Most seniors think the Inflation Reduction Act of 2022 will increase drug costs, and 82 percent are concerned the law will hinder developments in medicine.
- Large majorities of seniors also want any savings found in Medicare from drug costs to be kept in Medicare.
WHY IT MATTERS – The Inflation Reduction Act, heralded as President Joe Biden’s principal legislative achievement, has been cited by drug manufacturers as a key reason they are halting development of some new treatments for certain diseases.
THE NUMBERS – A recent American Commitment national survey asked likely voters aged 55 and older questions relating to health care since the passage of the Inflation Reduction Act. After learning key facts about the details of the bill, respondents expressed serious concerns. For example:
Are you concerned that the Inflation Reduction Act could lead to a significant loss in new cutting-edge medicines and cures to treat chronic and rare diseases?
- 85 percent – Concerned
- 15 percent – Not concerned
Following the passage of the Inflation Reduction Act, which do you personally believe American seniors are most likely to see with respect to their individual drug costs in the near future?
- 55 percent – Increase
- 31 percent – Stay the same
- 14 percent – Decrease
In your opinion, who is most likely to benefit from the Inflation Reduction Act’s changes to Medicare?
- 50 percent – Politicians who want to use Medicare funds to pay for unrelated government spending
- 20 percent – Seniors and patients benefiting through lower drug costs
- 16 percent – Big health insurance and middlemen corporations who’ll earn more profits
- 15 percent – Individuals not enrolled in Medicare benefiting from large tax breaks for electric vehicles, private health care, or other unrelated spending programs
Are you concerned that, under the Inflation Reduction Act, an estimated $280 billion in projected Medicare drug savings will be diverted away from Medicare to pay for other unrelated government programs?
- 92 percent – Concerned
- 8 percent – Not concerned
With billions of dollars in projected Medicare savings from the Inflation Reduction Act plan being used to pay for spending programs unrelated to Medicare, should Congress divert Medicare revenues meant to lower prescription drug costs for seniors to pay for spending programs unrelated to Medicare?
- 84 percent – No
- 16 percent – Yes
THE BOTTOM LINE – Most American seniors are concerned that the Inflation Reduction Act serves special interests to the detriment of the American people. Seniors fear the price of their health care will increase in the wake of this legislation.
GO DEEPER –
Commitment to Seniors – National Survey of Senior Voters May 2023