Oklahoma seniors seek more Medicare Part D, Advantage options

TL/DR –

The Inflation Reduction Act (IRA) has caused a surge in the cost of almost everything, leading to inflation, according to Harold Haralson, a retired emergency room doctor and former mayor of Norman. Haralson points to the rise in prescription drug premiums for Medicare Part D; a recent study by the Council for Affordable Health Coverage reveals these premiums have increased by an average of 21%. Haralson criticizes the IRA for extracting $270 billion from Medicare, which could have been used to keep premiums down, and using it to subsidize green energy initiatives; he argues that this move benefits Chinese companies while hurting American seniors, who now have fewer Medicare plans to choose from and are facing higher premiums and copays.

Medicare Part D Premiums Skyrocket due to the Inflation Reduction Act

President Joe Biden’s Inflation Reduction Act (IRA) has faced heavy criticism, with concerns over rising costs for everyday items. Citizens are feeling the impact of this spending through increased inflation.

One notable consequence is the escalating premiums for Medicare Part D prescription drugs that seniors face this year, an outcome tied directly to Biden and the IRA.

A recent study by the Council for Affordable Health Coverage revealed a 21% average increase in Medicare Part D premiums. Coupled with this is a 27% decrease in the number of plans available for seniors.

Consequences of the Inflation Reduction Act

The IRA saw $270 billion removed from Medicare to subsidize green energy initiatives, such as electric vehicle battery and solar panel production. This decision, seen as favoring foreign companies, has raised controversy over the allocation of Medicare funds.

Rather than fostering competitive pricing to lower costs, the IRA set up government price controls that have led to fewer Medicare Part D plans, hampering competition. As a result, not only have plan costs increased, copays have also risen by up to 21% for preferred drugs, with 50% copay charges for non-preferred and generics.

Government price controls are also stifling pharmaceutical research and development, leaving individuals reliant on new medications for survival at a disadvantage.

Moving Towards a Free-Market Solution

Congress needs to revert Medicare Part D and Medicare Advantage to their original free-market principles, which offered more options and significantly reduced out-of-pocket drug expenses for Americans. However, Washington’s destructive price controls have done little for consumers, but have substantially increased premiums and hindered drug innovation globally.

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