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Notch Bulletin: Notch Babies Hardest Hit By Prescription Increases By Michael J. Zabko, Executive Director, TREA Senior Citizens League Recent research has confirmed what seniors nationwide already suspect-that the average cost of prescription drugs is rising most rapidly for those over age 70. According to the findings of a the 1999 Drug Trend Report, the cost of prescription drugs is rising by 14% in the age 70 to 79 bracket, and by 16.4% for those age 80 and above. Because seniors are using more drugs, overall spending grew 17.4%. Who are these seniors? Those who turn age 74 through 83 this year are the Notch babies. Not only are the Notch babies hit hardest by the highest cost increases in prescription drugs, they have fewer financial resources than other retirees. Notch babies receive lower Social Security benefits and a correspondingly lower Cost-Of-Living Adjustment (COLA) than retirees with similar work/earnings records born before or after them. New figures from the Congressional Budget Office (CBO) prove that the federal government has more than enough funds to both enact legislation that would provide both prescription drug benefits for Medicare and Notch Reform. The surplus could pay for the passage of Notch Reform, which is projected to cost $45 billion over four years. It could also pay for a prescription drug benefit for Medicare over the same period, and still leave money for other government programs. Sadly, there are Members of Congress do not seemed moved to help their senior constituents who are hardest hit by increasing drug costs. Senate Budget Committee Chairman Pete Domencici, (R-NM) called the new CBO report "astounding," and said that Congress should resist committing this new-found wealth to a costly Medicare drug benefit and other programs in the remaining working days in this session. Your grassroots efforts have led to the highest number of cosponsors for Notch Reform Legislation in six years. To ensure building on this success, TSCL has made it a strict policy to support the reelection campaigns of those Members who are on the record as supporting Notch Reform. This article first appeared in Volume 6, Issue 1 of "The Social Security and Medicare Advisor" newsletter (November/2000). To receive future editions of "The Advisor" in its special, free e-mail version, please click here. | ||||||||
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