A Recent Survey by The Senior Citizens League (TSCL) Concludes Medicare Often Takes One-Third to One-Half of Your Social Security Benefit

Healthcare costs take a hefty portion of most retirees’ Social Security benefits.

February 25, 2016-- In a survey conducted last year by The Senior Citizens League, nearly one-half of survey participants reported spending from 11 percent to 33 percent of their Social Security benefits on Medicare premiums and out-of-pocket costs.

When planning retirement expenses, make sure to budget enough for the growth in healthcare costs over time, says The Senior Citizens League (TSCL).

 “That can be hard to figure, but rapidly rising healthcare costs, declining 

health, and the need for increased medical services and prescription drugs as you age will take a growing portion of Social Security benefits,” says TSCL Chairman Ed. Cates.

According to a recent survey by TSCL, healthcare costs take a hefty portion of most retirees’ Social Security benefits. In a survey conducted last year, nearly one-half of survey participants reported spending from 11 percent to 33 percent of their Social Security benefits on Medicare premiums and out-of-pocket costs. A quarter of survey participants said they paid from 34 percent to 50 percent of their Social Security benefits on healthcare.

The portion of Medicare recipients who reported spending more than 33 percent of their Social Security benefits on healthcare costs jumped 7 percent between 2014 in 2015. 

Steep cost increases in prescription drugs was frequently cited as a major cause by 61 percent who said their drug co-pay or coinsurance was higher than expected.

TSCL believes that the extreme cost increases could be putting some Medicare beneficiaries at risk, especially in a year like 2016, when retirees received no annual increase in cost-of-living adjustments (COLAS). In 2010, when retirees received no Social Security COLA, about one-third of Medicare households said they postponed filling their prescriptions or took less than the prescribed amount due to higher costs.

“Medicare must be given the authority to negotiate pharmaceutical prices with manufacturers for covered Part D drugs,” says Cates. TSCL recently submitted a statement on prescription drug costs to the House Committee on Oversight & Government Reform, saying “Lifesaving drugs for cancer, heart disease, arthritis, hepatitis and other life-threatening diseases carry such enormous price tags that older Americans worry their life savings will be drained if they are unlucky enough to get sick.

They question why Congress hasn’t taken legislative action to improve the system and protect the American public from price gouging.” TSCL supports the Prescription Drug Affordability Act (S. 2023, H.R. 3513) that would take important steps to reduce drug costs.

Is this situation happening to you? Participate in TSCL’s 2016 Senior Survey at http://www.SeniorsLeague.org.

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With about 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Located just outside Washington, D.C., its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of TREA The Enlisted Association. Please visit http://www.SeniorsLeague.org or call 1-800-333-8725 for more information.

Small business owners: U.S. is facing a retirement crisis Workers have help on the way thanks to sales, economic outlook

COLUMBUS, Ohio, Feb. 5, 2016 /PRNewswire/ -- A recent survey of U.S. small business owners (SBOs) reveals contradictory views on the retirement preparedness of the country's workers – yet offers an optimistic economic outlook for the next two years.

An overwhelming majority of SBOs believe that the country is in the midst of a retirement crisis. The online study, commissioned by Nationwide and conducted by Harris Poll, found that 84 percent of small business owners believe American workers are facing a retirement readiness crisis.

However, 60 percent of SBOs believe that their own employees are on track to retire.

Nearly two-thirds (63 percent) of small business owners say it's important for a business owner to provide retirement benefits, but, in reality, only a third (34 percent) of small business owners offer these benefits to their employees.

Small businesses play an outsized role in helping workers prepare for retirement.

Consider this: According to the U.S. Small Business Administration, small businesses make up 99.7 percent of all employers, employ nearly 50 percent of all private-sector workers (48.5 percent) and create 63 percent of the net new private-sector jobs in the country.¹

"Small businesses are the lifeblood of our economy and keep our communities moving forward," said Joe Frustaglio, vice president and leader of private sector retirement plan sales at Nationwide. "All workers deserve access to retirement savings options, and it is evident that we've reached a point in this country where people are starting to pay attention to the fact that a retirement savings problem exists. Employers need to provide access and education, and workers need to take advantage of what's available to them."

Help is on the way

Workers should have hope that their retirement-readiness outlook will improve. Of the SBOs who offer retirement benefits, including 401(k) plans, to their employees, 67 percent say they plan to increase their company contribution to employees' 401(k) plan.

Of the SBOs who do not currently offer retirement benefits, 30 percent say they plan to offer these benefits in the future. If that happens, then more than half (54 percent) of SBOs will offer their employees retirement benefits.

A positive economic outlook is a driving force behind this. Half of SBOs who plan to start offering retirement benefits say they will do so because they expect sales or revenue to increase in the next 12 to 24 months (50 percent), and 32 percent believe the U.S. economy will improve in the same timeframe.

