Democrats in Congress and President Biden get results as they work together to reduce inflation.
Social Security payments are expected to rise by about 8.7% in 2023. The need for the increase reflects the underestimation of the 2022 payment.
Americans for Tax Fairness report the recent “Inflation Reduction Act” (IRA) will lower prescription drug costs for seniors and healthcare premiums for working families.
- Medicare will finally be allowed to negotiate with drug corporations to reduce prescription prices. If drug corporations hike prices faster than inflation, they’ll pay the full difference to Medicare – a cap that goes into effect in just a few months. Medicare recipients will have their out-of-pocket drug costs capped at $2,000 yearly. These measures will save seniors and taxpayers hundreds of billions of dollars. Note: Senator Grassley wrote the original language prohibiting drug price negotiations at Medicare’s conception. Over the years, he has accepted almost $1.4 Million from Pharma as his reward.
- Insulin costs for Medicare beneficiaries will be capped at $35 per month to make it easier for diabetic patients to afford the treatment they need to stay healthy. Note: Republicans blocked the $35 cap on insulin for everyone with private or no insurance.
- Expanded Affordable Care Act (ACA) subsidies scheduled to expire this year will be extended to 2025, making healthcare coverage affordable for 13 million people. It will save them an average of $800 a year in premiums. Note: Republicans have repeatedly opposed ACA passage and expansion.