ICYMI: BIDEN ANNOUNCES LOWER MEDICARE COSTS FOR MILLIONS OF AMERICANS

In Case You Missed It — President Biden announced that for the first time in decades millions of Americans will pay less next year for Medicare Part B. According to AP, thanks to a decrease in monthly premiums for Medicare, and a cost-of-living adjustment in Social Security benefits, millions of Americans will now have more money in their pockets in 2023.

President Biden also spoke of future savings, like the $35 cap on insulin and Medicare’s ability to negotiate drug prices. In sharp contrast, Biden also warned of the new House Republican plan to repeal bills like the Inflation Reduction Act and raise costs on health care, prescription drugs, and energy.

READ COVERAGE FROM THE ASSOCIATED PRESS HERE

KEY POINTS: 

  • For the first time in a decade, Americans will pay less next year on monthly premiums for Medicare’s Part B plan, which covers routine doctors’ visits and other outpatient care.

  • The rare 3% decrease in monthly premiums is likely to be coupled with a historically high cost-of-living increase in Social Security benefits — perhaps 9% or 10% — putting hundreds of dollars directly into the pockets of millions of people.

  • Biden pointed to more cost savings on the way for some Medicare recipients starting next year 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 medications, will take a few years to kick in.

  • The 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.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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