One Year Anniversary of the Inflation Reduction Act
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Next week we celebrate two important anniversaries related to seniors’ earned benefits. In addition to celebrating Social Security’s 88th anniversary on Monday, August 14th, we will also celebrate the one-year anniversary of the historic Inflation Reduction Act which was signed into law on August 16, 2022.
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As a reminder, the Inflation Reduction Act requires Medicare to negotiate the price of certain prescription drugs for the first time ever. The powerful prescription drug industry lobbied hard to convince lawmakers to oppose this measure. In fact, they are now resorting to trying to overturn this critical policy in the courts.
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The Inflation Reduction Act also:
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--Starting in 2025, caps Medicare Part D patients’ annual out-of-pocket payments at $2,000;
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--Caps the cost of insulin for Part D patients at $35/month, which went into effect in January 2023; and
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--Penalizes drugmakers for raising the prices above the rate of inflation, which also went into effect at the start of this year.
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Though the bill did not contain everything that we in the advocacy community hoped for, these provisions represent meaningful reform that are changing lives for the better by taming drug prices.
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We couldn’t have won this historic victory without your petitions, letters, emails, phone calls and of course your financial support which enabled us to keep fighting on your behalf day in and day out on Capitol Hill.
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Ask Us!
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Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
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This week’s question is: My husband and I both worked full time for many years and individually will qualify for close to a maximum benefit. Will we each be able to do that, or is there a maximum payment to married persons that is less than the total they would receive if they were not married?
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Click here to read the answer.
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Ask Us
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Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security.
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Join Now/Donate
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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.
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Social Security Benefits
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Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.
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More than 150 Philadelphians turned out at Center in the Park for a town hall emphasizing Social Security’s importance to the Black community, co-presented by NCPSSM and AARP Pennsylvania. Attendees learned about their earned benefits and played Social Security-themed games — including Social Security Plinko and “What does Social Security Mean to You?” (July 27, 2023, www.ncpssm.org, Entitled to Know blog)
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Read Here →
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President Lyndon B. Johnson signed Medicare into law 58 years ago Sunday, giving seniors much-needed health coverage. Now it's time to expand the program to include dental, vision and hearing care, writes NCPSSM president and CEO Max Richtman.
(July 31, 2023, Common Dreams, written by NCPSSM President & CEO Max Richtman)
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Read Here →
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For the Social Security Administration, working to combat threats from A.I. will pose a unique challenge... since the agency has been underfunded for decades, said NCPSSM's senior legislative representative, Maria Freese. “It’s going to be expensive and it’s going to have to be an ongoing effort,” Freese said. “They need money to be able to deal with it.”
(August 2, 2023, CNBC, Lorie Konish)
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Average monthly Medicare premiums for Part D prescription drug coverage are projected to drop to $55.50 in 2024, down 1.8% from $56.49 this year, the Biden administration announced Monday. (July 31, 2023, Bloomberg, Tony Pugh)
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Max Richtman, President and CEO, National Committee to Preserve Social Security and Medicare said, “We commend President Biden for nominating former Maryland governor Martin O’Malley as Social Security Commissioner. It has been more than 20 years since the Senate has confirmed a permanent commissioner nominated by a Democratic president." (August 7, 2023, Rhode Island News Today, Herb Weiss)
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