Dear john,
The Department of Health and Human Services’ announced that for the first time in more than a decade, premiums for Medicare Part B will decrease next year – by over $60 per beneficiary per year – rather than go up. This will lower health care costs for millions of seniors and people with disabilities each year.
Meanwhile, Republicans are trying to put Medicare on the chopping block every five years and repeal the Inflation Reduction Act, increasing seniors’ prescription drug costs.
Congressional Republicans are siding with big pharmaceutical manufacturers over seniors in their effort to take away Medicare’s power to negotiate lower prescription drug prices.
In addition, Congressional Republicans’ repeal of the Inflation Reduction Act would mean elimination of the following Medicare benefits:
- A $2,000 per year cap on seniors’ out of pocket prescription drug costs
- A $35 cap on seniors’ cost for a monthly insulin prescription
- Free access to critical vaccines like the shingles vaccine – which currently costs most seniors $10
The Inflation Reduction Act will, in a beneficiary’s words, “give people peace of mind.” With lower drug costs, they will be able to visit their grandchildren more and worry less about depleting their retirement savings.
