|
Big Changes Ahead: What the "Big Beautiful Bill" Means for Seniors |
The Senate has passed a critical vote, moving President Trump's "Big Beautiful Bill" forward for debate and amendments. While the bill is still being shaped, here's what you need to know about how these changes could affect your Social Security, food stamps, and more. |
What's In the Bill for You? A Side-by-Side Look |
Tax Relief for Some, Not All |
Senate vs. House: The Senate bill offers a $6,000 tax deduction for seniors 65 and older who file taxes—but only if you make up to $75,000 as an individual or $150,000 as a couple. This means about 60% of seniors could see some relief, but 40%—especially those with low incomes who don't file taxes—get nothing. No Tax on Social Security: The much-promised "no tax on Social Security" benefit is not in the bill. Instead, the $6,000 tax deduction is offered, which helps fewer seniors than a full tax exemption would. State and Local Tax Deduction: The cap for deducting state and local taxes has been raised from $10,000 to $40,000, benefiting homeowners in high-tax states.
|
Medicaid and Medicare: Cuts and Changes |
Medicaid Work Requirements: The bill increases the work requirement age for Medicaid from 54 to 64 for able-bodied adults. There are exemptions for parents and people with disabilities. Rural Hospitals: The bill lowers the Medicaid provider tax cap, threatening rural hospitals that rely on Medicaid patients. A $25 billion stabilization fund is proposed, but experts warn it may not be enough. Medicare: While the bill does not directly cut Medicare, rising Part B premiums and out-of-pocket costs remain a concern for seniors.
|
Food Stamps (SNAP): Higher Work Requirements, Less Help |
Work Requirements: The bill increases the food stamp work requirement age from 54 to 64. If you're under 64 and able-bodied, you'll need to work at least 20 hours a week to qualify. Cost Shifting: Starting in 2028, states will be responsible for 5–15% of food stamp costs, which could lead to reduced benefits or stricter eligibility in some states. Minimum Benefit: The minimum SNAP benefit remains low ($23/month), and asset limits can disqualify seniors with modest savings.
|
Energy Assistance and Other Cuts |
Energy Costs: The bill phases out energy tax credits, leading to higher electricity prices in many states—up to 29% in some cases. Budget Impact: To pay for tax cuts for higher earners, the bill takes money from Medicaid and food stamps, which could leave millions without coverage or food assistance.
|
 | Free Medicare Help with Chapter | 90% of American seniors are on the wrong Medicare plan. Thankfully, Chapter is here to help! They can help you switch to the right plan and save $$$. Chapter saves the average senior $1,100 per year! Plus, it is 100% risk-free! Give them a call to find out how much you could save: 539-205-2147. | askchapter.org/insider |
|
|
|
What Should Be Done? Expert Suggestions for Real Relief |
#1: Pass the Social Security 2100 Act |
Raises the minimum Social Security benefit to 125% of the federal poverty level, lifting many seniors out of poverty. For example, a single senior making $15,650 or less is considered in poverty. This act would raise their minimum benefit to $19,560.
|
#2: Pass the Social Security Expansion Act |
Gives every senior on Social Security or disability a $200/month increase—$2,400 more per year. This would be a significant boost compared to the current small cost-of-living adjustments.
|
#3: Increase the Minimum SNAP Benefit |
|
#4: Set a Minimum Cost-of-Living Adjustment (COLA) |
|
#5: Protect Energy Assistance |
|
|
Real Life Examples |
Mark, 62, with health issues: Needs more support, but the bill offers little for low-income seniors.
Joanne and Scott, working couple: May see some tax relief, but not as much as promised.
Mary, living alone on a fixed income: Faces higher energy costs and stricter food stamp rules.
|
|
|
Bottom Line: |
The "Big Beautiful Bill" offers some tax relief for higher-income seniors, but leaves many behind—especially those who need help the most. Now is the time to speak up and demand real solutions for seniors. |
Stay tuned for more updates and tips in the next issue of The Insider from Benefits Insider. |
This newsletter is for information only. Always double-check your options with a professional before making big decisions. |
Are you Ready to Maximize your Social Security Benefits in 2025? | Don't Let a $50,000+ Social Security Mistake Wreck Your Retirement! | Did you know 83% of Americans claim Social Security at the wrong time and lose an average of $182,000 in lifetime benefits? Don't become another statistic—get the Social Security Benefits Insider Guide and discover the exact claiming strategy that's right for you. | For just $17.99 (normally $97.99), you'll get: | The 2025 Social Security Claiming Decision Tree (no guesswork—just clear, personalized answers) Advanced strategies to maximize your benefits and minimize taxes Real case studies showing how retirees like you unlocked thousands in extra income 2 exclusive bonuses: the 2025 Social Security & Medicare Cheatsheet and 200+ Senior Discounts (worth $147 alone!)
| You could pay $300+ for this info from a financial advisor—or get it now for less than $20. | Don't risk missing out on benefits you've earned. Click below to get instant access and start maximizing your Social Security today!Check out our Social Security Benefits Insider Guide! | |
|
|
What's Trending on YouTube |
Check out our latest YouTube videos and catch up on what you may have missed! |
Are You Getting the $5,108 Social Security Payment in July? |
 | BREAKING: Are You Getting the $5,108 Social Security Payment in July? |
|
|
Millions of Seniors Could Owe Big Money Soon! |
 | BREAKING: Millions of Seniors Could Owe Big Money Soon! |
|
|
|
| Free Medicare Help with Chapter | 90% of American seniors are on the wrong Medicare plan. Thankfully, Chapter is here to help! They can help you switch to the right plan and save $$$. Chapter saves the average senior $1,100 per year! Plus, it is 100% risk-free! Give them a call to find out how much you could save: 539-205-2147. | askchapter.org/insider |
|
|
|
*View our Advertising Disclosure |
No comments:
Post a Comment