Democrat Healthcare Agenda More Uncertain Than Biden’s Candidacy
TL/DR –
The Inflation Reduction Act, signed into law by Joe Biden in 2022, has been criticised for negatively impacting Medicare for seniors. The act allows the Department of Health and Human Services to place price controls on certain prescription drugs accessed through Medicare, resulting in higher prices and fewer choices for seniors. Furthermore, Medicare Part D premiums have increased by 21 percent this year compared to 2023, and a study by Milliman estimates that 3.5 million Medicare Part D recipients will face higher out-of-pocket expenses for medicine once the act is fully implemented in 2026.
Biden’s Healthcare Policies: Impact on Medicare and Seniors
Joe Biden’s path to the Democratic nomination remains uncertain as his administration’s claims of lowered healthcare costs for seniors come under scrutiny. Despite their claims, Democrats’ policies have disrupted Medicare rather than enhancing it.
The ‘Inflation Reduction Act’, despite its misleading name, signed into law by Biden in 2022 has upset the Medicare system for seniors. This federal law has not only kindled wider inflation by adding an extra $1.2 trillion to the economy but also introduced regulations in Medicare causing seniors distress.
The act authorizes the Department of Health and Human Services to apply price regulations to certain Medicare prescription drugs. This policy hampers the development of new, crucial treatments and therapies, resulting in seniors grappling with increased prices and fewer choices for medication. This is already evident in the market.
Medicare Part D premiums have risen by 21 percent this year compared to 2023, with some states facing a surge of over 50% in monthly payments. Moreover, a recent study from Milliman reveals 3.5 million Medicare Part D recipients will pay more for medicines once the Inflation Reduction Act fully comes into effect in 2026.
Misguided meddling with the free market usually leads to unforeseen consequences. Without proper evaluation, this legislation has resulted in price hikes for seniors living on a fixed income.
What do seniors get in return for these raised prices? Limited choices. Medicare coverage will inevitably prioritize medication under Democrats’ price controls. This means patients could pay more while the government receives substantial discounts. When this happens in Medicare Part D, certain drugs get preference, irrespective of a patient’s unique needs.
Biden, familiar with the repercussions of Obamacare, should avoid repeating such healthcare blunders. Strict health plan regulations combined with hefty government subsidies have only propelled healthcare costs upward. In fact, US per capita healthcare expenditure has risen over 40% after Obamacare came into effect, dwarfing the rise before the law’s implementation.
Larger government payouts are required to hide inflating prices, placing financial strain on middle-class families ineligible for government aid.
Instead of temporary fixes, policymakers should prioritize patient choice, price transparency, and competition for long-term healthcare reform. Otherwise, the current approach of more government subsidies and red tape will endanger patient care.
Joe Biden’s uncertainty and Democrats’ unstable healthcare record remain major concerns.
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