Advocacy in action blog

As we posted earlier, agreement has come together at the final hour on the much-anticipated COVID-19 relief and government-funding legislation. The 5,593-page legislation is expected to be signed by President Trump today.

Congress has passed the final COVID-19 relief package of 2020 to support the economy and provide further relief during the continuing pandemic. Included within the 5,593-page bill is a provision to end surprise medical billing. The surprise medical billing language provides no government rate setting. The inclusion of this provision is arguably the most important patient-protection inclusion since the creation of Medicare Part D. NAIFA worked with congressional leaders in both the Senate and House, advising legislators of the importance of including surprise medical billing in the final bill.

On December 9^th, the Social Security, Pensions and Family Policy subcommittee of the Senate Finance Committee, chaired by Senator Rob Portman (R-OH), held a hearing entitled “Investigating Challenges to American Retirement Security.”

NAIFA has joined with other groups and employers who sponsor health insurance benefits for tens of millions of Americans to send a letter to congressional leadership urging Congress to enact legislation to reduce health care costs.

NAIFA supports the Securing a Strong Retirement Act of 2020, bipartisan legislation introduced by Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) that would help Americans prepare for a secure retirement. Among other provisions, the legislation would create new financial incentives for small employers to offer retirement plans, give people over the age of 60 greater flexibility when contributing to retirement plans, and raise the required minimum distribution age to 75.

The House has passed the updated HEROES Act by a vote of 214 to 207. The partisan bill is not expected to be considered by the Senate. 

On Sept 21, the U.S. House of Representatives passed H.R. 1418, the Competitive Health Insurance Reform Act of 2020. The bill repeals specific parts of the McCarran-Ferguson Act that exempt insurance businesses from most federal regulation.

NAIFA’s advocacy team and grassroots army have been engaged from the beginning of conronavirus-related shutdowns with Congress, state legislatures, and federal and state regulators on proposals to provide economic relief and recovery assistance to individuals, families, and small businesses. We provided input to Congress as they shaped the first three phases of COVID-19 legislation, including the Paycheck Protection Program.

Registered index-linked annuity (RILA) products offer a good option for some consumers who want to benefit from market growth while reducing their exposure to market losses. These are long-term, tax-deferred investments that are often well-suited for investors who are preparing for retirement, especially those who are retired or are nearing retirement and wish to reduce the impact of market downturns.