The new year is here! And millions of older Americans can expect to see a big bump in their next Social Security benefit payment — on average an increase of $140 a month — which you’ll need to afford stubbornly high prices for housing, food, gas and prescription drugs.

Also beginning this month, Medicare beneficiaries will start reaping the benefits of the Inflation Reduction Act, which includes vital drug pricing reforms that will help them afford their prescription drugs. Specifically, the bill caps monthly insulin costs at $35 a month for beneficiaries and requires drug companies to provide rebates if drug prices rise faster than inflation.

Starting in 2025, Medicare will also cap Part D out-of-pocket costs at $2,000 per year which will help an estimated 1.4 million beneficiaries. The National Committee has worked for two decades to pass these and other critical drug pricing reforms in Congress.

In addition, policies that are part of the Beneficiary Enrollment Notification (BENES) Act which was signed into law during the last Congress will take effect this year. Those landmark provisions will help improve Medicare beneficiary notification of enrollment rules, align enrollment periods and eliminate coverage gaps for those who miss their initial enrollment period and sign up during the general enrollment period.

Many seniors misunderstand Medicare’s confusing coverage rules and as a result are hit with permanently higher premiums, substantial out-of-pocket health care costs or needless gaps in coverage. The BENES Act will help prevent these costly mistakes by simplifying Medicare’s enrollment processes and improving beneficiary understanding of enrollment requirements.

What we can expect from our opponents in 2023 …

Make no mistake: The forces aiming to destroy our treasured social insurance programs remain committed to attacking these programs in order to pay down deficits and fund tax breaks for the wealthy. The stakes are high. But we can protect and strengthen Social Security and Medicare, and keep them solvent for the future, without cutting benefits for millions of Americans if we organize, mobilize and make our voices heard on Capitol Hill.

I look forward to working with you in the immediate days and weeks ahead.