Tag: medicare

As I was writing this article I re-read my original pieces on the 2011 debt ceiling debate/deal and got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress, who barely passed legislation to avert the fiscal cliff, trying to reach a new deal to keep the…

Ever wondered where all our federal tax dollars go? I did and a recent report from the center on budget priorities and policies (CBPP) provided a very nice graphic on how federal tax dollars are distributed. With all the political rhetoric that abounds around the national debt, excessive federal spending…

Most people who work or are self-employed are subject to Social Security taxes. This is true, regardless of age. Employers are also subject to Social Security taxes for their employees. If you are self-employed, and your business' net profit is greater than $400, you must also pay Social Security (and Medicare)…

[Latest Update]  As many had predicted, the debt Super Committee has failed to come up with a deficit reduction plan. Basically the not-so-super members failed to get past party line bickering and will now face the prospect of justifying to an angry public why they could not compromise. Further, the…

COLA Increase [2021 update] 1.3% COLA increase in 2021 officially confirmed by the SSA. For the average retiree who got a check of $1,523 this year, that would mean an additional $20 a month. The 1.3% COLA is the smallest increase since 2017 and slightly below the 1.4% average over…

[2013 Update] As I was updating this article, originally written in mid-2011 following the first debt ceiling deal, I got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress who barely passed legislation to avert the fiscal cliff.  But it's…

[Updated- 2012 Payroll Tax Credit Holiday, Unemployment Benefits and Medicare Doctor Payments Extended to Dec 31st] With House Republican support Congress has passed legislation extending the federal payroll tax holiday through the end of the year without demanding spending cuts to pay for it. This was a concession aimed at…

Medicare, the federal health-insurance program for seniors 65 and older and their caregivers, is going to see some changes in the coming year thanks to mandated annual adjustments via the Centers for Medicare & Medicaid Services (CMS) based on the record 2023 Cost of Living Adjustment (COLA). The following is…

To tackle America’s growing national debt problem, President Obama put together a task force earlier this year to look at options on how to cut government spending, implement tax reform and improve the effectiveness of federal entitlement programs. The deficit reduction commission co-chairs (Erskine Bowles and Alan Simpson) put forward…

[Update] The government is starting to mail out the tax free $250 medicare gap  checks to seniors who fall into the program's gap in prescription drug coverage. This so called Medicare "doughnut hole," payment (detailed below) was part of the recently enacted Health care reform bill. If you have Medicare prescription…