Additional $250 Recovery Payment Proposed for Social Security Recipients and Veterans
October 15, 2009
“This is welcome news and I commend President Obama for proposing this additional financial relief to our nation’s seniors, veterans and people with disabilities. Earlier this year, I was proud to vote for the American Recovery and Reinvestment Act that provided 98,000 people in the Ninth District with a similar $250 payment. This kind of temporary, targeted and timely payment is going to help people make ends meet,” Congressman Cohen said.
The American Recovery and Reinvestment Act (ARRA), which President Obama signed into law in February, provided seniors, veterans and people with disabilities with a one-time $250 check to help make ends meet and stimulate economic activity. In the Ninth District, more than $25.5 million was distributed to more than 98,000 people. President Obama’s proposal announced today would provide a second $250 check to make up for the loss of a cost-of-living Social Security adjustment. The new payment is the equivalent of a two-percent increase in benefits for the average Social Security retiree beneficiary. Under the rules no person could “double dip” and receive a $250 Economic Recovery Payment through more than one program. Nor could they receive both an Economic Recovery Payment and the Making Work Pay tax credit.
“The President’s proposal couldn’t come at a better time, with no Social Security COLA and Medicare Part B premiums increasing next year, those who rely on both of these important safety nets will be earning less and paying more for health care each month. That’s not right,” Congressman Cohen said. “During these tough economic times, we need to do more, not less, to assist our seniors, veterans and people with disabilities.”
Additionally, because a Social Security cost-of-living adjustment is not expected in 2010, it’s anticipated that some seniors would face a substantial increase in their Medicare Part B premiums. In September, Congressman Cohen voted for HR 3631, the Medicare Premium Fairness Act, which passed the House by a vote of 406-18. The bill would freeze the existing $96.40 monthly Part B insurance premium which pays for seniors' physician visits next year. The Senate has not acted on the measure.
________________________
Steven Broderick
Communications Director
Congressman Steve Cohen (TN-9)
1005 Longworth House Office Building
Washington, DC 20515
Direct: 202-226-7916
Main: 202-225-3265
steven.broderick@mail.house.gov
The American Recovery and Reinvestment Act (ARRA), which President Obama signed into law in February, provided seniors, veterans and people with disabilities with a one-time $250 check to help make ends meet and stimulate economic activity. In the Ninth District, more than $25.5 million was distributed to more than 98,000 people. President Obama’s proposal announced today would provide a second $250 check to make up for the loss of a cost-of-living Social Security adjustment. The new payment is the equivalent of a two-percent increase in benefits for the average Social Security retiree beneficiary. Under the rules no person could “double dip” and receive a $250 Economic Recovery Payment through more than one program. Nor could they receive both an Economic Recovery Payment and the Making Work Pay tax credit.
“The President’s proposal couldn’t come at a better time, with no Social Security COLA and Medicare Part B premiums increasing next year, those who rely on both of these important safety nets will be earning less and paying more for health care each month. That’s not right,” Congressman Cohen said. “During these tough economic times, we need to do more, not less, to assist our seniors, veterans and people with disabilities.”
Additionally, because a Social Security cost-of-living adjustment is not expected in 2010, it’s anticipated that some seniors would face a substantial increase in their Medicare Part B premiums. In September, Congressman Cohen voted for HR 3631, the Medicare Premium Fairness Act, which passed the House by a vote of 406-18. The bill would freeze the existing $96.40 monthly Part B insurance premium which pays for seniors' physician visits next year. The Senate has not acted on the measure.
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________________________
Steven Broderick
Communications Director
Congressman Steve Cohen (TN-9)
1005 Longworth House Office Building
Washington, DC 20515
Direct: 202-226-7916
Main: 202-225-3265
steven.broderick@mail.house.gov