Small business owners who currently offer 401(k) plans and say they will increase contributions have an even more positive outlook: 56 percent expect company sales or revenue to increase in the next 12 to 24 months, and 53 percent believe the U.S. economy will improve in that same period.

"In spite of recent market volatility, economic indicators are pointing toward continued growth for the U.S. economy in 2016," said David Berson, senior vice president and chief economist at Nationwide. "Small business owners should see Main Street benefit from the economic stability that we've enjoyed during the last few years."

Affordable Care Act: making its impact

The Affordable Care Act (ACA) is indirectly affecting workers' retirement preparedness.

Of SBOs who plan to offer retirement benefits in the future, 25 percent say the ACA has made health benefits less attractive to employees, and 18 percent say the ACA has decreased company health care costs.

Of SBOs who currently offer retirement benefits and plan to increase company contributions to their employees' 401(k) plans, 33 percent say the ACA has made health care benefits less attractive to employees, and 30 percent say the ACA has decreased the company's health care costs.

"Lower health care costs means small business owners have the option of contributing more to their employees' retirement," said Frustaglio.

As the ACA makes health care benefits less relevant to small business employees, business owners have to find a new way to recruit and retain employees. There is mounting evidence that 401(k) plans are filling that role.

Among small business owners, 59 percent disagree that retirement benefits are not important for attracting and retaining employees.

More than two in five (42 percent) of small business owners who said they plan to increase contributions agree their company's 401(k) plan is now more important for attracting and retaining employees as a result of the ACA. Similarly, about one-quarter (24 percent) of small business owners who will offer retirement benefits in the future say their company's 401(k) plan is now more important for attracting and retaining employees because of the ACA.

"As the health care insurance marketplace becomes more commoditized, employers are looking for new tools to attract and retain key employees," said Frustaglio. "Employers who are using 401(k) plans as a recruitment tool are ahead of the game because we're seeing more company owners asking how they can do this."

Access to 401(k) plans

Small business owners who are not currently offering a 401(k) plan to their employees should talk to a financial advisor about finding a plan that's right for their employees and business.

A vast majority, 80 percent, of small business owners say they cannot compete with a Fortune 500 company's benefits, and nearly half, 48 percent, feel they could afford a customized 401(k) plan to meet their small business needs.

"Small companies not being competitive with large corporations in terms of employee benefits is just not true in today's world," said Frustaglio. "No matter the size of the business, from one with 33,000 associates like Nationwide to the corner grocery store, today's 401(k) plans allow for customization and access to the same options with the same tools for all employees."

Frustaglio recommends that small business owners who already offer retirement benefits to their employees should do a plan review every year with their advisor. The review should include an analysis of the plan's components and investment options for their employees.

Methodology:
The 2015 Small Business Owner Study was conducted online by Harris Poll on behalf of Nationwide between June 8 and June 19, 2015, among 500 U.S. small business owners, defined as companies with less than 300 employees. Results were weighted to be representative of small business owners in the U.S. Research participants were drawn from the Harris Poll Online (HPOL) research panel and partner sample. Because the sample is based on those who were invited to participate in the HPOL panel, estimates of theoretical sampling error cannot be calculated. Percentages were rounded to the nearest whole percent. Differences in the sums of combined categories/answers were due to rounding.

About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor's. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.

Nationwide, Nationwide is on your side, Join the Nation and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. ©2015

Candidates Must Prioritize Alzheimer’s Disease in Appeal to Voters

New Survey Shows Americans Want Elected Officials to Support Alzheimer’s Now

WASHINGTON, D.C., October 28, 2015 – A candidate’s relatability to voters and ability to understand the challenges they face make or break elections. Millions of American voters have had personal experience with Alzheimer’s disease and understand the dramatic toll the disease takes on families across the country.

As a result, according to a nationwide survey by the Alzheimer’s Association, voters view Alzheimer’s disease as a significant political priority for the 2016 congressional and presidential elections.

The nationwide voter survey indicates that: 1. 73 million voters have had a family member or close friend with Alzheimer’s disease 2.

More than one-third, or 52 million American voters have provided care or personal assistance to a relative, friend or neighbor with Alzheimer’s 3. 82 percent of voters nationwide are concerned about Alzheimer’s disease 4. 87 percent of voters feel unprepared or only somewhat prepared to meet care needs of a family member who develops Alzheimer’s disease 5.

The majority, 64 percent, of voters would be more likely to vote for a presidential candidate who has pledged to support a major national research effort to fight Alzheimer’s

“The survey findings indicate that 73 million American voters know someone with Alzheimer’s disease, so it’s not surprising that the majority of voters expect our government to make Alzheimer’s research and care a priority,” said Robert Egge, chief public policy officer and executive vice president of government affairs, Alzheimer’s Association.

