Politico August 12, 2024
Driving the Day
CURBING A MEDICARE PREMIUM HIKE — President Joe Biden’s signature domestic achievement is likely to cause a major spike in Medicare premiums next year for millions of Americans, POLITICO’s Robert King and David Lim report.
Now the administration seeks to dole out billions of dollars to private insurers in a bid to blunt the hikes expected right before the election.
The jump in premiums is due to changes in the 2022 Inflation Reduction Act taking effect next year that reduce drug costs for older Americans. Insurers must now cover what patients used to pay and are raising drug premiums to compensate.
The administration released a program that would give insurers an extra $15 per member a month...
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