"Inflation Reduction Act" Policies are Hurting Seniors
We continue to realize the true scope of the damage caused by the so-called "Inflation Reduction Act" the Democrats passed last Congress. One of the changes made is destabilizing Medicare Part D, which helps cover the cost of prescription drugs for seniors. The Centers for Medicare and Medicaid (CMS) has acknowledged this failure and is signaling that Medicare patients could be facing double-digit premium increases, and they have offered a solution. However, their solution is only a temporary one, and it would come at the expense of the taxpayers to the tune of more than $5 billion per year for the next three years. It could also leave seniors on fixed budgets paying more when the program expires and decrease access to the drugs they rely on.
While I am glad to see CMS is looking for a solution, I am concerned that this will be yet another misguided program that kicks the can down the road rather than addressing the issue. I joined my colleagues in a letter to CMS Administrator Chiquita Brooks-LaSure sharing significant concerns regarding this program and asking for more details.
The letter reads, "To be clear, we have been long-standing supporters of market-based policies that are designed to keep premiums lower in Part D for seniors on fixed budgets. During the Trump Administration, premiums saw a 12% decrease between 2017-2021 demonstrating a stable and efficient program." It goes on to say, "Your demonstration, however, takes the opposite approach and puts increased burden on hard-working taxpayers that will only cause more long-term uncertainty in this critical program and drive higher spending for years to come."
You can read the full letter here. |