Henry Waxman: “I support the legislation that is before us today for one simple reason: Federal retirees deserve an adequate…”

“I support the legislation that is before us today for one simple reason: Federal retirees deserve an adequate prescription drug benefit just like all America's seniors do. Without the protections of the bill before us, they face the possibility of losing what they have got. But let us be clear: This legislation is necessary because the prescription drug benefit for Medicare beneficiaries that was forced through the House by the Republican majority is inadequate and unresponsive to the needs of America's seniors and disabled persons. The drug benefit our Republican colleagues are willing to give Medicare beneficiaries is filled with features that will be laughed out of the room if they were suggested for Federal employees. The Medicare bill contains large gaps in coverage, like the so-called donut hole, where beneficiaries have no coverage for their drug expenses. Once they have $2,000 in drug costs, coverage stops. Beneficiaries are stuck with the next $2,900 in costs, and maybe more.”