BabyBoomer50s
Capitalist
- Joined
- Nov 27, 2018
- Posts
- 12,042
Spending cuts, higher out of pocket costs for beneficiaries, fewer Part D plans, higher premiums.
‘We finally beat Medicare.” President Biden’s defenders dismissed those words in the first debate as a gaffe. But it was one of his most accurate statements that night. That’s because Mr. Biden’s administration has overseen major cuts to Medicare—and promises to cut the program even more in a second term.
The president’s Inflation Reduction Act is projected to reduce Medicare spending by $237 billion through 2031, according to the Congressional Budget Office. Most of that reduction comes from the program spending less on prescription drugs.
The law’s price controls are likely to raise annual out-of-pocket costs for 3.5 million Medicare beneficiaries who take price-controlled medicines, according to an analysis commissioned by the Pharmaceutical Research and Manufacturers of America.
This year, the number of stand-alone Part D plans available to seniors dropped by 11%. Medicare Part D is the government-funded insurance program that covers most prescription drugs obtained at pharmacies. That drop is 25% since Donald Trump’s final year in office. In addition, premiums for Part D plans are up 21%—and 5 million beneficiaries are enrolled in plans that raised their premiums by 50% or more this year.
Mr. Biden’s Medicare cuts aren’t limited to the Inflation Reduction Act. In April the White House cut Medicare Advantage payments for the second year in a row. These cuts will reduce seniors’ benefits by nearly $400 per year.
https://www.wsj.com/articles/this-i...7r75v3afty7vg0z&reflink=article_copyURL_share
‘We finally beat Medicare.” President Biden’s defenders dismissed those words in the first debate as a gaffe. But it was one of his most accurate statements that night. That’s because Mr. Biden’s administration has overseen major cuts to Medicare—and promises to cut the program even more in a second term.
The president’s Inflation Reduction Act is projected to reduce Medicare spending by $237 billion through 2031, according to the Congressional Budget Office. Most of that reduction comes from the program spending less on prescription drugs.
The law’s price controls are likely to raise annual out-of-pocket costs for 3.5 million Medicare beneficiaries who take price-controlled medicines, according to an analysis commissioned by the Pharmaceutical Research and Manufacturers of America.
This year, the number of stand-alone Part D plans available to seniors dropped by 11%. Medicare Part D is the government-funded insurance program that covers most prescription drugs obtained at pharmacies. That drop is 25% since Donald Trump’s final year in office. In addition, premiums for Part D plans are up 21%—and 5 million beneficiaries are enrolled in plans that raised their premiums by 50% or more this year.
Mr. Biden’s Medicare cuts aren’t limited to the Inflation Reduction Act. In April the White House cut Medicare Advantage payments for the second year in a row. These cuts will reduce seniors’ benefits by nearly $400 per year.
https://www.wsj.com/articles/this-i...7r75v3afty7vg0z&reflink=article_copyURL_share
