare, which covered 65 million senior citizens and people with disabilities in 2022, will only be able to cover 89% of total scheduled benefits. Last year, Medicare’s trustees projected that the hospital trust fund’s reserves would be depleted in 2028.

LONG-STANDING FISCAL TROUBLES

Immensely popular but long troubled, Social Security and Medicare are on shaky financial ground in large part because of the aging of the American population. Fewer workers are paying into the program and supporting the ballooning number of beneficiaries, who are also living longer. Also, health care is becoming increasingly expensive.

Social Security has two trust funds – one for retirees and survivors and another for Americans with disabilities.

Looking at them separately, the Old-Age and Survivors Insurance Trust Fund is projected to run dry in 2033, at which time Social Security could pay only 77% of benefits, primarily using income from payroll taxes. The date is one year earlier than estimated last year.

The Disability Insurance Trust Fund is expected to be able to pay full benefits through at least 2097, the last year of the trustees’ projection period.

Merging the two trust funds would require Congress to act, but the combined projection is often used to show the overall status of the entitlement.

Social Security’s projected long-term health worsened over the past year because the trustees revised downward their expectations for the economy and labor productivity, taking into account updated data on inflation and economic output.

However, the long-term projection for Medicare’s hospital trust fund’s finances improved, mainly due to lowered estimates for health care spending after the height of the COVID-19 pandemic. Also, the program is projected to take in more income because the trustees estimate the number of covered workers and average wages will be higher.

ADDED PRESSURE ON CONGRESS

The trustees’ reports are the latest warnings to Congress that they will have to deal with the massive entitlement programs’ fiscal problems at some point soon. But addressing their issues is politically challenging. Elected officials are hesitant to suggest any changes that could lead to benefit cuts, even though that could reduce their options in the future.

“With each year that lawmakers do not act, the public has less time to prepare for the changes,” the trustees warned in a fact sheet.

The programs’ shortfalls are back in the spotlight this year as President Joe Biden and House Republicans battle over how to address the nation’s debt ceiling drama and mounting budget deficits. GOP lawmakers want to cut spending in exchange for resolving the borrowing limit, while the White House has said it will not negotiate.

In a memorable moment in his State of the Union address in February, Biden garnered public acknowledgment from congressional Republicans about keeping Social Security and Medicare out of the debt discussions.

But “not touching” Social Security means a hefty cut in benefits within a decade or so.

“Change is inevitable because without changes to current law, both Social Security and Medicare Hospital Insurance would go insolvent, subjecting program participants to sudden and severe payment cuts,” said Charles Blahous, senior research strategist at the Mercatus Center at George Mason University and former Social Security and Medicare trustee. “The outstanding question is whether change will be tolerably gradual, or instead highly damaging because it is too long delayed.”

Though Biden has repeatedly vowed to protect Social Security, his latest budget proposal did not include a plan to stabilize its finances.

However, his proposal did call for extending Medicare’s solvency by 25 years or more by raising taxes on those earning more than $400,000 a year and by allowing the program to negotiate prices for even more drugs.

Spending on the entitlement programs is also projected to soar and exert increased pressure on the federal budget in coming years.

Mandatory spending – driven by Social Security and Medicare – and interest costs are expected to outpace the growth of revenue and the economy, according to a Congressional Budget Office outlook released in mid-February.

[thoughtportal]

Yes, you can collect Social Security's on a spouse's earnings record. You may be able to do this in the form of spousal benefits, or as survivor benefits if you are a widow or widower.

Depending on your age upon claiming, spousal benefits can range from 32.5 percent to 50 percent of your spouse's primary insurance amount — the retirement benefit to which they are entitled at full retirement age, or FRA. Regardless of the amount of the spousal benefit, it does not affect the amount of your mate’s retirement payment.

You qualify for spousal benefits if:

Your spouse is already collecting retirement benefits.

You have been married for at least a year.

You are at least 62 years old (unless you are caring for a child who is under 16 or disabled, in which case the age rule does not apply).  

You can collect benefits on a spouse’s work record regardless of whether you also worked. If you did work and are eligible for your own retirement benefit, Social Security will not pay you both that and a spousal benefit — you’ll receive the higher of the two amounts.

The chief criteria to qualify for survivor benefits are:

You were married to the deceased for at least nine months (unless the death is accidental or occurs in the line of military duty, in which case there is no minimum time period).

You are at least age 60, unless you have a disability that started before or within seven years of your spouse’s death (in this case the minimum age is 50) or you are caring for a child of the deceased who is under 16 or has a disability (no age minimum).

In most cases, survivor benefits are based on the benefit amount the late spouse was receiving, or was eligible to receive, when he or she died.

How much of that amount you are entitled to depends on your age when you file. The proportion rises from 71.5 percent if you claim survivor benefits at 60 (50 if you have a disability) to 100 percent if you wait until your full retirement age (which is 66 and 4 months for survivors born in 1957 and will gradually rise to 67 over the next several years). If the survivor benefit is based on your caring for a child, you receive 75 percent of the deceased’s benefit, regardless of your own age when you file.

Keep in mind

Your spousal benefit is not affected by the age at which your husband or wife claimed Social Security benefits. It will always be based on your mate’s primary insurance amount.

With survivor benefits, if your late spouse boosted his or her Social Security payment by waiting past FRA to file, your survivor benefit would also increase.

