Printable Version
Friday Alert
Friday, May 15, 2009
(Alliance for Retired Americans)
Coyle
Says Not to Overreact to Trustees Reports
The financial health of Social
Security and Medicare has worsened because of
the severe recession, according to Trustees
Reports released on Tuesday. However,
Alliance leaders cautioned the public not to
panic. "The impact of the recession on
the Social Security and Medicare Trust Funds
underscores the critical need to support
President Obama's plans to reform health
care and create a lasting economic
recovery. Putting more Americans back to
work will send more money into these Trust
Funds, and a universal, more efficient health
care system will alleviate the severe strain
that our health care crisis imposes on both
families and employers," said Edward F.
Coyle, Executive Director of the
Alliance. "Current and future retirees
should be suspicious of 'sky is falling'
predictions of doom for Social Security and
Medicare," he continued. "These warnings mask
an ongoing ideological agenda to cut benefits
to current and future retirees." The
trustees of the two programs said on Tuesday
that Social Security will start paying out more
in benefits than it collects in taxes in 2016,
one year sooner than projected last year, and
that the Social Security Trust Fund is solvent
through 2037, four years earlier than projected
in 2008. Medicare trustees said that
program would pay out more in benefits than it
collects this year, and currently has enough
funds through 2017, two fewer years than
projected last year.
Older
Americans Month Approaches Week
Three
May is Older Americans Month,
and all month the Alliance is drawing attention
to retirees' stake in the health care
debate. Last week, Alliance activists
wrote letters to the editor and contacted their
members of Congress about long term care and
the "CLASS (Community Living Assistance
Services and Supports)" Act. Week Three
of Older Americans Month kicks off on Monday,
with the focus that week on the taxation of
benefits and the elimination of subsidies for
private insurers through Medicare
Advantage. Plans for funding health care
reform will be taking shape in the Senate
Finance Committee during those days.
"Thank you to Alliance members across the
country who have joined our effort this month,"
said Barbara
J. Easterling, President of the national
Alliance. "The taxation of health care
benefits unfairly penalizes employers who 'did
the right thing' by offering benefits, and
equally penalizes the retirees and workers who
receive them. We need to send that
message to lawmakers," she added. For
more information, including fact sheets and
talking points, click on www.retiredamericans.org/ht/d/sp/i/12770/pid/12770.
The Florida Alliance (FLARA) has been working
with community organizations during Older
Americans Month in hosting town hall meetings,
with a theme of "Take America Back."
FLARA President Tony Fransetta led meetings in
Ft. Myers and Stuart, Florida this week.
Leading Groups in
Health Care Industry Offer to Reduce Growth,
Cut Costs
Leaders in the health
industry have pledged to slow the rise in
health care costs by 1.5 % a year, saving a
projected $2 trillion in the next decade,
reports The
Washington Post. The offer
provides momentum for reforming the nation's
health care system, and signals cooperation
among leading health insurers, hospitals, drug
manufacturers and the Service Employees
International Union. Alliance
Secretary-Treasurer Ruben Burks said, "We are
optimistic that all stakeholders in the health
care industry will work together to enact new
health care options for Americans this
year."
Retirement Security Less Likely for
Women than Men
A report issued by the
National Institute on Retirement Security this
month examines the greater challenges women
face in preparing for their retirement.
The major contributing factors to the
disparities are women's lower wages and longer
life expectancies. The report claims that
because of a longer life expectancy, a woman
with an annual income of $50,000 would need to
save $1,000 more toward retirement every year
than her male counterpart to have an equal
retirement experience. However, as of
2007, women earned about 76 cents for every $1
earned by men, which makes saving money more
difficult for many women. Women also have
limited access to retirement plans through
their employers; men are nearly twice as likely
as women to have retirement accounts. The
report urges women to have a combination of
traditional pensions, supplemental 401(k)-type
savings and Social Security to reduce their
risk in retirement.
Social
Security Stimulus Money Targeted by Scam
Artists
Seniors waiting for their
$250 Social Security stimulus money should be
wary of scammers taking advantage of confusion
over the benefit. Most Social Security
and Supplemental Security Income beneficiaries
will automatically receive the one-time
stimulus the same way they receive their
regular monthly payment, either by direct
deposit or by debit card or paper check.
The main exception is Social Security
recipients who are also employed; they will
instead see a reduction in paycheck withholding
throughout the year. The first payments
went out on May 7, and all should be
distributed by June 4. The Pittsburgh
Post-Gazette warns Social Security
recipients not to respond to any emails or
phone calls asking for their bank account
number or other personal information to
"verify" that the recipient qualifies for the
payment. Other emails ask recipients to
pay a fee to apply for the stimulus
money. Suspected fraud should be reported
to the Social Security Fraud hotline at
1-800-269-0271. If you do not receive an
expected payment by June 4, call the Social
Security Administration at 1-800-772-1213 after
that date.
Nevada
Alliance Joins Coalition to Speak Out Against
Drastic Budget Cuts
Thirteen
organizations, including the Nevada Alliance
and the Nevada AFL-CIO, have formed the "Save
Our State" Coalition to bring attention to
proposed budget cuts in health care, senior
services and other important programs in
Nevada. On May 4, over 100 people
attended a rally at the State Legislative
Building in Carson City, where Nevada Alliance
President Scott Watts spoke about the
important services that Governor Jim Gibbons
has proposed cutting.
Did You
Know...
Hospitals are required to
give Medicare patients at least 24 hours notice
before discharge (The New York Times).
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