From the category archives: Retirement
There’s no doubt about it...Medicare can be confusing. However, there are many benefits out there that many seniors may not even realize exist. Here’s a quick look at a few of the often overlooked Medicare benefits that you should be sure you are fully utilizing.
Annual wellness visit
If President-elect Trump follows up on his campaign promise to repeal the Affordable Care Act, this benefit will disappear, which is a real loss for millions of seniors who’ve used these visits preventatively to avoid potentially larger health issues in the future. If you haven’t already, get your annual visit in soon.
Wellness visits are with your primary-care physician once a year, even when you're feeling fine. These visits give you and your doctor a chance to review your health and see where attention might be needed or improvements might be made. The focus is on your overall health and allows patients and doctors to red-flag any concerns that might seem small now but could lead to a more serious issue if ignored. Wellness visits are available to anyone covered by Part B or Medicare Advantage plans. For now, anyway.
Once a year, every Medicare Part B recipient can receive free depression screening from his or her primary-care doctor. This is an important benefit because one in six seniors suffers from depression yet estimates are only 10% of chronically depressed seniors receive the treatment they need for their disease.
Late life depression is an important public health problem. It is associated with increased risk of illness, increased risk of suicide, decreased physical, cognitive and social functioning, and greater self-neglect, all of which are in turn associated with an increased likelihood of death.
According to the Centers for Disease Control, an estimated 40 million adults in the United States currently smoke cigarettes. Smoking is the #1 cause of preventable disease and death in the United States. In fact, more than 480,000 Americans die, or 1 of every 5 deaths, from tobacco use. It’s never too late to stop smoking. That’s why Medicare provides its beneficiaries help quitting. Anyone who uses tobacco and has Medicare Part B coverage can get up to eight smoking-cessation visits covered over a 12-month period. The only stipulation is that the visits are with a qualified doctor or other Medicare-recognized practitioner. These visits will not cost you a penny out of pocket, so if you're a smoker who wants to quit for good, make sure you take advantage of this Medicare benefit.
We’ve written a lot about how pay inequity has hurt generations of working women, not just while they’re on the job, but lasting throughout their retirement. The economic challenges facing American women in retirement is the heart of our “Eleanor’s Hope” project, designed to raise awareness and advocate for legislation to address the inequities threatening millions of retired women.
“Over a working woman’s career, that pay gap could accumulate to a half million dollars in lost income and even more for women of color. A comprehensive analysis of gender pay inequality, released by the Joint Economic Committee’s Democratic staff, shows how the gender pay gap grows over time. It’s not just an issue for working women because this inequality can also have a compounding and devastating impact on retired women.
The thought of running out of money in retirement keeps 57% of women awake at night. That’s not a surprise when you consider the many combined factors which make retirement especially challenging for American women. Women earn less than men even when doing the same jobs, they more often work part-time or in jobs that do not offer retirement savings plans, and they tend to spend more time out of the workforce as a consequence of their caregiving responsibilities. Women could lose $430,480 in earnings over the course of a 40-year career due to the wage gap alone.”...Max Richtman, NCPSSM President/CEO
That is a staggering number. But what does it really mean to you?
A new tool created by the Economic Policy Institute allows women workers to calculate how much you could be earning, in an equal pay world. Remember, that equal pay would have also meant a more equal retirement benefit.
As a 2106 Influencer in Aging honoree, NCPSSM President/CEO, Max Richtman, answered the question: “What is the one thing you would like to change about aging in America?” Max’s answer can be found in Forbes, Next Avenue and we’ve reposted it here:
Why We Must Combat Ageism In America
By Max Richtman, NCPSSM President/CEO
(Next Avenue invited all our 2016 Influencers in Aging to write essays about the one thing they would like to change about aging in America. This is the first of the essays.)
Bette Davis famously said, “Old age ain’t no place for sissies.” If you or someone you love has been there, you’ll likely agree.
Thankfully, Americans have Social Security and Medicare to help ease their transition into retirement and improve the likelihood they’ll age financially and medically secure. Social Security keeps 22 million Americans out of poverty, while Medicare provides universal health care for 55 million seniors and people with disabilities.
Pitting Young vs. Old
Social Security and Medicare are among our nation’s most successful federal programs, touching the lives of virtually every American family. In spite of this, these programs continue to be political targets by those who have tried to pit young vs. old, creating a generational battle over limited budget resources.
Portraying America’s parents and grandparents as “greedy geezers” who care only about their own benefits (which they’ve earned after a lifetime) at the expense of future generations is one of the most pernicious examples of the ageism that is all too common in our nation. We see it in the workplace, in public debate, between generations and in social policy.
Time for Government Leaders to Address Ageism
If I could change one thing about aging in the U.S., it would be how our government leaders address ageism through public law. They must ensure that all retirees and their families, present and future, have ample and easy access to health, income and job security, community supports and a robust aging network that offers choice, independence and dignity.