Your spousal or survivor benefits may be reduced if you are under full retirement age and continue to work.

Social Security is phasing in the FRA increase differently for different types of benefits. For retirement and spousal benefits, full retirement age will reach 67 for people born in 1960 and after. For survivor benefits, it’s 1962 and after.

[oaktss]

Disability Care - What You Need to Know

Disability care involves the physical, emotional and social support of disabled individuals. It can include weekly or monthly visits to a client's home, or 24-hour live-in support. The goal is to improve quality of life.

Medical practices can help by training staff in disability-competency, using accessible equipment and addressing accessibility barriers. Involving disability rights advocates in policy development can also show respect, reduce paternalism and augment procedural fairness.

The Americans with Disabilities Act (ADA)

The Americans with Disabilities Act is a landmark civil rights law that prohibits discrimination based on disability. It applies to employers, government agencies, private businesses and nonprofit organizations. It covers people with mobility or physical disabilities, hearing and vision impairments and other medical conditions such as HIV/AIDS and rheumatoid arthritis.

The ADA has helped to change the lives of millions of Americans with disabilities and their families. It has made schools, stores, public buildings and workplaces more accessible to those with disabilities.

However, the ADA is not without its challenges. For example, the Supreme Court decision in Olmstead left open the possibility that health care facilities might be subject to ADA scrutiny. In the context of a health insurance policy, the question is when coverage decision making or payment practices would become discriminatory. Robust ADA guidance is needed to clarify this issue. Also, there is a need for comprehensive guidance regarding language access requirements in the context of ADA.

The Social Security Act (SSA)

In 1954 President Eisenhower signed the Social Security Amendments that established the disability program to protect workers who can't work because of a medical condition. These changes also prevented periods of disability from reducing or wiping out retirement and survivor benefits.

The act also created the Board of Trustees to manage the old-age reserve account, and a trust fund was established for disability benefits. A portion of each worker's payroll taxes are deposited into these accounts. The trustees are responsible for the management of these funds, and their decisions are guided by a set of principles outlined in the act.

In 1999, the President signed the "Ticket to Work and Self-Sufficiency Act." This law shifts the emphasis from maintenance of disability benefits to rehabilitating beneficiaries and helping them return to productive work. It is one of the most significant changes to the disability program in decades. This act also establishes a system that gives beneficiaries a ticket they can use to purchase vocational rehabilitation and employment services from the provider of their choice.

The Individuals with Disabilities Education Act (IDEA)

In the US, IDEA ensures that kids with disabilities get a proper education. It requires schools to evaluate any child they suspect has a disability and that evaluation is done at no cost to parents.

Once a student is found to have a disability, an IEP team will decide how best to help them learn in the least restrictive environment. This means that students should be in regular classes as much as possible with appropriate aids and services. Special classes or other removals from the classroom should only happen when the nature or severity of a student's disability makes it impossible to be taught in the regular classroom with accommodations.

IDEA also stipulates that parents must participate fully in any decision-making process related to their child's education - from evaluation to IEP and LRE decisions. PAVE has training materials on IDEA you can share with families.

The Rehabilitation Act of 1973

Sometimes called “The Rehab Act,” this federal law prohibits employment discrimination against people with disabilities in programs conducted by or for the benefit of the federal government and in the hiring practices of those who do business with the federal government. It also authorizes state vocational rehabilitation (VR) services and research.

Section 503 of the Rehabilitation Act prohibits discrimination against workers with disabilities by companies that have federal contracts and requires many of them to take affirmative action to recruit, hire, retain, and promote employees with disabilities. It also sets goals for the workforces of federal agencies to include 7% of people with disabilities, which are measured by inviting applicants and current employees to voluntarily self-identify as having disabilities.

This law created the United States Access Board, which is charged with developing accessibility standards and promoting them to the public. It also requires meetings and conferences to be held with disability considerations in mind, including providing accessible rooms and making materials available on tape or in Braille.

[xtruss]

Social Security Update Expands Benefits Nationwide

— April 18, 2024 | Newsweek

A stock image of a Social Security card and U.S. dollars. The rental subsidy change means some SSI recipients could get more money per month. Getty Images

Some Social Security recipients nationwide may soon get more money in their pockets after a change to eligibility criteria, the Social Security Administration (SSA) has announced.

The government agency has announced it is expanding its rental subsidy policy for those who claim Supplemental Security Income (SSI) payments. Under the new rule, published last week, rental assistance, such as renting at a discounted rate, will become less likely to affect a person's SSI eligibility or payment amount.

SSI gives monthly payments to adults and children with a disability or blindness, as well as to adults aged 65 and older who have limited income and resources. Often, these payments are intended to boost the income of those who claim Old-Age, Survivors, and Disability Insurance (OASDI) payments that may fall short of providing for basic needs. In January 2023, 7.4 million individuals received monthly SSI payments averaging $654, according to an SSA report.

The new rule has already been implemented in seven states: Connecticut, Illinois, Indiana, New York, Texas, Vermont and Wisconsin. This is because of local judicial decisions, but the upcoming change will apply to all 50 U.S. states.

For all other claimants nationwide, the change will not be immediate, but will come into force on September 30 this year.

The change will not affect how much the government agency pays per month, which runs to a maximum of $943 in 2024. However, it may increase amounts for current SSI recipients and expand eligibility to others, the government agency said in its April 17 press release. Newsweek has contacted the SSA for additional comment via email outside of normal working hours.

