Recently, there has been a win for millions of Americans who need prescription drugs.
As reported by Fox Business, President Biden signed the Inflation Reduction Act. This legislation will provide a cap on out-of-pocket expenses seniors take on when paying for prescription drugs. Starting in 2025, the cap on out-of-pocket expenses will be at $2,000 a year, along with a $35 monthly cap on insulin prescriptions.
Additionally, there are other benefits for seniors; rather than paying a fee of $100 for vital vaccines like the shingles vaccine, seniors will be able to get them for free starting in 2023.
The Inflation Reduction Act: What is It?
The new bill is a “trimmed-down version” of President Biden’s $1.75 trillion Build Back Better plan, Fox Business reports. For the first time ever, the new bill provides “Medicare the power to negotiate” prices of prescription drugs. With this power, senior citizens will pay less for essential medication.
“We pay more for prescription drugs than any other advanced nation in the world. And there’s no good reason for it,” stated President Biden. “This year, the American people won, and Big Pharma lost.”
Also, the new bill requires higher-earning corporations to pay federal income taxes. Money that could help beef up the Social Security Trust Funds and prevent their impending depletion.
But More is Needed for Seniors
While the Inflation Reduction Act is a great start, it is not enough. Americans deserve more financial security, especially during retirement. This means that guarantees must be made to retirees, guarantees that will ensure each senior citizen receives the benefit payments they’ve earned in their entirety.
Luckily, we have the perfect solution to ensure retirees receive more financial security. Our bill, The Senior Citizens Bill of Rights, provides senior citizens with seven guarantees for a more financially secure retirement. Among these rights is the guarantee for a better calculated cost-of-living adjustment (COLA); this fairer COLA would take into account all healthcare costs.
To learn more about Senior Security Alliance and stay up-to-date with our progress, follow us on Facebook and Twitter now!