http://twitchy.com/amy-curtis/2024/08/07/biden-raided-medicare-to-pay-for-evs-now-begging-pharma-not-to-raise-prices-before-election-n2399338
Remember when the so-called 'Inflation Reduction Act' was supposed to, ya know, reduce inflation? It was a stealth backdoor attempt to push Green New Deal policies under the guise of lowering costs. One of the things it did was take money from Medicare Part D (the part that deals with prescription medications) to give wealthy people tax credits if they bought electric vehicles.
Well, that move may bite the Biden administration on the butt, because insurers may have to raise premiums to offset the raiding of Medicare.
Matt Whitlock (@mattdizwhitlock) ~ So Biden and Kamala raided Medicare (in the Inflation Reduction Act) to fund EV tax credits. That caused premiums for seniors’ prescription costs to spike. NOW, the Biden/Harris admin is covertly trying to pay off insurers to NOT increase premiums until after the election.
More from The Wall Street Journal:
Ah, government benefits. They’re great, right? Well, watch how Democrats are rewriting the Inflation Reduction Act (IRA) on the bureaucratic sly to stop a looming spike in Medicare premiums before the election.
The IRA redesigned Medicare Part D by capping patient out-of-pocket spending and shifting more of the entitlement’s costs to insurers. Democrats wanted to squeeze insurers, while reducing the government’s projected cost for their entitlement expansion.
Anticipating that insurers might raise premiums, Democrats capped annual increases in base premiums at 6%. But base premiums are for bare-bones plans. Most seniors enroll in plans with more generous benefits, such as lower co-pays and deductibles and broader drug formularies.
Insurers report that many Part D plan premiums will rise far more than 6% next year, when the IRA’s $2,000 limit on out-of-pocket spending takes effect. The Centers for Medicare and Medicaid Services has also tweaked regulations to make benefits more generous. Some insurers warn they may exit the market to avoid losing money.
While we'd hate for seniors, many of them on fixed incomes, to take a hit to insurance premiums it would be absolute justice for Biden and the Harris-Walz ticket to have to face angry seniors prior to November.
Because the increases will come.
Matt Whitlock (@mattdizwhitlock) ~ “The Administration is buying votes now, but seniors and taxpayers will pay nonetheless.” This is such shameless stuff.
Robert Bortins (@TheRobertBshow) ~ Biden/ Harris raided Medicare to pay for the green new deal lite.
The Left is out there saying Trump will end Medicare and Social Security while Biden just did untold damage to Medicare Part D.
And he's trying to hide it until after the election.
JustAnother Tweeter239 (@TweeterB239) ~ Turns out they did actually beat Medicare to death, then.
Maybe Biden's whole 'we beat Medicare' statement wasn't a gaffe or a lie after all.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
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