Honoring America’s Seniors
Congressman Sarbanes knows our seniors make enormous contributions to our civic life and to the success and prosperity of our nation. He is seeking to find ways to ensure that they are treated with respect, that they receive the health care and retirement benefits they have earned and that they have meaningful continuing opportunities in the working world and in society as a whole.
Improving retirement security for all Americans
The Congressman is committed to ensuring our nation’s earned benefit programs remain robust and able to provide retirement security to all Americans.
Medicare and prescription drugs
Congressman Sarbanes is committed to providing high quality health coverage to America’s seniors through Medicare. The health care reform law has made good progress in weeding out waste, fraud, and abuse, which helps to lower overall costs and expand coverage for the millions of Americans who depend on it.
The health care reform law is also helping seniors get the medication they need by closing the prescription drug “donut hole.” Once an individual reaches the coverage gap in 2014, seniors will pay 47.5 percent of the plan's cost for covered brand-name prescription drugs. For generic drugs, seniors will receive a 28 percent discount from Medicare. These discounts will continue to increase and by 2020, the “donut hole” will be completely closed.
Social Security has made it possible for millions of Americans to live with security and dignity in their retirement. It has also provided a safety net for widows, children who have lost a parent, and disabled workers. For these reasons, Congressman Sarbanes strongly believes that we must keep our commitments to retirees and provide them with the income security that they were promised, while making the common sense reforms to ensure the program’s long term solvency.
Protecting and improving the retirement security of all Americans is a top priority for Congressman Sarbanes. So in addition to protecting Social Security for current and future retirees, Congressman Sarbanes is committed to strengthening our private retirement savings system, securing the promise of defined benefit pension plans, expanding access to workplace savings accounts and improving tax incentives to help more Americans build a nest egg for retirement.
Strengthening consumer protections
Congressman Sarbanes has long been an advocate for improved consumer protections, particularly in the consumer finance arena. The Wall Street Reform and Consumer Protection Act created the Consumer Financial Protection Bureau to bolster regulatory oversight of our nation’s financial and lending institutions.
The creation of the CFPB was a major victory for consumer advocates and Congressman Sarbanes remains committed to ensuring this proverbial “cop on the beat” will give voice to the concerns of the consumers, including our nation’s seniors.