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One of the missions of Biden's presidency was to lower prescription drug prices. Biden has been blocked by Republicans in Congress and the courts on some of his executive actions, but the president has had great success with Medicare.
Biden announced in a statement today:
I believe health care should be a right, not a privilege, and throughout my presidency I have advanced that goal. This week we take another step closer to an America where everyone can afford the quality health care they need, as Medicare's new $2,000 cap on prescription drug costs from my Inflation Reduction Act takes full effect.
Before I took office, Medicare enrollees who took expensive drugs could face a crushing burden, paying $10,000 or more annually in co-pays for the drugs they needed to survive. When I took on Big Pharma and won, we changed that and, for the first time ever, limited seniors' out-of-pocket spending on medications they get at the pharmacy. The cost was capped at about $3,500 in 2024, and in the first six months of the year alone, this policy saved people with Medicare $1 billion in cost-sharing costs. On January 1, 2025, the cap on drug costs will go into full effect and costs will now be capped at $2,000 per year. This is expected to save 19 million people an average of $400 each. This is a turning point for the American people.
My Inflation Reduction Act changed Medicare for the better, and as a result, Americans will have more money in their pockets for years to come.
One of Trump and his party's main targets for funding proposed tax cuts for the wealthiest and largest corporations is cuts to health care, particularly Medicaid and veterans programs.
Republicans can't make cuts to Medicare in a reconciliation bill, but Trump can be counted on to reverse the progress Biden made in cutting costs for America's seniors.
Over the past four years, Biden has viewed health care as a right that every American should have access to. Biden expanded the ACA and Medicaid, increased health insurance subsidies, and made historic changes to Medicare.
I suspect that millions of Americans have no idea what they will lose when the next administration takes office.
Biden has done good things for people that the president said will continue to help them for years to come, and people may not appreciate it until it's gone.
What do you think about what Biden has done regarding Medicare and healthcare? Share your thoughts in the comments below.
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