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Insider's Report: Some Good News for Seniors in the President's Budget
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President Biden’s Fiscal Year (FY) 2023 budget proposal includes crucial funding for services that seniors rely upon. The spending plan includes $14.8 billion (an increase of 14% above the 2021 enacted level) for Social Security Administration (SSA) operations, which had been strained by the pandemic and more than a decade of spending cuts.
The budget document affirms the President’s support for “legislation that cuts costs for prescription drugs.” The National Committee hopes that any meaningful prescription drug reform includes allowing Medicare to negotiate prices with Big Pharma.
Older Americans Act (OAA) nutrition programs fare well under the President’s budget, which proposes an increase of $306 million over FY 2022 levels. The budget also includes investment in Home and Community-based Supportive Services which help allow people to stay in their homes instead of a nursing home, where they are much safer from infections and where most people prefer to be.
The last bit of news we wanted to pass along from the budget is that it would establish a 20% minimum tax rate on all American households worth more than $100 million. However, we were disappointed that the budget proposal does not address the issue of asking the wealthy to pay their fair share in Social Security payroll taxes. Nor does it address the critical issues of improving Social Security and Medicare benefits.
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| Good Bills |
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While the National Committee applauds the passage of the “Affordable Insulin Now Act” (H.R. 6833) in the House of Representatives that would cap insulin prices at either $35 a month or 25% of an insurance plan’s negotiated price — whichever is lower — we believe it should be coupled with stronger drug pricing reforms. Insulin is one of the most notoriously cost-inflated drugs in recent memory. A 2019 study found that one quarter of type-1 diabetes patients are rationing insulin because of the soaring cost, sometimes with deadly results. It is worth noting that insurers’ oppose this bill, which now goes to the Senate for consideration.
While this is an important step to curb out-of-control drug price hikes, we continue to call on Congress to pass comprehensive legislation that would allow Medicare to negotiate drug prices directly with Big Pharma.
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| Ask Web |
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Our resident Social Security expert, Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — is here to answer your questions about Social Security.
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 fifty years old and the 27 years I have been working have been a combination of full-time and part-time employment, with several years of no employment so that I could stay home with my baby. I am back to work full-time now but want to know how all of this will affect my Social Security benefit when I am retired?
Click here to read the answer.
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| Take Our Poll |
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Do you support a measure in President Biden’s Fiscal Year 2023 budget proposal that would establish a 20% minimum tax rate on all American households worth more than $100 million?
Take our poll now!
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Ask Web
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
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Aging, Health and Care
Find useful resources on everything from caregiving and hearing care to long-term care and transportation. |
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| Will Privatization Force Traditional Medicare Out of Business? |
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“Five or ten years from now, seniors may wake up one morning and discover that their beloved Medicare program has been completely privatized. And it will not be because that’s what seniors want; it will be due to corporate influence and profiteering,” writes NCPSSM President & CEO Max Richtman. (March 25, 2022, Common Dreams, written by NCPSSM President & CEO Max Richtman)
Read More →
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