"Our mission is to continue to help people access crucial benefits, including SSI," said Martin O'Malley, commissioner of Social Security. "Simplifying and expanding our rental subsidy policy nationwide is another common-sense solution that will improve program equality and will reduce agency time spent calculating and administering rental subsidy."

The rental subsidy change is the second made to SSI benefits in recent months. In February, the SSA announced it would no longer include food in its In-Kind Support and Maintenance calculations. In-Kind Support and Maintenance calculates the amount of informal food assistance an SSI applicant or claimant received from friends, family and community support networks.

The SSA said the calculation changes mean applicants and recipients would be required to report less information to the government agency, and that it would reduce month-to-month variability in payment amounts and payment errors, which have been widely reported by Social Security recipients in recent months.

[gadgetsforusesblog]

Policymakers have a possible solution to depleting Social Security funds…but it will cost you

SmartAsset: Would You Pay An Extra Tax To Save Social Security? Here’s what experts think Ten-year social security solvency projections are not good. And if nothing happens, the trust funds for Old Age and Survivor Insurance (OASI) and Combined Old Age and Survivor Insurance and Disability Insurance (OASDI) could be exhausted in 2033 and 2034, respectively, according to the 2023 OASDI Trustees…

[akibalways]

Social Insurance Programs Your Way To Success

Social insurance programs are designed to protect individuals and their families from the financial risks of illness, disability, death, and old age. These programs typically provide benefits in the form of cash payments or free or subsidized health care. Social insurance programs vary widely in their coverage and eligibility requirements, but all share the goal of providing financial protection against life’s uncertainties.

There are a number of social insurance programs available to Americans. The most well-known of these is probably Social Security, which provides retirement benefits to workers and their families. Medicare and Medicaid provide health insurance for those who are unable to afford it themselves.

There are also programs that provide assistance with food, housing, and other basic needs. These programs play an important role in ensuring that all Americans have access to basic necessities. Without them, many people would be forced to go without essential services or would be at risk of financial ruin if they faced a major health crisis.

The current administration has proposed cuts to some of these programs, which has caused concern among advocates for the needy. It is important that these programs remain intact so that everyone can have a safety net when they need it most.

What is an example of a Social Insurance Program?

There are many social insurance programs in the United States. Some examples include Social Security, Medicare, and Medicaid. These programs provide financial assistance to people who are unable to work due to retirement, disability, or illness.

What are the Social Insurance Programs in the United States?

There are four social insurance programs in the United States: Social Security, Medicare, Medicaid, and Unemployment Insurance. Social Security is a federal program that provides benefits to retirees, disabled workers, and survivors of deceased workers. The program is funded by payroll taxes.

Medicare is a federal program that provides health insurance to people 65 and older and to some younger people with disabilities. The program is funded by payroll taxes and premiums paid by beneficiaries. Medicaid is a joint federal-state program that provides health care to low-income Americans of all ages.

The program is funded by federal and state taxes. Unemployment Insurance is a joint federal-state program that provides temporary financial assistance to unemployed workers while they are looking for new employment. The program is financed through unemployment taxes paid by employers.

Why Do Social Insurance Programs Exist?

There are many different types of social insurance programs. Still, they all share the same basic goal: to provide financial protection for individuals and families in the event of a loss of income. This protection can come in the form of disability benefits, unemployment benefits, or even death benefits. For example, let’s say you are the primary breadwinner in your family and you become disabled due to an accident.

If you have social insurance, you may be eligible for disability benefits that can help replace some of your lost income. This financial assistance can help keep your family afloat during a difficult time. Similarly, if you lose your job due to no fault of your own, unemployment benefits can help tide you over until you find new employment.

And if the worst should happen and you die prematurely, social insurance can provide death benefits to your loved ones to help cover funeral costs and other expenses. In short, social insurance programs provide a safety net for individuals and families who experience an unexpected loss of income due to disability, unemployment, or death. These programs play an important role in helping people weather life’s storms and rebuild after tough times. read more

[assignmentprep]

Examine externalities and unintended consequences of such intervention.

Analyze 1 of the following government intervention programs: Countercyclical fiscal policies (countering economic disruptions such as the housing bubble and the Great Recession) US agriculture support programs Assistance for families with lower incomes (choose 1) Housing vouchers Earned Income Tax Credit (EITC), including Child Tax Credit Supplemental Nutrition Assistance Program (SNAP) Health care resources for people with lower incomes (choose 1) Medicaid, including Children’s Health Insurance Program (CHIP) Affordable Care Act expansion Social insurance programs (choose 1) Old-Age, Survivors, and Disability Insurance (OASDI) Medicare Unemployment insurance A minimum of 700  to 1,050 word summary of your analysis. Identify the intervention and the market failure leading up to the intervention. Complete the following in your paper: Analyze the arguments for government intervention as opposed to arguments for market-based solutions. Hint: See the information about market failures. Examine who has been helped and who has been hurt by the selected government intervention. Examine externalities and unintended consequences of such intervention. For example, consider whether the SNAP program and health coverage for families with lower incomes result in higher future tax revenues because children from families with lower incomes grow up healthier and produce higher incomes over their lifetimes. Analyze whether cost of the intervention you selected as a share of GDP or the number of participants is increasing, decreasing, or varies with the state of the economy, based on the cost trend(or number of participants) since its inception or since 2000. Analyze credible economists’ opinions on the success or failure of the intervention that you chose in achieving its objectives. Recommend whether the program should be continued as is, discontinued, or modified based on your conclusions. Defend your recommendation. You can use of charts and graphs is encouraged with appropriate citations. Any charts or graphs retrieved from the Federal Reserve Bank of St. Louis FRED website may only be included when the data sources used by FRED are US government sources such as the Bureau of Economic Analysis or the Bureau of Labor Statistics.

