The Honorable Susie Lee
365 Cannon House Office Building
Washington, DC 20515
The Honorable Brian Fitzpatrick
271 Cannon House Office Building
Washington, DC 20515
Dear Representatives Lee and Fitzpatrick,
On behalf of the millions of members and supporters of the National Committee to Preserve Social Security and Medicare, I write to endorse the “Seniors Securing Access to Vital and Essential (SAVE) Prescription Drugs Act” (H.R. 2893). The National Committee commends you for introducing this bill to help low-income seniors and individuals with disabilities access the prescription drugs they need by expanding access to Medicare subsidies.
As proposed, the bill will assist many Medicare beneficiaries who have responsibly saved for retirement by ensuring they are eligible for the “Extra Help” program that makes prescription drugs affordable. The bill does this by excluding covered retirement accounts (e.g., 401(k) plans, Individual Retirement Accounts, governmental 457(b) plans and 403(b) plans) from “Extra Help” eligibility determinations. If enacted, the policy would mean more seniors would qualify for the financial prescription drug assistance they need to afford high-cost drugs, without being penalized for doing the right thing by saving for retirement.
To be eligible for “Extra Help,” applicants must meet income and asset limits. Currently, married couples must have incomes below $27,465 and assets below $33,240. The program is designed to help cover the costs of Part D premiums, deductibles, and prescription copayments.
While Congress has made progress in lowering the cost of prescriptions drugs through innovative policy included in the Inflation Reduction Act of 2022 and through other measures, the relentless price increases of many drugs continues to outpace the growth of nearly all other consumer products. Seniors deserve to have affordable health care, which includes access to prescription drugs.
For these reasons, the National Committee proudly endorses the SAVE Prescription Drugs Act. This legislation represents a bold step on behalf of seniors and all Americans, and we thank all of you for your leadership on this key policy front. We look forward to working with you to enact this important legislation.
President and CEO