Biden Continues his Push in Lowering Medication Costs.


Photo by Mykenzie Johnson on Unsplash

    
    Recently President Joe Biden has been making large strides in changing the way healthcare; specifically, Medicare is being handled. President Biden's focus has mainly been on making Medicare more affordable and accessible than ever. From lowering the costs of different Medicare plans to make hearing aids a new over-the-counter experience, it seems like Joe Biden has been tackling it all. His team's most recent project has been looking at reducing the cost of Insulin. 

Joe Biden recently announced that through Medicare, insulin will now be at a $35 cap per month. This is all thanks to the Inflation Reduction Act. The Inflation Reduction Act makes this possible by protecting "Medicare recipients from catastrophic drug costs by phasing in a cap for out-of-pocket costs..." (TheWhiteHouse). Joe Biden said, "we took on big pharma, and we beat them, finally." 
    



   The implantation of this act has helped achieve an 8.7% increase in Social Security benefits. Biden was happy to state seniors "are going to get ahead of inflation next year. For the first time in 10 years, Social Security checks are going to go up while Medicare premiums go down," which is a huge win for the administration's goals. In part with the Inflation Reduction Act starting in 2023, pharmaceutical companies will be penalized by Medicare if their prices exceed the current inflation rates. This will be a very important factor in Joe Biden's plan to continue to keep the cost of medication lowered while battling the inflation problem as well as the upset Republicans. Republicans have been keen on the recent higher prices due to inflation. Joe Biden is doing his best to implement change due to the upcoming midterm elections, where a lot of the house seats are expected to shift. We will have to wait and see how things will continue to roll out for Medicare. 


Sources

“Fact Sheet: The Inflation Reduction Act Supports Workers and Families.” The White House, The United States Government, 20 Sept. 2022, https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/19/fact-sheet-the-inflation-reduction-act-supports-workers-and-families/#:~:text=The%20Inflation%20Reduction%20Act%20will%20protect%20Medicare%20recipients%20from%20catastrophic,for%20the%20first%20time%20ever.

Long, Colleen. “Biden Pushing Lower Prescription Drug Costs in Midterm Press.” AP NEWS, Associated Press, 15 Oct. 2022, https://apnews.com/article/biden-inflation-health-prices-prescription-drug-costs-c960a32a65531d56cd1671d048ca71c7.


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