As Prepared For Delivery:
Good afternoon, everyone. Thank you for joining us today.
From day one, President Biden and this Administration have vowed to strengthen Medicare.
Millions of Americans that have paid into this program from their very first paycheck, and they deserve a health care system that pays it forward.
We know health care costs can be a huge economic stress for families.
I’ve met Americans who have rationed prescriptions—taken one pill when they need to take two or not get what they need at all, simply because the price is out of reach.
With the beginning of Medicare open enrollment, seniors will see the progress we’ve made in lowering prescription drug costs.
Starting on Sunday, October 15th through Dec. 7, seniors and others eligible for Medicare can compare coverage options and choose health and prescription drug plans for 2024 that best meet their health needs.
Next year, thanks to the Inflation Reduction Act, prescription drug costs will continue to be more affordable.
Starting Jan. 1, Medicare Part D drug spending will be capped at about $3500.Medicare Part D enrollees will not have to pay any out-of-pocket costs once they hit a certain threshold. And low-income seniors and disabled people will be able to get more help paying for their Medicare Part D premiums and cost-sharing through the expanded Extra Help program.
These improvements build upon the progress we have already made in lowering health care costs for millions of Americans.
15 million people are continuing to save $800 a year on their health insurance premiums.
Seniors and others on Medicare are already seeing the life-saving benefits of the Inflation Reduction Act. This includes:
A $35 out-of-pocket cap on insulin;
Free recommended vaccines, like shingles and tetanus; and
Lower out-of-pocket coinsurance for certain drugs that raised prices faster than inflation.
And critically, for the first time ever we’re able to negotiate prices for prescription drugs covered under Medicare.
A few weeks ago, the Department of Health and Human Services announced which 10 drugs are part of the first round of negotiations. And just last week, every one of those drug manufacturers agreed to enter into negotiations with Medicare.
A lot of politicians talked about giving Medicare the power to negotiate lower drug prices, which will help millions of Americans. Not a single Republican in Congress voted for it.
But Joe Biden actually got it done.
There’s more where that comes from.
Going forward, the Inflation Reduction Act also caps out-of-pocket spending on prescription drugs to $2,000 per year for Medicare beneficiaries.
Nearly 19 million seniors will save an estimated $400 on average annually when this cap goes into effect in 2025.Beneficiaries with the highest drug costs will save an average of $2,500 per year. These all are crucial benefits of the Inflation Reduction Act.
Medicare is a lifeline for millions of seniors.
The Biden-Harris Administration will continue the fight to lower health care costs and strengthen Medicare for generations to come.