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According to the Senate Special Committee on Aging some drug companies share this common business model which is leading to huge price spikes:.In September, federal agents announced the arrests of 35 people linked to a huge genetic testing scam. Individuals charged are accused of billing Medicare for more than .1 billion worth of phony genetic tests. The crackdown included telemedicine companies, doctors, and labs which worked in an elaborate scheme that preyed on people's fears of having genetic markers for cancer..Drug Legislation Running Out of Time as Part D Costs Set to Soar.This study has found that Social Security benefits tend to lose buying power over time, because prices of the goods and services most frequently purchased by older Americans tend to increase more quickly than the COLA. In this year's study, price data indicate that Social Security benefits lost 30 percent of buying power since 2000. The 2020 findings represent an improvement in benefit buying power of 3 percentage points from January 2000 through January 2020. Several items came down in price, particularly electricity, as well as a few food items including fresh fruits and vegetables..TSCL encourages its members and supporters to attend these events and to voice their concerns about important Social Security and Medicare issues like inadequate cost-of-living adjustments and skyrocketing prescription drug prices.."New Alzheimer's Drug Clouds Outlook For Medicare Premiums Next Year," Mark Miller, Reuters, July 12, 202"How Everyone On Medicare Could End Up Paying For The Pricey New Alzheimer's Drug," July 10, 202"Medicare Evaluating Coverage for ,000 Alzheimer's Drug," Ricardo Alonso Zaldivar, Matthew Perrone, The Associated Press, July 13, 2021..In the coming weeks, we will continue to advocate for the legislation in the Senate, where the bill now sits. We will post updates here in the Legislative News section of our website, and on our new page on Facebook..TSCL will be keeping a close eye on this subject because we know that so many seniors and their families are desperately hoping there will be some new breakthrough that will effectively treatment Alzheimer's and other forms of dementia. But the cost of this drug is so expensive, and it could have a major impact on the Medicare budget that already is in critical financial condition..Social Security is one of the foundations of our nation and it is based on the principle that if you work hard and play by the rules you will have the stability and security of guaranteed income in your older years. For 75 years, Social Security has been a critical safety net for our nation's seniors and it should be preserved for generations to come. For these reasons, I will keep fighting to provide an accurate measure of inflation for our senior citizens and to strengthen the program.