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Insider’s Report: American seniors will save $1.5 billion in out-of-pocket drug costs
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American seniors will save $1.5 billion in out-of-pocket drug costs thanks to newly announced prices negotiated by the Medicare program with Big Pharma. Empowered by the Inflation Reduction Act of 2022, Medicare was able to negotiate 38-79% discounts on 10 life-saving drugs that treat heart disease, diabetes, cancer and other serious conditions.
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These include popular, brand name drugs such as Eliquis, Jardiance, Farxiga and Stelara — some of the expensive and commonly prescribed medications in the Medicare program.
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According to National Committee President & CEO Max Richtman, this is a truly historic moment:
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“We have been advocating for Medicare to have the power to negotiate drug prices with Big Pharma since 2003, when prescription drug coverage was added to the program. Unfortunately, the law literally forbade Medicare from negotiating prices with drugmakers. The Inflation Reduction Act finally changed that.”
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As you know, Big Pharma wouldn’t have lowered these prices out of the goodness of their hearts. These huge savings are proof that the federal government can, and should, leverage its buying power to save everyday Americans money — in this case, delivering millions of seniors relief from punishingly high drug prices.
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The newly negotiated prices will not only save seniors more than one billion dollars at the pharmacy counter; they will save the Medicare program some $6 billion in costs. The new prices take effect in January 2026.
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Under the provisions of the Inflation Reduction Act, Medicare will select up to 15 more drugs covered under Part D for negotiation for 2027 by February 2025.
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Good Bills
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The National Committee endorses the Surviving Widow(er) Income Fair Treatment (SWIFT) Act, a companion bill introduced by U.S. Representative Susan Wild (PA-07) in the U.S. House of Representatives that is identical to Senator Bob Casey’s bill introduced in the Senate to expand Social Security benefits.
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This legislation would offer significant additional protections to surviving widows and widowers whose Social Security benefits under current law are limited and even denied because of certain long-standing technical provisions within the Social Security Act. The SWIFT Act would increase benefits for more than one million Americans, many of whom are vulnerable seniors.
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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:
I am 65 and started drawing Social Security; my wife is drawing too. My question is: what are the rules for drawing money out of my IRA? I want to take out around $6,000 to pay credit cards off. How will this affect me? Will I lose my monthly benefits? How about paying taxes on $6,000?
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Click here to read the answer.
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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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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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NCPSSM President Max Richtman participated in a 'community conversation' in Columbus, OH presented by AARP to commemorate last week's anniversary of the Social Security program. Richtman pushed back against Social Security myths, including the falsehood that the program is "going bankrupt." (August 16, 2024, Public News Service, Farah Siddiqi)
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Read Here →
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Social Security turned 89 years old on August 14th. That’s nearly nine decades of providing baseline financial security to America’s retirees and their families — and since 1956, to people with disabilities. Today, 67 million people receive Social Security benefits. This 89th anniversary year for Social Security is a crucial one for the program, because the future of Social Security hinges, in part, on the results of the 2024 elections. (August 14, 2024, www.ncpssm.org, Entitled to Know blog)
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Read Here →
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Late last month, FactCheck.org published an article titled, “FactChecking Vice President Kamala Harris,” which included misleading claims on the two presidential candidates and their stances on Social Security and Medicare. We chatted with our Government Relations and Policy Director, Dan Adcock, about the missing context in the FactCheck.org article — and the bigger picture on Social Security and Medicare in 2024. (August 9, 2024, www.ncpssm.org, Entitled to Know blog)
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Read Here →
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Vice President Kamala Harris is the Democratic nominee for the 2024 presidential election. While the Democratic National Convention wrapped up yesterday, voters may still be curious about her stance on Social Security and Medicare — two critical programs for millions of Americans, especially seniors, who make up a key voting demographic. (August 8, 2024, Bankrate, Rachel Christian)
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Read More →
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Last Friday President Biden celebrated the two-year anniversary of his administration’s signature legislative achievement, the Inflation Reduction Act, as former President Trump and other Republicans target and vow to roll back parts of the law should they win back the White House in November. (August 16, 2024, The Hill, Brett Samuels)
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Social Security Commissioner Martin O'Malley appeared on Squawk Box last week. While he agrees that Congress must act to avoid an automatic benefit cut in 2035, he says it's equally urgent that lawmakers adequately fund the Social Security Administration, which cannot afford enough staff to keep up with the 10,000 Baby Boomers turning 65 every day. (August 14, 2024, CNBC, Interview with SSA Commissioner Martin O’Malley)
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Watch here →
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Even as new government inflation data shows inflation subsiding, many retirees are still struggling under the weight of higher costs. Next year’s Social Security cost-of-living adjustment, or COLA, may not provide much relief. (August 15, 2024, CNBC, Annika Kim Constantino)
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Most Americans rank Social Security as “one of the top” issues or a “very important” issue determining who they will vote for in the upcoming U.S. presidential election, according to a new CNBC poll. (August 14, 2024, CNBC, Sharon Epperson)
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