Mike Ferguson on Helping Seniors

Seniors have made America a great nation - from rebuilding the economy after the Great Depression and World War II to keeping America strong, safe and free during the Cold War.

We must continue to honor our commitment to seniors.

After years of partisan gridlock in Washington, Congress in 2003 enacted a voluntary Medicare prescription drug benefit. Endorsed by the AARP, the prescription drug law represents a good first step in aiding seniors with their drug costs. It targets relief for those who need it most - low-income seniors and those with high annual drug costs that threaten to rob a lifetime of savings.

The Medicare prescription drug law, which took effect in 2006, is helping every senior gain access to life-saving drugs, and low-income seniors no longer have to choose between buying the medicine they need and putting food on the table.

Importantly, the new Medicare law also includes catastrophic coverage that guarantees Medicare will pay 95 percent of drug costs. No senior should be forced to eliminate a lifetime of savings to purchase the medicine they need.

Because of Congressman Mike Ferguson's leadership, the new Medicare law also benefits New Jersey. Our state's government will save nearly $4 billion in the coming decade because of the law, and that's money that can be used to strengthen the state's existing drug program.

The new Medicare law will pay about 70 percent of the current costs of New Jersey's Pharmaceutical Assistance for the Aged and Disabled (PAAD) program, saving the state billions of dollars.

Congressman Ferguson won successful enactment of a provision that allows state drug spending, such as PAAD, to count toward seniors' total out-of-pocket spending. That means seniors will pay less before the catastrophic coverage begins and Medicare pays 95 percent of all drug costs.

In addition to the drug benefit, the new Medicare law also for the first time covers preventive care, wellness measures and chronic care management.

For example, new Medicare beneficiaries are covered for an initial physical examination, and all seniors are covered for cardiovascular screening, blood tests, and those at risk are covered for a diabetes test.

New Jerseyans can be proud that we are the world's leader in prescription drug research and home to many of the world's leading pharmaceutical companies that are developing the life-saving medicines of tomorrow, benefiting seniors and others here and around the world.

On Social Security, Congressman Ferguson's principles are clear: He believes Social Security should be protected for today's seniors and tomorrow's retirees.

Congressman Ferguson supports legislation that would repeal President Bill Clinton's tax increase on Social Security. Enacted in 1993, seniors who earn more than $34,000 are taxed on 85 percent of their Social Security benefits. He supports legislation that would eliminate that tax increase.

He supports ensuring that seniors receive a fair Social Security cost of living adjustment and backs legislation to eliminate the discrepancy for "notch babies," people born between 1917 and 1926 who receive smaller Social Security benefits than other seniors.

Congressman Ferguson voted to help more than 120,000 elderly and disabled widows and divorced spouses by increasing Social Security benefits and expanding eligibility for those benefits.

For younger workers, for whom retirement is still decades away, Congressman Ferguson voted to increase annual contributions to 401(k) programs.

As the baby boom generation approaches retirement in the coming years, Social Security will come under greater financial stress. To meet this important challenge, Social Security must be strengthened for today's seniors and tomorrow's retirees.

Congressman Ferguson's principles on Social Security are clear: he opposes "privatizing" Social Security; he opposes raising Social Security payroll taxes; and he opposes raising the retirement age to become eligible for Social Security benefits.