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Insider's Report: Checking the Power of Big Pharma in the New Congress
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One of the Biden Administration's top priorities is to rein in the power of big drug companies to charge consumers whatever they want for the price of lifesaving drugs.
The Biden Administration has promised to tackle this issue, especially given COVID-19's dire impact on older Americans, by urging the 117th Congress (2021-2022) to take action on prescription drug pricing legislation. During the current Congress, Senate Majority Leader Mitch McConnell has buried legislation that would have benefitted seniors, including the "Lower Drug Costs Now Act" (H.R. 3) which the House of Representatives passed in December 2019.
Under H.R. 3, the Department of Health and Human Services would be authorized to negotiate the prices of up to 50 prescription drugs every year, using the prices that other Western countries pay as a benchmark. Drug makers who refuse to negotiate within the bounds of the legislation would face significant financial penalties. The National Committee has fought for Medicare cost negotiation since the creation of the Part D drug benefit in 2003, believing that the government should harness the bargaining power of millions of Medicare beneficiaries to beat prices down.
The bill's $2,000 out-of-pocket cap on Medicare Part D beneficiaries' prescription drug costs represents a significant improvement over current law. Today, some one million Part D enrollees pay more than $3,200 in annual out-of-pocket costs. Roughly one quarter of American adults say they have had to leave prescriptions unfilled, ration pills or forgo other necessities because of soaring out-of-pocket drug costs.
At town hall meetings held in recent years, the National Committee has heard harrowing stories of seniors who couldn't afford crucial medications for conditions including diabetes, heart disease and cancer.
H.R. 3's addition of dental, hearing and vision coverage to traditional Medicare is excellent news for seniors who have had to foot the full cost of care for their eyes, ears and teeth. Under this legislation, Medicare would cover 50% of eligible dental care costs, hearing aids and care for severe hearing loss, and 80% of eligible vision care costs (including eyeglasses and contact lenses).
If Senate Majority Leader McConnell retains his control over the Senate any resolution on this critical issue affecting millions of older Americans is a long shot, unless we put maximum constituent pressure on our U.S. Senators to pass this critical bill in the new Congress.
Both political parties have promised to cut skyrocketing drug costs and improve Americans health coverage, and so we need to impress upon our newly elected and re-elected lawmakers the urgent need for relief from high drug costs for older Americans and their families.
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| Good Bills |
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The National Committee endorses the "Social Security COVID Correction and Equity Act" (H.R. 7499), introduced by U.S. Representative John Larson (CT-01). This bill would prevent an unintended and unanticipated cut to Social Security benefits for those who turn 60 in 2020 and expand benefits for those who need it most during the coronavirus pandemic.
Workers have their benefits determined according to the average wage index which will be lower than usual for workers born in 1960 due to the coronavirus crisis of 2020. The average beneficiary will take a $1,400 annual hit in their future Social Security benefits — and not just once, but for life. This bill would fix this glitch in the Social Security law while also increasing benefits by 2%, lifting the threshold to 125% of the poverty level for the special minimum benefit, and lowering taxes for some beneficiaries.
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| Ask Web |
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We're excited to announce that Ask Us is changing to Ask Web! That's because for more than a decade Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — has been providing current and future retirees with the most informed and comprehensive answers to their Social Security questions. Members of Congress and their staffs routinely turn to him for technical advice on Social Security. So it's only fitting that we refer to this popular column after our resident Social Security expert!
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 am eligible for benefits; my husband does not have enough credits. I know he will receive survivor benefits if I die, but does he receive any income if both are alive?
Click here to read the answer.
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| Take Our Poll! |
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Do you feel optimistic or pessimistic about the treatment of Social Security and Medicare by newly elected and re-elected lawmakers in the new year?
Take our poll now!
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Lame Duck Congress
Stay up to date on late-breaking news that could impact your earned benefits in the lame duck session of Congress. |
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Join Now
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Coronavirus
Find valuable information, essential tips and warnings about COVID-19-related scams. |
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| Congress must act to protect and expand Social Security benefits |
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Social Security is our nation's No. 1 financial security and anti-poverty program. Over its 85 years it has never missed a payment and has been the foundation for Americans' retirement. As the country continues to fight the ever-worsening coronavirus pandemic and having elected a new president and Congress, the urgent need to protect and expand Social Security benefits must be addressed. (December 2, 2020, The Hill, U.S. Representative John Larson (CT-01))
Read More →
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| Medicare Enrollees Shouldn't Expect Any Benefit From Trump's Drug Pricing Rules |
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Late last week, President Trump announced two new rules that he said would save Medicare enrollees billions of dollars in drug costs. They are unlikely to save a nickel. While there is a lot less to these new rules than President Trump claims, the real question is what steps President-elect Joe Biden and a divided Congress will take to lower the costs of prescription drugs. (November 23, 2020, Forbes, Howard Gleckman)
Read More →
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| For older workers, pandemic unemployment could be career-ending |
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The worsening pandemic continues to mean millions of Americans out of work. For older employees in particular, this kind of long-term unemployment can represent the end of a career -- especially when they may be facing age discrimination and bias. Economics correspondent Paul Solman looks at the problem as part of his series Unfinished Business. (November 19, 2020, PBS, Paul Solman)
Read More →
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