“As presidential and congressional candidates look toward 2016, they should understand that voters want to know that they plan to address the Alzheimer’s disease and, specifically, what actions they intend to take when it comes to this mounting health crisis.”

Issues important to voters can be controversial but urgently addressing the Alzheimer’s crisis is not. Alzheimer’s disease is an important voter issue that is not controversial for any candidate. All candidates know this is a critical challenge to face; how they will differ is in their approach and plan to quickly address this already enormous and mounting health crisis. Presidential and congressional candidates, both Republicans and Democrats, have already begun to discuss the Alzheimer’s disease crisis while campaigning.

As Alzheimer’s crosses political lines, American voters are recognizing the disease as an issue that must be proactively addressed by those they are considering for office. “Prioritizing Alzheimer’s disease research funding is smart politics for a very important reason,” said Egge.

“Americans understand it’s the only way to change the deadly and expensive trajectory that is bearing down on so many American families.”

Alzheimer's is already America's most expensive disease, costing the country more each year than cancer or heart disease. Alzheimer’s disease also remains the only cause of death among the nation’s top 10 that cannot be prevented, cured, or even slowed.

Today, Medicare spends nearly one in five dollars on people with Alzheimer’s but, by midcentury; the government will spend nearly one in three dollars on the disease, which encompasses 31 percent of Medicare's budget, a nearly twofold increase.

The latest research reveals more than 28 million baby boomers are expected to develop Alzheimer’s between now and midcentury, dramatically increasing already overwhelming costs further—for both voters and the government.

For more information about the voter survey, visit alz.org/survey. ### Alzheimer’s Association® The Alzheimer’s Association is the leading voluntary health organization in Alzheimer's care, support and research. Our mission is to eliminate Alzheimer’s disease through the advancement of research, to provide and enhance care and support for all affected, and to reduce the risk of dementia through the promotion of brain health. Our vision is a world without Alzheimer’s. For more information, visit www.alz.org

HomeAdvisor Releases Aging-in-Place Report

Report Underscores Need For More Resources for Professionals to Educate Homeowners

Oct. 18, 2015 /PRNewswire/ -- Today HomeAdvisor, a leading nationwide home services marketplace, released an Aging-in-Place Report that analyzes the trends related to how homeowners modify their homes to ensure they can remain there safely, comfortably, and independently as long as possible. 

The Report was prepared by Marianne Cusato, HomeAdvisor's housing expert and professor of practice at University of Notre Dame's School of Architecture, and is comprised of data submitted to HomeAdvisor.com as well as results from a recent survey* conducted among HomeAdvisor's network of pre-screened home professionals. 

HomeAdvisor released the Aging-in-Place Report in collaboration with the National Aging in Place Council.   

"The U.S. Census Bureau reports the number of residents 65 or older will grow to nearly 73 million in 2030 and at least 90 percent of those homeowners intend to remain permanently in their home," said Cusato. 

"While the report revealed a small number of homeowners are already planning ahead, the majority may benefit from the help of informed home service professionals."

Highlights of the 2015 Aging-in-Place Report:

Over one-half of homeowners who hire a professional for an aging-related home improvement are younger than 65 years old, with 10 percent younger than 50 years old.

When hiring a professional to complete an aging-in-place project, 73 percent of the time homeowners make contact with the professional themselves. The daughter is second mostly likely to contact the professional and does so five times more often than the son.

When technology is installed in the home, more than one-half of homeowners request home automation systems (e.g. security systems, lights, thermostats), 14 percent purchase assistive technology (e.g. automatic countertops and shelves), and 10 percent install in-home health monitoring (e.g. heart rate tracking and fall monitoring).

Seventy four percent of professionals feel prepared to discuss the financial benefits available to homeowners to help them age in place.

"The report shows most professionals are prepared to talk to homeowners about aging-in-place improvements but few are ready with additional resources," said Cusato. 

"Seventy two percent of professionals don't have marketing materials directed towards aging in place, over two-thirds are unfamiliar with the term 'Universal Design', and 83 percent are unaware of Medicare and Medicaid benefits."

The Aging-in-Place Report also uncovered the most common projects related to aging in place. 

The projects most frequently requested include adding grab bars in the home, building a disability ramp, installing a lift on the stairs, and adding a personal alert system.

For the complete Aging-in-Place Report, click here. For more information about HomeAdvisor, visitwww.homeadvisor.com.  

About HomeAdvisor

*Data included in the Aging-in-Place Report is based on the number of service requests submitted to HomeAdvisor.com from August 3, 2014-August 3, 2015; and a survey conducted by Survey Monkey on behalf of HomeAdvisor. The survey was conducted among 237 professionals from August 21, 2015-August 30, 2015, of whom 187 reported completing aging-in-place tasks for homeowners.