These legislative proposals that may have an effect on your pockets

Senator Kyrsten Sinema, D-Ariz., Second from right, speaks at a news conference in Washington, DC on July 28, 2021.

Stefani Reynolds | Bloomberg | Getty Images

retirement provision

I think old-age insurance is on their radar.

Paul Richman

Chief Government and Political Affairs Officer of the Insured Retirement Institute

The bills would also remove the limits on pension income streams for so-called qualified long-term pension contracts and, among other things, allow access to part-time workers under 401 (k).

“I think retirement security is on your radar,” said Paul Richman, chief government and political affairs officer for the Insured Retirement Institute. “And it’s on your to-do list for that congressional session.”

With competing priorities this fall, the legislation may not be postponed until the end of the year, but it will likely happen before this session is closed, he added.

Score: 10

Student loan waiver

Student loan borrowers are still waiting for signs that their debts may be canceled. However, the cancellation was not part of President Joe Biden’s infrastructure plan or the budget proposal to Congress.

The US Department of Justice and the US Department of Education are currently reviewing Biden’s legal authority to cancel student debts through executive action. If Biden doesn’t get the green light, Congress must approve the measure.

Meanwhile, Biden extended the student loan payment hiatus on Friday through January 2022, so borrowers may not see any movement until next year.

Senate Majority Leader Chuck Schumer, DN.Y., and Senator Elizabeth Warren, D-Mass., Recently renewed their demands on Biden to provide up to $ 50,000 in federal student loans per borrower. However, experts say $ 10,000 could be more realistic.

“I think this is more likely than ever as there seems to be a lot of support for it,” said university expert Mark Kantrowitz. “President Biden reaffirmed his promise to provide $ 10,000 forgiveness.”

“So I think it’s going to happen,” he said. “It just depends when and how much.” It is also unclear whether and in what way the cancellation can be made in a targeted manner.

Score: 7-8

Improved child tax credit

Last month, millions of families received monthly payments for the extended child tax credit. The measure was passed by Congress in March under the American Rescue Plan Act and temporarily increased the loan from $ 2,000 to $ 3,000.

Payments are $ 300 per month per child under 6 years old and $ 250 per month for children 6-17 years old. Eligible families will receive payments totaling $ 3,600 per child under 6 years and $ 3,000 for children 6 and under through the end of the year. 17th

Experts say the expanded tax credit – along with other measures under the American Rescue Plan Act – can help cut child poverty in half. As a result, some officials are calling for the increased loans to be made permanent.

“I think there is a much better chance of something permanent going into effect in the next few years,” said Shai Akabas, director of economic policy at the bipartisan Policy Center. “But I don’t think it will look exactly like the provision that is in place today.”

It is possible that there could be cross-party negotiations with some kind of credit expansion in the future, he said.

Score: 6

Medicare extension

Senate Democrats proposed a substantial expansion of Medicare – including dental, hearing and vision coverage – under their $ 3.5 trillion budget in July.

There are currently approximately 62.7 million people enrolled in Medicare, most of whom are over 65 years of age, and most of whom use it as their primary form of health insurance.

Medicare Part A provides hospital insurance and Part B is for outpatient care. However, there is usually no dental, hearing, and vision insurance, which causes seniors to skip care.

Almost half of Medicare members don’t have dental insurance, and 47% haven’t seen a dentist in the past year (as of 2018), according to the Kaiser Family Foundation.

Although Medicare Part C, known as Medicare Advantage Plans, provides some coverage for dental, hearing and vision, only 40% of beneficiaries have these plans.

While Senate Democrats offered few details, a bill by MP Lloyd Doggett, D-Texas, suggests coverage for hearing aids and exams, dentures, emergency and preventive dental care, refractive eye exams, and glasses.

Given the limited calendar this fall, it’s hard to see how the Medicare proposal will be implemented immediately, said Timothy Lynch, senior director of the Morgan Lewis law firm. However, it may have a better chance with a longer period of time.

Score: 5

Additional stimulus

Since the pandemic began, the government has made three rounds of stimulus payments to eligible Americans: $ 1,200 through the Coronavirus Aid Relief and Economic Security Act in March 2020, an additional $ 600 in December as part of a relief effort, and $ 1,400 from signed the American Rescue Plan in March 2021.

However, with an unemployment rate of 5.4%, many families are still struggling. While some lawmakers have pushed for recurring incentive payments, experts say policy makers have shifted focus to other priorities.

“I really don’t think there will be a stomach for large-scale incentives,” Lynch said. “I think Republicans, and quite frankly some Democrats, see the infrastructure package as the next impetus.”

Score: 1

(CNBC’s Sarah O’Brien, Lorie Konish, and Annie Nova contributed to this report.)

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