Medicare urged to flex its power and slash back premium hike
ABC News
The head of a Senate panel that oversees Medicare says the Biden administration should cut back a hefty premium increase soon to hit millions of enrollees
WASHINGTON -- The head of a Senate panel that oversees Medicare says the Biden administration should use its legal authority to cut back a hefty premium increase soon hitting millions of enrollees, as a growing number of Democratic lawmakers call for action amid worries over rising inflation.
Last month, Medicare announced one of the largest increases ever in its “Part B” monthly premium for outpatient care, nearly $22, from $148.50 currently to $170.10 starting in January.
The agency attributed roughly half the hike, about $11 a month, to the need for a contingency fund to cover Aduhelm, a new $56,000 Alzheimer's drug from Biogen whose benefits have been widely questioned. Without further action, the monthly premium increase would swallow up a significant chunk of seniors' 5.9% cost of living increase.
“Rather than assessing the current $21.60 per month ... premium increase in full, I urge you to reduce the amount,” Senate Finance Chairman Ron Wyden, D-Ore., wrote health secretary Xavier Becerra. “Taking this type of approach would reduce near-term expenses for seniors on fixed incomes.” A copy of the letter was provided to The Associated Press on Monday.
