President Biden unveiled a series of new initiatives aimed at lowering healthcare costs. These include cracking down on fraudulent insurance plans, providing guidance to prevent surprise medical bills, and addressing medical debt associated with credit cards.
Building upon previous efforts to curb healthcare expenses, the Department of Health and Human Services reported that an estimated 18.7 million Medicare beneficiaries will save $400 annually on prescription drugs by 2025 due to the president’s implementation of a cap on out-of-pocket spending under the Inflation Reduction Act.
With inflation being a major concern for voters, President Biden, as he gears up for his 2024 reelection campaign, has prioritized policies to help families manage their expenses. Furthermore, his administration has introduced various incentives to encourage private sector development in areas such as electric vehicles, clean energy, and advanced computer chips.
While Republican lawmakers have criticized President Biden’s policies, claiming they have led to higher prices that hurt families, the administration is committed to addressing these concerns.
To tackle the issue of “junk” insurance plans, which often provide inadequate coverage during transitions between employers, the Biden administration plans to implement regulations to prevent their use.
During a press call, Neera Tanden, director of the White House Domestic Policy Council, highlighted an example in Montana where a man received a $43,000 healthcare bill due to his insurer considering his cancer a pre-existing condition. Tanden emphasized the need to crack down on such plans and ensure individuals have access to real insurance.
Additionally, the president announced new guidelines related to medical billing based on the No Surprises Act of 2020. These guidelines will limit the ability of insurers to claim out-of-network care and require disclosure of facility fees that can surprise patients with unexpected costs.
The Consumer Financial Protection Bureau and Treasury Department are also seeking information about credit cards and loans specifically used for healthcare expenses, as the high costs and interest charges can deter individuals from seeking necessary treatment.
President Biden is expected to highlight previous efforts in reducing healthcare costs, such as allowing Medicare to negotiate lower drug prices and implementing a $35 monthly cap on insulin costs for Medicare Part B beneficiaries.
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