Travis Kelce Secures Hollywood Financing, Seniors Face Higher Medicare Premiums

Medicare Senior Benefits from Inflation Reduction Act

According to Variety, NFL star Travis Kelce is reaping the rewards of the Inflation Reduction Act (IRA). The law, which raised Medicare prescription drug premiums by 21%, is also funding Mr. Kelce’s Hollywood producer debut.

Financing Hollywood Debut with Green Energy Credits

Variety is excited about Kelce’s $10 million film, “My Dead Friend Zoe,” being the first movie financed using President Biden’s green energy credits. This funding comes from the sale of surplus tax credits through an IRA loophole that few were aware of.

Seniors Shortchanged by Funding Indie Flicks

The IRA, once hailed as a “sweeping health care and climate bill,” is now supporting independent films for multi-millionaires, which is concerning for seniors who are negatively impacted by the IRA’s effects.

Impact on Seniors’ Prescription Drug Costs

Despite being labeled a “climate law,” the IRA’s primary appeal has always been the promise to reduce seniors’ prescription drug costs. Unfortunately, only one-in-ten seniors benefit from the law, leading to significant increases in Medicare pharmacy premiums.

Diversion of Medicare Savings to Fund Green Energy

The IRA diverts over $200 billion of Medicare prescription drug savings to support green energy initiatives, leaving seniors to bear the burden of increased pharmacy premiums. This redirection of funds affects the affordability of Medicare for many seniors.

Implications of IRA’s Drug Policies

Washington’s interpretation of reducing drug costs and negotiating drug prices under the IRA differs from what most Americans expect. The law’s impact on premium hikes and Medicare Part D plans is causing concern among seniors and the public.

Indirect Financing of Green Policies

Green policies are often funded indirectly due to public reluctance to directly support them. The IRA, similar to the Affordable Care Act, utilizes Medicare policies to generate funds for other purposes, such as financing climate initiatives.

Positive Outcome for Mr. Kelce

Despite the controversies surrounding the IRA, Mr. Kelce’s upcoming movie premiere at the South by Southwest (SXSW) festival showcases the positive outcomes of the law. Hopefully, seniors who contributed to its funding will benefit from the movie’s success.

Mark Merritt is President of the Proactive Strategies Group (PSG) and has held senior roles in a number of health industry groups