Biden’s Medicare Part D prescription drug premiums illustration by Alexander Hunter/The Washington TimesGovernment data recently revealed that overall consumer prices have hit a grim milestone — increasing by more than 20% under the Biden administration. But the price of food or electricity doesn’t tell the full story.
Beyond blunting incentives for drugmakers to develop new, lifesaving treatments, therapies and vaccines — a setback that has been well reported — older Americans will likely experience fewer Part D plan choices and higher overall costs. Average Part D premiums paid by older adults are 21% higher this year compared with 2023, with some states experiencing monthly payments that have jumped by more than half.
Despite the obvious negative side effects of the White House’s policy prescription for health care costs, the Biden administration is moving full steam ahead to expand the list of medicines that will be subject to government price controls. The Centers for Medicare & Medicaid Services recently kicked off its bureaucratic process to choose what drugs will be hit in 2027.