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National Commitee to Preserve Social Security & Medicare

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Benefits Watch Newsletter

Insider’s Report: This Historic Law Is Already Having an Impact on Seniors

Insider’s Report:  This Historic Law Is Already Having an Impact on Seniors

Last Wednesday marked the one-year anniversary of President Biden signing the historic Inflation Reduction Act (IRA) into law. It was the first time Congress enacted major legislation to take on Big Pharma and lower the price of prescription drugs for seniors. 

For the National Committee, the IRA was the culmination of a 20-year struggle to reform Medicare Part D — the prescription drug benefit — so that seniors actually could afford crucial medications. We had seen too many statistics over the years about older Americans cutting pills in half or not filling prescriptions because of high costs — or having to choose between essentials like food and medicine.  

As a reminder, here are the IRA’s major provisions that will benefit older Americans like you:

*Empowers Medicare to negotiate prices with drug-makers

*Starting in 2025, caps Medicare Part D patients’ annual out-of-pocket payments at $2,000

*Caps the cost of insulin for Part D patients at $35/month

*Penalizes drug-makers for raising prices above the rate of inflation

The IRA’s most historic aspect is the drug price negotiation provision — more modest than originally envisioned, but still extremely significant. At first, only ten drugs will be eligible for negotiations, and new brand-name drugs are excluded. Negotiated prices will not take effect until 2026. But Big Pharma opposed these relatively modest measures — and is currently trying to block them in court.

Please make a donation today to support the National Committee’s ongoing fight against Big Pharma’s efforts to price gouge seniors — and protect and strengthen your Medicare benefits.

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Make a donation now to help us keep the pressure on Congress. Your continued support is essential to the National Committee's mission.

Good Bills

Good Bills

The National Committee endorses the “Women’s Retirement Protection Act” introduced by Senators Tammy Baldwin (WI) and Patty Murray (WA), which would help women overcome barriers that systematically set them back from achieving financial security.

Data shows women’s financial futures are consistently undermined by factors like unequal pay and time out of the workforce for caregiving duties, which make it more difficult to adequately save for retirement. The “Women’s Retirement Protection Act” would address some of these challenges by extending critical protections to women’s retirement security and providing enhanced tools to ensure women can better prepare for retirement.

Ask Us

Ask Us!

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.

This week’s question is: I get $13,000 a year Social Security disability and have zero wages or income. I am a disabled vet that also gets 100% VA disability. The $13,000 Social Security is tax free, right?

Click here to read the answer.

Ask Us

Ask Us

Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security.

 
Join Now

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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.

Social Security Benefits

Social Security Benefits

Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.

Opinion: This is what should happen with Social Security

On Aug. 14, 1935, President Franklin D. Roosevelt signed the nation’s first major social insurance program into law. In the 88 years since then, Social Security has provided bedrock financial security for generations of retirees, people with disabilities, and their families. (Updated August 15, 2023, Market Watch, written by NCPSSM President & CEO Max Richtman)

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As Social Security marks a milestone, here are 3 things to know about your retirement benefits

“Eighty-eight years of a program that has done exactly what it set out to do, and in fact much more, in terms of covering people for disability and survivorship and never missing a payment, is a remarkable achievement,” said Dan Adcock, director of government relations and policy at NCPSSM. (August 14, 2023, CNBC, Lorie Konish)

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Health advocacy groups oppose groups against drug price negotiations – Herb Weiss

“The lawsuits filed by the large pharmaceutical corporations to overturn Medicare drug price negotiation authority demonstrates that there is no bottom to big pharma’s greed," charges Max Richtman, President and CEO of the Washington, DC-based National Committee to Preserve Social Security and Medicare. (August 21, 2023, Rhode Island News, Herb Weiss)

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New Retirement Bill Stops Spouses From Emptying 401(k)s

The Women's Retirement Protection Act is endorsed by the National Women’s Law Center, Pension Rights Center, AARP and the National Committee to Preserve Social Security & Medicare. (August 17, 2023, Think Advisor, Melanie Waddell)

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The White House blasts Republicans' budget plans, saying they want to slash Social Security and Medicare and 'force seniors to pay even higher drug costs so Big Pharma can fill more swimming pools with caviar and diamonds'

In a memo, White House deputy press secretary and senior communications adviser Andrew Bates blasted Republicans' plans for cutting the deficit — a priority among the right as they try to claw back government spending and slash programs in negotiations over funding the federal government by the end of September. (August 15, 2023, Insider, Juliana Kaplan and Ayelet Sheffey)

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