Biden pointed to more cost savings on the way thanks to the Inflation Reduction Act, which will require Medicare to cover the cost of recommended vaccines for older Americans and cap monthly insulin copayments.
Medicare paid less for that drug than it expected this year, helping shore up reserves that allowed the agency to set the Part B premiums lower for 2023, the Centers for Medicaid and Medicare said in a statement Tuesday. Spending on other Medicare services and items was lower than expected, too. The annual deductible for the Part B program will also decrease $7 to $226.
“ millions of seniors and people with disabilities on Medicare, that means more money in their pockets while still getting the care they need,” Biden said.thanks to the Inflation Reduction Act , which will require Medicare to cover the cost of recommended vaccines for older Americans and will cap monthly insulin copayments at $35 per month. Other provisions in the legislation,
including a rule that allows Medicare to negotiate directly with drug companies on the price of some medicationsThe bill received no support from congressional Republicans, a talking point the White House has frequently pushed in speeches and across its social media accounts in recent weeks.“Desperation is setting in at the White House,” the Republican National Committee said in response to Biden’s speech Tuesday.
The lower Medicare premiums were announced as 66 million Americans await the announcement of next year’s Social Security cost-of-living increase for 2023. Analysts estimate that it could be historic, roughly between 9% and 10%. The exact amount will be announced next month.
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