The retirement of America’s Baby Boom generation has provided us with a unique opportunity to create innovative and responsive aging policies that would serve our nation well for generations to come. Unfortunately, we have not done enough to modernize and revolutionize our aging policies.
It’s not like we didn’t know the boomers would retire someday. America built schools when this growing demographic was young, houses as it matured and large surpluses in the Social Security Trust Fund in anticipation of its retirement. However, now that 10,000 boomers turn 65 each day, the graying of America is too often presented as simply a drain on our national resources and — even worse — used as an opportunity to pit generations against each other.
How Ageism Hurts America
Ageism, sadly, pervades our policy discourse, squandering this unique opportunity in our history to create policies, systems and programs that tap into the wealth of experience, knowledge and opportunities that our aging community provides.
The 14 percent of America that is now over 65 should be at the heart of public policies to improve our nation’s health care system and to increase employment opportunities, fair housing, and economic equity that can stretch across all generations.
Let’s remember these words of former Vice President Hubert Humphrey: “It was once said that the moral test of government is how that government treats those who are in the dawn of life, the children; those who are in the twilight of life, the elderly and those who are in the shadows of life, the sick, the needy and the handicapped.”
We must fight back against ageism, which ignores the reality that America is strongest when the young, old and everyone in between are economically empowered, healthy and secure.
Congress has cut the Social Security Administration’s core operating budget by 10 percent since 2010, after adjusting for inflation. Incredibly, this is happening at the same time a record number of Americans retire each year. It’s not like the baby boom generation is a surprise. Our nation built extra schools when they were young and housing as they reached adulthood; however, today’s Congress has chosen to ignore the fiscal realities of their retirement.
A new report by the Center on Budget and Policy Priorities details the dramatic impact Congress’ SSA budget cuts have on service nationwide:
- SSA’s staff has shrunk 6 percent nationwide since 2010. Five states — Alaska, Iowa, Kansas, Nebraska, and West Virginia — have lost more than 15 percent of their staff since 2010.
- Disability Determination Service (DDS) staff, who decide whether applicants’ disabilities are severe enough to qualify for Disability Insurance (DI) or Supplemental Security Income (SSI) has shrunk 14 percent nationwide since 2010. Seven states — Indiana, Kansas, Louisiana, Mississippi, South Dakota, Tennessee, and Texas — have lost over 20 percent of their DDS staff.
- Staff shortages have contributed to a record-high disability hearing backlog of over 1 million applicants.
- SSA has been forced to close 64 field offices since 2010, at least one in nearly every state.
Added to this list, according to a recent audit of the SSA, are reduced hours of service at the remaining offices, the limited mailing of the annual earnings statement, increased wait times, crowded lobbies and limited appointment availability.
As we reported last month:
Unfortunately, this budget slashing effort is nothing new. “Starve the beast” and shrinking government “down to the size where we can drown it in the bathtub" are long-held goals for Congressional conservatives. Today’s budget cutters are continuing that decades-long campaign to diminish successful government programs which, since the vast majority of the American public of both parties supports them, can’t be killed outright.
“Cutting staff when SSA is processing historically high claims is irresponsible and a sign that the Republicans who voted for this cut are not interested in providing tax payers with good service regarding SSA,” said Witold Skwierczynski, president of the American Federation of Government Employees SSA Council. “Instead they appear to be creating a scenario that insures the collapse of the program and will enhance the push to privatize it. If the public loses trust and faith that the federal government can administer SSA, they will look to privatization proposals as an alternative.”...Washington Post, August 9, 2016
We recommend you read the full CBPP report here to see what’s happening in your state and nationwide.
As we first reported last week, new federal online security rules have led the Social Security Administration to require all new and current account holders to SSA’s online portal, my Social Security, to have a text-enabled cell phone to access their account online.
Since only a quarter (27%) of adults ages 65 and older own smartphones this new rule is baffling. NCPSSM President/CEO, Max Richtman, has urged Social Security’s Acting Commission, Carolyn Colvin, to change the new requirement:
We are concerned that the new authentication requirements will mean that millions of Americans will find themselves cut off from this convenient avenue of service delivery. That’s why we urge you to move quickly to protect seniors by expanding your authentication procedures to include options that can be used by those who do not have text-capable cell phones. One option would be to send an authentication code to mySocialSecurity account holders via email. Such an expansion would go a long way in ensuring that seniors will continue to be able to access their accounts.
We understand the dilemma SSA confronts in making individuals’ personally-identifiable information available to them through an online service portal such as mySocialSecurity.
“Too little security can compromise the privacy of millions of Americans. Authentication procedures that are overly-rigorous or that offer too few options can close off an important avenue of service delivery and lead to increased phone and walk-in traffic in local Social Security offices. We urge you to review the new authentication procedures with the goal of striking the right balance between access and security. Establishing an authentication option based on email or a person’s landline telephone would significantly increase the number of account holders who would continue to have access to the services that mySocialSecurity so admirably provides.”
You can read our entire letter here.
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