The Biden administration Friday announced that older Americans next year would face lower average monthly premiums for their prescription drugs, a feat achieved by pouring billions of dollars into subsidies for insurers.
In a savvy response to the specter of huge spikes in costs, administration officials decided months ago to funnel money from a Medicare trust fund to offset rate increases that could have cost millions of people hundreds of dollars more a year.
”The administration came up with this Part D demo in order to shovel billions of dollars more into the program to mask the huge premium increases that would be coming next year without it,” Joe Grogan, a senior White House official under former President Donald Trump, said in an interview.
https://www.spokesman.com/stories/2024/sep/27/biden-officials-use-subsidies-to-lower-medicare-dr/