Posted on Thursday, October 24, 2024
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by Shane Harris
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0 Comments
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October 24, 2024
Bohemia, New York – AMAC CEO Rebecca Weber published an op-ed in The Washington Examiner exposing “one of the most audacious vote-buying schemes in political history.”
As Weber explains, the so-called Inflation Reduction Act – Democrats’ signature climate spending legislation – takes $230 billion from Medicare, which will lead to premium rate hikes for beneficiaries. But in a deceptive effort to delay cost increases until after the election, the Biden-Harris Centers for Medicare & Medicaid Services is abusing an obscure rule to effectively bribe insurers to temporarily keep premiums stable.
You can read the op-ed in its entirety here. See key excerpts below:
“In reality, the Inflation Reduction Act stole $230 billion from Medicare beneficiaries to fund the Biden-Harris administration’s climate agenda. One of the major provisions in the act gives the government the power to ‘negotiate’ (read: fix) prescription drug prices. These ‘savings’ are then diverted from Medicare to unrelated initiatives such as electric vehicle tax credits and charging stations.
“But those savings aren’t really savings at all — the costs Medicare isn’t paying will be passed on directly to Medicare recipients in the form of premium rate hikes. In other words, seniors struggling to make ends meet will pay more out of pocket for prescription drugs so that wealthy elites can enjoy thousands of dollars off on their new electric cars.”
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“In essence, Democrats are using temporary, and possibly illegal, accounting tricks to hold back the flood of premium rate hikes until after November’s election. It’s a blatant attempt by the Biden-Harris administration to use taxpayer dollars to win support from seniors, which is exactly why Sen. Rand Paul (R-KY) has urged the Department of Justice to investigate the scheme as a Hatch Act violation.”
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“In spite of the Biden-Harris administration’s best efforts, many seniors are already feeling the pinch from the Inflation Reduction Act. The average monthly premium for Medicare Part D plans increased by 21% in 2024, the largest single-year increase ever.
“Moreover, according to the Kaiser Family Foundation, the monthly premium for the most popular Part D stand-alone drug plan is increasing by $17. Premiums for at least eight popular prescription drug plans will increase by a staggering $35 per month in 2025, or $420 per year.”
Read the full article here