When Joe Biden signed the so-called 'Inflation Reduction Act' in 2022, he promised that it would lower drug costs for America's seniors. It turns out, that is not true.
More than 50 millions American seniors are enrolled in Medicare, but most are probably not aware of the IRA's dirty little secret.
"The dirty little secret with the Inflation Reduction Act is that it is significantly increasing the premiums that seniors will pay for their Medicare drug benefits" said Joel White, president of the Council for Affordable Health Care Coverage.
Basically, while some out of pocket drug costs might come down a bit, the drug benefit premiums that seniors are going to have to pay are going to double, if not more.
"In Texas, a senior that might have a $200 a month prescription drug benefit plan premium, that premium has increased significantly this year" White told KTRH, "When the senior signs up for a plan in 2025, their premiums are going to double."
The increase this year in 2024 has already been 22%. And while Biden may boast about as his "signature achievement in health care", seniors are set to receive their notification letters in October, right before the election.
It's worth pointing out, not a single Republican voted for the law, because of the true increase.
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