The Alliance for Retired Americans Executive Director Richard Fiesta joined the America’s Work Force Union Podcast and discussed the benefits of the Inflation Reduction Act that Republicans have vowed to repeal if they take control of Congress in the November midterm elections.
Fiesta explained how the Inflation Reduction Act will lower medical costs for seniors when the changes take effect. However, U.S. Sen. Mike Lee (R-Utah) has introduced a bill to overturn many of these provisions, including the cap on the price of insulin, free vaccine coverage under Medicare and the ability for Medicare to negotiate prices of prescription drugs.
Fiesta feels the November election could bring a sea change in Washington, D.C., particularly when it comes to medical coverage for seniors, if Democrats fail to maintain control of Congress.
Fiesta also explained why Medicare premiums will go down in 2023 and noted there will be an 8.7 percent Cost-of-Living Adjustment (COLA) to Social Security benefits – the largest increase since 1981.
Listen to the entire episode to learn more about these topics.