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Thursday, July 26, 2012

Who Thought That This Would Be The Last Generation to Retire?

If  retirement is going to become history in the US, state legislatures may need to consider the age cap to workers' compensation benefits that is becoming an all too trendy reform concept. The employment landscape in the US is rapidly changing, and  retirement maybe going by the boards, but workers' compensation planners may have inadvertently designed reforms that terminate benefits pre-maturely.

The Alliance for Retired Americans has now initiated a campaign to alert workers throughout the nation that benefits maybe the target of a takeback effort by the U.S. Congress as the year and budget process wraps up.

Some anticipated revisions that are expected to be offered in lieu of statutory cuts are  the following:

  • Raising the Social Security age to 70
  • Reducing the Cost of Living Adjustments (COLA)
  • Raising the Medicare eligibility age to 67
  • Cutting the Medicaid funding that helps seniors afford long-term care
  • Taking away traditional Medicare benefits, leaving seniors at the mercy of insurance companies.
  • Related Blogs on the Aging Workforce and Retirement

    Jul 07, 2012
    As some jurisdictions cut off workers' compensation benefits based on age, the burden of providing elder care will even increase more significantly in the years ahead. Click here to read the article: "New Numbers on Elder ...
    Jun 19, 2012
    Section 440.15(1)(b), Florida Statutes (2003), classifies the entitlement to PTD benefits by age of the claimant, providing:. . . If the accident occurred on or after the employee reaches age 70, benefits shall be payable during ...
    Jan 20, 2011
    Susan M. Collins (R-Maine) has asked for an investigation by the Government Accounting Office to determine if too many Federal employees of retirement age are receiving workers' compensation benefits. She stated, ""I am ...
    Apr 22, 2009
    "Effective immediately [April 21, 2009] , submitted rated ages that do not conform to CMS' standards for acceptable proof of Rated Age, which includes being independent, on the letterhead of an insurance carrier or settlement ...