First appeared on Assignment-Prep.com

[tech-network]

Nursing Job Career in Austria

For registered nurses from India, a nursing career in Austria is secure and long-lasting. It includes ongoing experience, regular renewal, the security that comes with being employable, and a seamless fit with your values, talents, and interests. You can knock on the door of your bright future of nursing profession in Austria if you have completed your nursing education in Austria or if you have a diploma from another country that is recognised in Austria. Nurses who meet the requirements from non-EU nations may apply for a RedWhite-Red Card.

Reasons for working in Austria

Outstanding healthcare system

Taxes, social security contributions, and private monies are used to support the healthcare system. For instance, pharmaceutical costs and deductibles are covered by the private funds. The contributions of the insured persons enable social insurance. A solidarity-based system requires contributions from both the employer and the workforce.

Austria offers a high minimum wage and salaries

When determining where to reside in the world, earning potential is a crucial aspect to take into account. Austria has a strong chance to influence the outcome here. After all, the country’s average monthly wage is not just far higher than that of Eastern Europe, but also on level with the majority of Western Europe and Scandinavia.

Social security benefits

All foreign workers in Austria are given a social security number that entitles them to the same social insurance benefits as Austrian citizens. Aspects including illness, disability from work, maternity, unemployment, old age, survivors’ pensions, nursing care, etc. will be covered by social insurance. An employee at this company is insured by social insurance. The social insurance system includes health insurance, which offers you and any dependent family members free medical care. Employees are additionally protected by accident insurance.

Economic and political stability

The main economic interest groups that represent companies and employees cooperate with one another and the government in Austria under a fairly unique framework. The Austrian social partnership significantly contributes to Austria’s economic growth and social cohesion on the basis of this capacity for consensus, the balancing of interests, and a coordinated approach. For instance, the collective wage agreements in the various industries are renegotiated and modified each year.

RENASCENT VENTURES

We’re on a mission to help Hospitals and Healthcare facilities of all types with the finest healthcare nursing assistance. Renascent Ventures’ team strives to meet all of these criteria with the utmost honesty, dignity, and consistency to help you secure a sound nursing job career in Austria.

[newzzwired]

President Biden Wants to Enact These 3 Social Security Changes in 2023: Will He Succeed?

President Biden Wants to Enact These 3 Social Security Changes in 2023: Will He Succeed?

For decades now, Social Security has been one of the most divisive topics in politics, which is certainly saying something when you consider just how divisive politics are these days. But with the Old Age, Survivors, and Disability Insurance (OASDI) trust fund that helps provide money for Social Security benefits starting to decline and expected to be depleted by 2035, this is no longer an issue…

[devilsss-dyke]

Office of Social Security: Everything You Need to Know

The Office of Social Security is a vital part of our society, and it plays an important role in helping people with disabilities and other challenges live more comfortable and fulfilling lives. In this blog post, we will be discussing all you need to know about the Office of Social Security and what it offers its customers. From benefits to how to apply, read on to learn everything you need to know about this important government agency.

What is the Office of Social Security?

The Office of Social Security (OSP) is a federal office within the United States Department of Treasury responsible for administering social security programs, which includes retirement, disability, and survivors' insurance. The OSP collects taxes from wage earners and pays out benefits to individuals and families in need. The OSP also administers the unemployment compensation program and oversees the administration of government-provided aid, such as Supplemental Security Income (SSI), Temporary Assistance for Needy Families (TANF), food stamps, and housing assistance.

How Does the Office of Social Security Work?

The Office of Social Security (OSS) is a part of the United States Department of Treasury. It was founded in 1935 as the Old Age and Survivors Insurance Trust Fund and is now one of the largest social welfare programs in the world. The OSS administers retirement, disability, and survivor benefits, working to improve the quality of life for Americans aged sixty-five and over.

In order to qualify for benefits from the OSS, you must be a U.S. citizen or resident, have been residing in the U.S. for at least five years before applying, be age sixty-five or older, and have paid into Social Security each year since 1957. In order to receive full benefits, you must also have worked long enough (at least six months) out of the ten years prior to your application date to earn enough credits to cover your benefit area(s). Applications can be made online or through an authorized representative.

There are several different types of benefits available through the OSS: retirement benefits, survivor benefits, healthcare insurance coverage for retired workers and their spouses and children under eighteen, employment-based insurance coverage for active workers and their spouses and children under eighteen), transportation assistance, food stamps (formerly known as food stamp program), access to affordable housing, and more.

What are the Benefits of Social Security?

In addition to providing a basic income for retirees, Social Security also provides benefits for people who are currently working. These benefits include:

• Retirement and Survivors Insurance (RSI) – This insurance helps provide income after you retire or die.

• Disability Insurance (DI) - This insurance provides financial protection if you can't work due to a disability.

•Aid to Families with Dependent Children (AFDC) - If you are married and have children under 18, Social Security pays part of their earnings while they are in school and help support them while they are looking for a job.

