It used to be so simple: Social Security benefits were tax-free. Period. But then, as part of a “Save Social Security” plan, Congress decided to tax up to 50% of benefits. Later, lawmakers decided to tax up to 85%, with the extra revenue going to shore up Medicare.
So, who gets taxed and who doesn’t?
First the good news: About 70% of all beneficiaries are still safe.
By Alex Wayne; Bloomberg ~ Jan 26, 2015
Killing off the old way of paying for U.S. health care, as it turns out, won’t require new legislation, executive orders or a raft of regulations. All the Obama administration needs is time.
In two years, the government wants 30 percent of payments from Medicare going to doctors and hospitals participating in programs that force them to work together, worry about whether patients actually get better, and in some cases, pay penalties if they fail. By 2019, the fraction would rise to 50 percent of payments under Medicare, which covers about 50 million elderly and disabled people.
By Keith Miller, David Madland, & Christian E. Weller; Center for American Progress ~ Jan 26, 2015
When reviewing the data on how American workers are saving for retirement, two facts become abundantly clear:
The consequences of these growing savings shortfalls could be severe for both American families and the national economy, as a large share of households may be forced to significantly reduce consumption in retirement and will have to rely heavily on their families, charities, and the government for help to make ends meet. Rather than staying in control of their economic lives, millions of Americans may be forced to muddle through their final years partially dependent on others for financial support and to accept a standard of living significantly below that which they had envisioned.
By Ricardo Alonso-Zaldivar; The Associated Press ~ Jan 26, 2015
WASHINGTON (AP) — Medicare will change the way it pays hospitals and doctors to reward quality over volume, the Obama administration said Monday, in a shift that officials hope will be a catalyst for the nation’s $3 trillion health care system.
“It is in our common interest to build a health care system that delivers better care, spends health care dollars more wisely and results in healthier people,” said Health and Human Services Secretary Sylvia M. Burwell.
From Associated Press; Bloomberg ~ Jan 26, 2015
WASHINGTON (AP) — A unanimous Supreme Court is ordering lower courts to take a new look at a dispute over a chemical company’s efforts to cut costs in its health plan for retired workers.
Justice Clarence Thomas on Monday wrote the court’s opinion that threw out a judgment in favor of the retirees of the Point Pleasant Polyester Plant in Apple Grove, West Virginia. M&G Polymers USA LLC is the current owner of the facility.
Lower courts ruled that some retirees had been promised lifetime, cost-free health benefits.
(CNN)Social Security is often described as “the third rail of American politics” — touch it and you’ll get zapped.
So why do Republicans keep sidling up to it and sticking their fingers out?
There’s a brewing controversy in Congress over a small part of the program, which is just the latest version of an old routine that goes like this: Republicans say Social Security is going broke, and they propose changes that would cut benefits or otherwise undermine the program. Democrats shout “Republicans are trying to cut Social Security!” Then the Republicans, scared of a backlash from older voters, back off.
The bill’s language and timing has not been finalized, but Cole, a close ally of House Speaker John Boehner (R-OH), and Delaney co-sponsored similar legislation last year. The Hill first reported Cole’s intention to reintroduce the bill.
By Rebecca Shabad; The Hill ~ Jan 25, 2015
A Social Security fund that provides benefits to nearly nine million disabled people is projected to run out by the end of 2016, and a new House rule could cause headaches for majority Republicans during the upcoming push to shore it up.
The rule, which the House passed earlier this month, puts up a procedural roadblock against legislation that would redistribute the payroll tax to replenish the Social Security Disability Insurance Trust Fund.
To fund Social Security, employees and employers each pay 6.2 percent each month. The main retirement fund, Old-Age and Survivors Insurance (OASI), receives 5.3 percent and the disability fund gets 0.9 percent of the tax.
By Bruce Japsen; Forbes ~ Jan 25, 2015
As the health care workforce shifts to treat patients in less expensive primary care settings, the number of nurse practitioners has nearly doubled in the last decade to more 200,000, new data shows.
The American Association of Nurse Practitioners (AANP) says there are 205,000 licensed nurse practitioners compared to 106,000 in 2004. Such advanced degree nurses perform myriad primary care functions, diagnose, prescribe medications and conduct physical exams.
There is unprecedented demand for nurse practitioners to work with primary care doctors to manage populations of patients, keeping them healthy and out of the hospital. “The explosive growth of the nurse practitioner profession is a public health boon considering our nation’s skyrocketing demand for high-quality, accessible care,” Ken Miller, AANP’s president said.