August 30
Washington, D.C. – As Democrats’ so-called “Inflation Reduction Act” threatens to send Medicare premiums skyrocketing, AMAC Action this week announced its support for S. 424, the Protect our Seniors Act, introduced by Senator Rick Scott of Florida. This important legislation will help keep Medicare premiums low in addition to redirecting funding to protect seniors’ Social Security benefits.
As a result of policies in the 2022 Inflation Reduction Act (IRA), the average monthly premium for Medicare Part D plans increased 21 percent in 2024. To make matters worse, earlier this summer, the Biden Centers for Medicare & Medicaid Services revealed that Medicare Part D bid rates are set to balloon 180 percent in 2025 as a result of policies in the 2022 Inflation Reduction Act.
For the more than 50 million seniors enrolled in Part D programs, this increase will inevitably be passed on to them in the form of premium rate hikes.
But in order to hide these cost increases until after the election, the Biden-Harris administration introduced a temporary, taxpayer-funded bailout program into the IRA. Democrats believe that they can pull a fast one on the American people through this unsustainable solution that ultimately burdens taxpayers and will be a disaster for seniors.
Senator Scott’s legislation helps address this problem through three important changes to government spending policy.
First, it rescinds funding for the Biden-Harris administration’s 87,000 new IRS agents and redirects those funds to Social Security and Medicare.
Second, it establishes a new requirement mandating that any savings to Medicare as a result of changes to the program must be re-invested in the Medicare program itself. Democrats’ climate change priorities in the IRA were in part funded by supposed “savings” to Medicare, in effect passing those higher costs on to beneficiaries.
Third, the bill creates a new rule requiring a two-thirds vote of Congress to approve any cuts to Medicare or Social Security.
This important bill is a vital first step to reverse the harmful damage done to Social Security and Medicare by the IRA and stave off the looming insolvency crisis. AMAC Action is proud to back efforts like this on behalf of our 2.1 million members. You can read our letter in support of Senator Scott’s legislation here.
For media inquiries please contact Alyssa Binckes: [email protected], 631-337-0106.