Social Security also provides benefits for people who cannot work due to age, illness, or disability. These benefits include:

• Old-Age and Survivors Insurance (OASI) – This insurance helps provide income after you reach retirement age.

• Medicaid - This is government-provided health care for low-income adults and children.

How can I Apply for Social Security?

If you are age 65 or older, have worked throughout your lifetime, and are not disabled, you can apply for Social Security benefits.

To apply, visit the Office of Social Security website and complete an online application. You will need to provide your name, date of birth, social security number, occupation, and wage information.

You may also be asked to provide evidence of your income (such as pay stubs or tax returns). If you are married to a U.S. citizen or have filed a joint return with a U.S. citizen spouse during the past two years, you may be able to file jointly.

If you are filing separately from your spouse, you will need to provide documentation that shows your marital status (e.g., a marriage certificate). If you are filing on behalf of a child who is under 18 years old or is permanently incapable of self-support due to age (e.g., due to mental illness), you must also provide documentation that shows the child's relationship to you (e.g., custody papers).

Once you have submitted all of the necessary information, the Social Security Administration will review your application and determine if you qualify for benefits.

Conclusion

If you're like most Americans, you rely on Social Security to support yourself and your family. In this article, we'll answer some common questions about the Office of Social Security, including what it is and how it works. We'll also provide information on disability benefits and retirement benefits, as well as explain how to file a claim for either. So whether you're looking to know more about Social Security or just need some clarification on a particular topic, read on!

[your-dietician]

2023 COLA Could Strain Social Security Program

New Post has been published on https://medianwire.com/2023-cola-could-strain-social-security-program/

2023 COLA Could Strain Social Security Program

The 8.7 percent Social Security cost of living increase that was announced on Thursday is welcome news for retirees who are struggling to cope with surging inflation. But it could bring the social safety net program a step closer to insolvency.

Annual government reports in June showed that the Social Security Old-Age and Survivors Insurance Trust Fund, which pays out retiree benefits, would be depleted in 2034. At that time, the fund’s reserves will run out, leaving the system reliant on incoming tax revenue. Those funds will only provide enough money to cover 77 percent of scheduled benefits unless Congress intervenes.

Social Security is largely funded through payroll taxes, taxes levied on Social Security benefits and interest on money that the trust funds invest.

Now that the program will be paying out more to help retirees keep up with rising prices, the program will be under even more pressure to sustain itself. Budget experts warn that the reserves could run out before 2034 as a result of the larger benefits.

“This very large COLA increase is likely to bring the year of insolvency forward by a full year,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, referring to the cost of living adjustment. “It is just another reminder that procrastinating on addressing these imbalances leaves the people who depend on Social Security particularly vulnerable to a further deterioration in its finances.”

The increased outlays for retirees will be partially offset by higher taxes on Americans. Along with the bigger benefits, the maximum amount of earnings subject to the Social Security payroll tax will increase to $160,200 from $147,000. Employers and employees each contribute 6.2 percent of wages up to that salary threshold, which is adjusted every year based on average wage growth.

Because wages are rising, the amount of earnings subject to the tax is rising as well.

Ms. MacGuineas estimated that the Social Security Trust Fund could have been depleted as much as two years earlier without the offsetting effect of the higher tax threshold.

Kathleen Romig, director of Social Security and disability policy at the Center on Budget and Policy Priorities, said that the depletion date could be accelerated by as much as two years. But she added that a couple of years of high inflation probably would not fundamentally change Social Security’s long-term financing outlook.

“It’s normal for Social Security’s trustees to update the expected reserve depletion date as circumstances change,” Ms. Romig said.

Ms. Romig noted that more than 65 million retirees count on Social Security for most of their income and that the cost of living increase would ensure that older Americans do not fall into poverty as they age.

The June projections actually showed the depletion date of the fund being delayed by a year, from an earlier projection of 2033, the result of a stronger than expected economic recovery in 2021.

Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College, said that the impact of the cost of living adjustment on the Social Security Trust Fund would depend on a combination of wage growth and labor force participation in the United States economy.

“Higher wage growth would mean higher revenue for Social Security and a higher labor force participation would mean more workers contributing to the program, which also means higher revenue,” Ms. Chen, who is also a senior research economist at the center, said.

The future of Social Security has emerged as a major issue in the midterm elections this year. Republicans have argued that their proposals are intended to protect the long-term viability of Social Security, but Democrats and President Biden have warned that if Republicans take control of Congress they will scale back the program and curb benefits for retirees.

“MAGA Republicans in Congress continue to threaten Social Security and Medicare — proposing to put them on the chopping block every five years, threatening benefits, and to change eligibility,” Karine Jean-Pierre, White House press secretary, said in a statement on Wednesday. “If Republicans in Congress have their way, seniors will pay more for prescription drugs and their Social Security benefits will never be secure.”

Read full article here

[dontmeantobepoliticalbut]

Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., introduced a new bill on Thursday that aims to extend Social Security's solvency for 75 years by raising taxes on the wealthy, while making benefits more generous.

The proposal, called the Social Security Expansion Act, would expand benefits for current and new beneficiaries by $200 per month, or $2,400 per year, and would make the monthly checks more generous in other ways.

To do that, and improve the program's solvency at the same time, the plan also calls for raising taxes on high-earning households.

