Decrease in Medicare Part B Premiums is Excellent News for Social Security Beneficiaries

The following is a statement from Nancy Altman, President of Social Security Works, in response to President Biden's speech today, which focused on protecting and expanding Social Security and lowering prescription drug prices:

"Today, the Biden Administration announced that Medicare Part B premiums will decrease next year. That is excellent news for seniors and people with disabilities who receive Medicare, most of whom have these premiums deducted directly from their Social Security payments.

Importantly, Medicare beneficiaries will now get to keep all of next year's Social Security cost-of-living adjustment (COLA). In past years, rising Medicare premiums have often consumed most or even all of the COLA increase for many beneficiaries. But next year, thanks to Medicare's wise decision to limit coverage of the ineffective and wildly overpriced drug Aduhelm, that will not happen.

Additionally, during today's speech, Biden celebrated the passage of the Inflation Reduction Act (IRA), which will finally give Medicare the power to negotiate lower prices on key prescription drugs. Unfortunately, every single Republican in Congress voted against the IRA. Indeed, they are promising to overturn it at the behest of their Big Pharma donors if they take control of Congress.

Biden also spoke about Social Security, contrasting Republican plans to cut benefits with Democratic plans to protect and expand them. From Rick Scott to Ron Johnson to the Republican Study Committee, Republicans are clear about their intentions to cut our earned benefits. The difference between the two Parties couldn't be starker: Democrats want to expand Social Security and Medicare; Republicans want to cut, privatize, and ultimately end both programs.

President Dwight Eisenhower, who once wrote that "should any political party attempt to abolish social security...you would not hear of that party again in our political history," would be ashamed to see what his party has become."