The Trump administration announced that a Biden-era health care subsidy under Medicare Part D will no longer be available in 2027, as the costs of the prescription drug coverage plan continue to rise rapidly.

Costs Skyrocket

The Congressional Budget Office confirmed that Medicare Part D will cost both beneficiaries and the federal government significantly more than expected, due to program changes enacted in the Inflation Reduction Act.

CBO had originally estimated that changes to Medicare Part D in Democrats’ 2022 law would reduce the federal deficit by $129 billion from 2022 to 2031. Now, CBO estimates that Medicare prescription drug spending under the law will actually increase the federal deficit by about $700 billion.

Centers for Medicare and Medicaid Administrator Mehmet Oz stated that premiums will go up by less than $10 for most Medicare recipients, with many even seeing lower premiums. Oz also claimed that every Medicare beneficiary still has access to low-cost plans, and they will continue to lower prescription drug prices for every American patient.

Reaction

House Energy and Commerce Committee Chair Brett Guthrie, R-Ky., stated in response to the news that the Part D program is critical to meeting seniors’ needs and requires durable regulatory policies to ensure the long-term affordability and availability of prescription drug plans for these beneficiaries.

House Budget Committee Chairman Jodey Arrington, R-Texas, stated that Democrats sold the American people a false bill of goods in the Inflation Reduction Act, and now taxpayers are left holding the bag due to Democrats’ failed experiment.

Original reporting: KTBS 3 (Shreveport) — read the source article.