Sanders and Warren, who are co-chairs of the Expand Social Security Caucus, were joined by Democrats including Sens. Cory Booker of New Jersey, Kirsten Gillibrand of New York, Jeff Merkley of Oregon, Alex Padilla of California, Chris Van Hollen of Maryland and Sheldon Whitehouse of Rhode Island, along with Rep. Peter DeFazio, an Oregon Democrat who introduced companion legislation in the House.

In 2022, payroll taxes are applied to income up to $147,000. The bill calls for lifting that cap and applying the Social Security payroll tax to all income of more than $250,000.

Social Security payroll taxes are applied at a rate of 6.2% for both the employer and employee, for a total of 12.4%, which is deducted from paychecks.

The bill calls for having the wealthy pay more through a 12.4% tax on investment and business income. It would also apply levies to certain business income that is not currently subject to payroll taxes.

"Today, absurdly and unfairly, there is a cap on income subject to Social Security taxes," Sanders said in prepared remarks during a Thursday Senate hearing.

Currently, a worker earning $147,000 pays 6.2% of their income to Social Security payroll taxes. But if instead they earn $1.47 million, they pay just 0.6% of their income to Social Security, Sanders said.

"That may make sense to somebody," Sanders said. "It doesn't make sense to me."

Under the terms of the bill, more than 93% of households would not see their taxes go up.

At the same time, it would extend the program's solvency past 2096.

New projections from the Social Security trustees show the program's combined funds will only be able to pay full benefits until 2035, at which point 80% of benefits will be payable.

Raising taxes on the wealthy in order to shore up the program is popular among voters, according to a survey released this week by the University of Maryland's Program for Public Consultation.

HOW THE BILL WOULD INCREASE BENEFITS

The proposal also calls for boosting benefits in several ways.

It would, for example, increase minimum benefits to 125% of the poverty line and index them. That would amount to about $17,000 for a single worker who has worked for their entire career, according to the proposal.

It also aims to make annual cost-of-living adjustments more generous by changing the measurement by which they are calculated to the consumer price index for the elderly, or CPI-E, which some advocates argue better reflects retiree spending.

The legislation would also restore benefits for students up to age 22 if they are attending college or vocational schools and are the children of disabled or deceased workers. That would reverse a 1983 policy that eliminated benefits for those people.

The effects of the plan has been analyzed by the Office of the Chief Actuary at the Social Security Administration.

"We estimate that enactment of these provisions would extend the ability of the OASDI (Old Age, Survivors, and Disability Insurance) program to pay scheduled benefits in full and on time throughout the 75-year projection period," said Stephen Goss, chief actuary at the Social Security Administration, in a statement.

The new proposal has the backing of advocacy groups focused on expanding Social Security, including Social Security Works and the National Committee to Preserve Social Security and Medicare.

However, Republican leaders were quick to take issue with the plan, particularly the proposed tax increases, at the Senate hearing on Thursday.

"This bill has no chance whatsoever of receiving a single Republican vote in either House," said Sen. Mitt Romney, R-Utah. "So it will not be passed."

Romney has proposed a bill called the TRUST Act, which would create bipartisan committees that would work to identify potential ways to shore up ailing federal programs including the Social Security, Medicare and the highway trust funds.

[imaddictedtocookiesblr]

A United America Ep 11 Social Security America Safety Net 2021-11-07-t12-30-52pm-final-mix

[coochiequeens]

On one hand I am appalled that anyone would be denied medication but part of me wants to see how long this would go on if sperm producers were denied medicines in order to protect the quality of their sperm?

By Liz Plank, MSNBC Opinion Columnist

For many people with disabilities and chronic illness, having access to the right medication is vital. But since Roe v. Wade was struck down by the Supreme Court last month, women are being cut off from their medication by doctors or insurance companies, often without being offered an alternative, because those drugs are considered “abortifacients.”

Even in states where abortion is protected, some providers are afraid of state penalties or criminal consequences of anti-abortion laws that criminalize aiding and abetting an abortion.

Because some medications used to treat lupus, cancer or rheumatoid arthritis, for example, can cause a miscarriage or ectopic pregnancy, women deemed of childbearing age are being told that having a uterus precludes them from having access to the drugs required to function in everyday life. Even in states where abortion is protected, some providers are afraid of state penalties or criminal consequences of anti-abortion laws that criminalize aiding and abetting an abortion, even if the female patients are being prescribed these drugs to cope with conditions that are completely unrelated to pregnancy.

There are reports of children suffering from juvenile arthritis being denied the drug until they can show evidence that they have not been impregnated. Some pharmacies are also afraid of failing to meet the requirements of the various abortion restrictions and bans and havestopped filling prescriptions for methotrexate altogether. When questioned by Fox 5, CVS refused to comment directly on the issue but said they “encourage providers to include their diagnosis on the prescriptions they write to help ensure patients have quick and easy access to medications.” This uncertainty has left a lot of female patients confused, bewildered and feeling completely left in the dark as they receive phone calls or letters informing them they can no longer have access to the treatment they need.

Myisha Malone-King is one of those women. She's a 41-year-old who lives in Baltimore, Maryland (notably, a state which protects abortion rights) and is a Crohn’s disease patient and advocate, a cancer survivor and the CEO of a chronic illness virtual community called Game Of Crohns Chronic Illness. She takes a drug called methotrexate to help her cope with her illness. The day after the Supreme Court reversed Roe, she received a stunning phone call. “I found [out] that I was taken off the medication and that it was no longer being covered the same day by phone call from my primary care doctor, my team of specialists for my Crohn’s disease as well as a call from my insurance company,” she told me.

