House Republican Study Committee (RSC) Chairman Kevin Hern has expressed concerns to Breitbart News about President Joe Biden’s policies contributing to rising healthcare costs for seniors, particularly regarding the 21 percent increase in Medicare Part D premiums for 2024.
The surge in premiums is attributed to Biden’s Inflation Reduction Act (IRA), which aimed to lower drug prices but has led to higher expected plan costs and premium increases.
Hern and other Republican lawmakers have criticized the IRA, emphasizing its impact on seniors’ cost of living and potential consequences for the development of new drugs.
“We were always concerned the IRA would cause exactly this problem. Democrats love to tout these ‘drug price savings’ when in reality, they’re raising costs in other parts of the healthcare market,” House Republican Study Committee (RSC) Chairman Kevin Hern said.
“Seniors are already facing drastic increases in the cost of living thanks to the Biden Administration, this is just another strain on our seniors that they don’t need. I have strong concerns with how this will impact the development of new drugs – especially for rare diseases, which is near to my heart.”
“Thanks to Bidenomics, the price of nearly all goods has gone through the roof. Medicare Part D premiums are no exception. In 2024, Part D premiums increased by an estimated 21% for plan year 2024, resulting from the partisan Inflation Reduction Act,” Rep. Brett Guthrie said.
Additionally, experts and officials have highlighted the potential profitability challenges for plans and the expected impact on seniors in an inflationary environment.
“There are a lot of plans that are finding it’s not going to be profitable for them to do this,” Joe Grogan said.
“Certain plans are increasing premiums of various designs by double-digits. And there are going to be issues for seniors on a fixed budget in an inflationary environment” that will influence “how much uptake [those plans] have. … Some of them may drop the independent Part D coverage,” he added.
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