Rep. Brett Guthrie (R-Ky.) said in exclusive comments to Breitbart News on Friday that Medicare Part D premiums, like just about everything else in the U.S., are skyrocketing thanks to “Bidenomics.” He said he did.
Guthrie, chairman of the House Energy, Commerce and Health Subcommittee, spoke to Breitbart News amid a significant increase in Medicare Part D premiums in 2024. woke up Premiums for three major plan sponsors, Cigna, Humana and Aetna, reportedly jumped between 33 percent and 57 percent.
Kentucky conservatives blamed “Bidenomics” for soaring Medicare Part D premiums.
“Thanks to Bidennomics, prices for almost everything have soared. Medicare Part D premiums are no exception. Part D premiums will increase by 2024 due to the partisan Inflation Control Act. 21% increase during the current plan year,” Guthrie said in a written statement to Breitbart News.
Eleven sponsors offer 709 plans, the lowest number of plans and sponsors since Medicare Part D began in 2006.
The premium increases come after Democrats passed the partisan so-called “Cut Inflation Act,” which Breitbart News reported in August 2022, would expand Medicare for seniors. It would result in a reduction in prescription drug benefits.
cytherine report How the Democratic Inflation Control Act Will Impact Medicare Part D:
The premium increases are driven, at least in part, by expected increases in plan costs in 2024, which exceed the catastrophe standard that eliminates the previously required 5% coinsurance. This is due to the establishment of a new cap on the amount that participants will have to pay out of pocket.
The premium increases were implemented by major plans despite IRA provisions that attempt to avoid such responses, capping annual premium increases at 6%. However, this cap applies to increases in Part D basic beneficiary premiums and not to individual plan premiums paid by participants, allowing increases of more than 6%.
The decrease in the number of standalone plans available likely reflects sponsors' decisions to discontinue plans that do not meet their profit goals. At the same time, MA-PD sponsors can use rebate dollars from Medicare payments to lower or eliminate Part D premiums in ways not available to PDPs, so Medicare Advantage plans with drug benefits will remain available in 2024. insurance premiums remained stable.
“There are a lot of plans that have determined that there is no benefit to doing this,” said Joe Grogan, former director of President Trump's Domestic Policy Council.
“For some plans, premiums are increasing by double digits for different designs. And for seniors on fixed budgets in an inflationary environment, it's a question of 'how much penetration can you get?' There will be issues that will have an impact.” [those plans] have. … Some of them may withdraw their independent Part D coverage,” he added.
Grogan added: “The more we talk to payers, the more plans we talk to, and the more economists who really understand this, the destabilization that we were previously warning about is going to happen. I am increasingly confident that this is the case,” he added. [the IRA] The policies passed are becoming reality, with many unintended consequences. ”
Drug Distribution Authority chairman Adam Fain said the IRA's redesign would “lead to the collapse of the independent PDP”. [prescription drug plan] market. “
“It won't actually happen until 2025,” but “it's already happening in 2024,” Fein said.
He added, “If you think you've seen a shift from PDP to Medicare Advantage, you haven't seen anything yet. Especially with premium increases like this, it's going to increase dramatically. ”
“IRAs already have a chilling effect on investments in life-saving treatments, reduce options for seniors seeking Medicare Part D prescription drug coverage, and increase monthly medical costs,” Guthrie said in a statement. “We now know that this is the case,” he concluded. Seniors. On behalf of seniors, I am committed to lowering health care costs without reducing access to care, because common sense policies in Biden's Washington will raise costs for our vulnerable communities. , which is different from having reduced treatments. ”
Sean Moran is a policy reporter at Breitbart News. Follow him on Twitter @SeanMoran3.