“The next week I received a detailed letter in the mail from my insurance company, and primary care doctor specialist for my Crohn’s disease management explaining in detail that Roe v. Wade was overturned by the Supreme Court.” Malone-King is now forced to find alternative medication. “It’s not fair. I don’t feel like I live in the land of opportunity and freedom because my freedom to choose was stripped away from me.”

Malone-King is already a mother of four kids and does not want more, but that isn’t stopping her state insurance provider from denying coverage of a medication she was prescribed well before women in America lost their constitutional right to abortion. Malone-King says she knows other women who have received the same news about their treatment. “I cried in part for myself and for other women whose life is affected,” she said. “I never thought that I would one day live in a world where my human right or anyone’s human right would be taken away or that it would affect me receiving life-saving medicine.”

“You are taking away our opportunity to actually live, without pain and further damage to our health. There is nothing life-affirming about that at all.” — Nitika Chopra, founder and CEO, Chronicon

The Arthritis Foundation, a nonprofit organization that advocates for people living with arthritis, sounded the alarm in a statement a few days after Roe was overturned, warning that female patients’ prescriptions weren’t being filled. “Unfortunately, arthritis patients who rely on methotrexate are reporting difficulty accessing it. At least one state — Texas — allows pharmacists to refuse to fill prescriptions for misoprostol and methotrexate, which together can be used for medical abortions.”

Chronic illness advocates are stupefied. Nitika Chopra, the founder of Chronicon, an online and in-person community for people dealing with chronic illness, says that she has been flooded with messages from women who are terrified. She herself was on methotrexate when she was experiencing severe psoriasis and psoriatic arthritis. At the height of her illness a few years ago, was unable to walk without it. “If I had been denied access to medication I would be in debilitating pain, unable to work and perform day-to-day functions and most likely I would have experienced anxiety and depression as a comorbidity of the disease progression,” she said.

Chopra is now on a different course of medication but the thought of chronically ill women being denied the treatment they need infuriates her. “We are feeling devastated and scared because we take these medications to give us the best chance at living a full life so that our illnesses do not hold us back and cause more harm to our bodies. These aren’t treatment plans that are fun, or easy; they are serious and we rely on them because we have to, so being told that we will not or might not get access to something that we need is an added stress that no one needs while already managing the stress of a health condition.”

The irony of course is that there is nothing “pro-life” about obstructing women from having access to life-saving medication. It’s merciless and inhumane. It reveals the true extent of an ideology that relies on emotional delusions like calling abortion, a procedure that can save a person’s life, “murder,” or unscientific parables like “life at conception” that, when taken seriously by lawmakers, creates irrationally cruel consequences — like refusing a person the medicine they need to live.

There’s also nothing “pro-life” about forcing a woman who is sick to get off a medication that would prevent her from having children she does not want. “Denying people access to medication that allows them to live the best life possible is the very opposite of pro-life,” Chopra said. “You are taking away our opportunity to actually live, without pain and further damage to our health. There is nothing life-affirming about that at all.”

Instead, the politicians who have been elected to serve women are now endangering them. If it was really about life being precious, wouldn’t there be a plan to make sure that people aren’t left to die?

Anti-abortion advocates often gratuitously exploit public sympathy for disabled children to push deadly policies. But it’s become unambiguously clear that they only care about the disabled person’s life when they’re in the womb. Women with disabilities and chronic illnesses are not in incubators. They are not test subjects in the so-called “pro-life” experiment of implementing inane laws that go against every medical standard of ethics. Taken to its extreme, the anti-abortion movement is a threat to everyone. If it’s coming for disabled women, you can bet it’s coming for you too.

If women can’t have needed medications on behalf of non existent pregnancies then sperm producers shouldn’t be able to endanger their potential to be fathers.

“Overall, there were a total of 65 labels for drugs of various classes that showed that they have the potential to affect human sperm production and maturation”

[gadgetsforusesblog]

Policymakers have a possible solution to depleting Social Security funds…but it will cost you

SmartAsset: Would You Pay An Extra Tax To Save Social Security? Here’s what experts think Ten-year social security solvency projections are not good. And if nothing happens, the trust funds for Old Age and Survivor Insurance (OASI) and Combined Old Age and Survivor Insurance and Disability Insurance (OASDI) could be exhausted in 2033 and 2034, respectively, according to the 2023 OASDI Trustees…

[1949coupe]

From Social Security Works

“Program integrity” is the sort of technical term that sounds good. Who wouldn’t want to run Social Security with integrity? But unfortunately, in the Alice-in-Wonderland world of Washington-speak, the phrase doesn’t mean what you think.

Administering Social Security with integrity sounds as if it means ensuring that the right payments go to the right people in the right amounts. You would think it means that the Social Security Administration (SSA) helps working families get the benefits that they have earned. Instead, it means the opposite.

“Program integrity” is insider-code for saving money. How is money saved? By going after people who have done nothing wrong. By going after people with serious disabilities who must prove over and over again that they are unable to support themselves. By going after people whose benefits SSA claims were wrongly paid out, often because of mistakes made by SSA itself.

