Pres. Biden says he will increase taxes on the wealthy and allow more negotiation on prescription drug prices as part of a new Medicare plan.
March 7, 2023, 12:50 PMLeah Millis/Reuters, FILE
He's also proposed allowing Medicare to negotiate the prices of more prescription drugs and investing the savings reaped back into the program. Currently, Medicare is allowed to negotiate only the prices of a small share of covered drugs as outlined in the Inflation Reduction Act passed by Democrats last year.
"MAGA Republicans have a different view," Biden continued, taking aim at Republican criticisms of the Inflation Reduction Act. "If the MAGA Republicans get their way, seniors will pay higher out-of-pocket costs on prescription drugs and insulin, the deficit will be bigger, and Medicare will be weaker."
"Drugs make up about 27% of fee-for-service Medicare spending for beneficiaries who are enrolled in prescription drug benefits, so it should not be surprising that doing more to reduce the prices would help to extend solvency until 2050," Stacie Dusetzina, a health policy professor at Vanderbilt University Medical Center, said of Biden's new plan.
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