The targets of these “program integrity” investigations may be homeless. They may not speak English. They may have intellectual challenges. They almost never have professional representatives to help them through the extremely stressful, complicated, and time-consuming process of challenging the government.

Imagine being a senior who has no other income than your monthly benefit of $794 (the maximum federal benefit from Social Security’s companion program, Supplemental Security Income). You live frugally, even cutting your medications in half because you can’t afford them.

You follow all the complicated rules, including informing SSA that your child has moved back to town and is buying you groceries once a week. Months go by. Then, out of the blue, SSA notifies you that your SSI benefit should have been reduced by the value of those groceries so you must refund that overpayment in the next 30 days!

Nor is this state-run hounding limited to those with low income and little education. My colleague’s mother received Social Security benefits as a divorced spouse. When she remarried, she went to the SSA office with her new husband. She told the claims representative that she just remarried and requested a new Social Security card in her new, married name.

One day, out of the blue, she opened her mail and found a notice from SSA announcing that she owed the government $55,000, which she was instructed to repay immediately. (Unbeknownst to her, the spousal benefit based on her first marriage was supposed to cease when she remarried.) Her son, who is a Social Security expert, spent six months talking to SSA to address the issue. Notwithstanding her son’s expertise, diligence, and ability to advocate for her, the stress resulted in a short hospital stay and contributed to a serious, permanent deterioration in her health.

As the demand for the repayment of an eye-popping $55,000 illustrates, SSA may not catch its errors quickly. Mary Grice was four years old when her father died, leaving her mother and their five minor children with the Social Security survivors benefits he had earned for them. Fifty-four years later, four years after her mother passed away, she received a notice from SSA saying that it had overpaid the family and, though she had only been a child, she was on the hook for the overpayment!

Adding insult to injury, those who have received overpayments through no fault of their own are labeled “debtors” by SSA. Overpayments to “debtors” are systematically pursued as part of “program integrity,” because they save Social Security money.

When SSA pays smaller benefits than it should, it often fails to correct these underpayments. Five years ago, SSA discovered that, due to computer errors, it was failing to pay benefits to hundreds of thousands of children. Shockingly, it has still not even contacted those families, much less paid the years of benefits owed.

The number of uncorrected underpayments is huge. Last year, SSA’s inspector general followed up on a 2014 audit of underpayments. Looking only at new underpayments since its prior audit and only at deceased or otherwise terminated beneficiaries, it estimated that SSA had uncorrected underpayments owed to 45,496 people and totaling $142.5 million. That doesn’t even include underpayments to those still receiving benefits or those who improperly never received benefits in the first place!

Republican-controlled congresses have zealously doubled down on these skewed priorities. They have cut SSA’s overall administrative budget while earmarking increasingly large percentages of that budget for “program integrity.” Moreover, for the last two decades, the only SSA commissioners confirmed by the Senate were nominated by Republican presidents. Those Republican commissioners share the skewed priorities.

For opponents of Social Security, going after benefits is a positive outcome. If they can’t cut benefits legislatively, at least they can cut them through “program integrity.” Their strategy is to treat everyone — from people with disabilities to seniors to children who have lost parents — as dishonest and eager to commit fraud. As a side benefit for opponents, an emphasis on going after people helps undermine confidence and support not only for Social Security but for our government, more generally.

This adversarial mindset is a stark departure from how Social Security was administered in the past. Indeed, the first commissioner of Social Security, Arthur Altmeyer, understood that claimants had earned their benefits. Social Security representatives were to help, he stressed. They were not to act at arm’s length, and certainly not to impose obstacles. A federal statute had long been on the books that prohibited federal officials from assisting people who were making claims against the government. Citing the statute, GAO at first objected to the policy being set by Altmeyer. After a lengthy meeting, however, Altmeyer convinced the comptroller general that Social Security was a different kind of claim, and GAO withdrew its objection.

The irony of the focus by Social Security opponents on saving money is that Social Security is extremely efficient and accurate, much more so than its private insurance counterparts. Social Security spends less than one penny of every dollar on administration. The remaining more than 99 cents is spent on benefits. In stark contrast, private insurance companies spend 29.2 cents of every dollar on operating and other expenses and only 70.8 cents of each dollar on benefit payouts.

Moreover, Social Security’s benefit payments are more than 99 percent accurate, with only a tiny fraction of the inaccurate payments due to fraud. Again, in stark contrast, private insurance companies experience fraud rates of ten percent and even higher rates of improper payouts, when non-fraudulent reasons are taken into account!

SSA must return to its roots, to its core mission of helping everyone get the benefits for which they are eligible. It should devote at least as much effort to underpayments as it does to overpayments.

It should focus more on educating the public about the benefits for which they are eligible and less on challenging previously-awarded benefits.

As a related matter, SSA should restore the mailing of earnings and benefits statements to all workers aged 25 or older, as the law explicitly and clearly requires. This will help ensure accuracy by allowing workers to know what earnings are reported to SSA and to correct any errors in a timely way. In his budget, former President Trump proposed a substantial increase in the percentage of SSA’s budget that went towards “program integrity.” President Joe Biden’s budget rightly increased SSA’s budget and rightly reduced the “program integrity” amount Trump proposed. This is a positive step, but Biden and the Social Security champions in Congress should go much further.

Congress should increase SSA’s budget, and direct SSA to use these increased funds for improved customer service. None of those funds should be spent on harassing the public in the name of “program integrity.”

Nancy Altman

Social Security Works