White House Fact Sheet: Put the Numbers – Millions of Americans Would Lose Insurance Coverage, Benefits and Health Insurance Protections Under Congressional Republican Plans – Insurance News Net | NutSocia

WASHINGTON, 2 Nov (TNSres) — The White House has issued the following leaflet November 1, 2022:

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In numbers, millions of Americans would lose health insurance, benefits and protections under Congressional Republican plans

President Bidens The top priority is to bring down costs for the American people. He was proud to sign the Inflation Reduction Act, taking over Big Pharma to give Medicare for the first time the ability to negotiate prescription drug costs, capping drug costs for seniors at the pharmacy and the cost of insulin and health insurance premiums for Reduce people covered by the Affordable Care Act. President Biden and congressional Democrats are committed to protecting and empowering social insurance and Medicare.

congress republican have a very different vision. They promised to take away Medicare’s right to negotiate drug prices and remove them $2,000 Upper limit for pharmacy expenses. Floridas Republican Senator and Chairman of the National Republican Senatorial Committee Rick Scott has advocated a plan, Medicare, Medicaid and social insurance every five years on the chopping block. In addition, Congressional Republicans have repeatedly promised to hold the American economy hostage by refusing to raise the debt ceiling unless they can cut it social insurance and Medicare benefits that tens of millions of Americans have already paid into.

Here’s what the Congressional Republican plan would mean:

Part I: Putting Bedrock programs like social insurance and Medicare on the chopping block and threaten the global economy if these programs are not cut

All Medicare, Medicaid and social insurance Beneficiaries would see their benefits under Sen threatened. Rick Scotts plan to put these programs on the chopping block every five years. Sen. Ron Johnson’s the vision of putting them up for vote every year would make that worse.

Congressional Republican leaders have also repeatedly stated that they will use the debt limit as leverage to cut these fundamental programs. congress republican have supported Medicare and social insurance Cuts including:

* Gradual increase in the Medicare eligibility age to 67 and over social insurance Age of admission to 70. (Republican Study Committee FY 2023 Budget [https://banks.house.gov/uploadedfiles/rsc_2023_budget_final_version.pdf])

* Converting Medicare benefits into a voucher that gives seniors a fixed amount of money toward the purchase of a private health insurance plan (Better Way Plan [https://www.vox.com/2016/12/6/13817850/republicans-medicare-premium-support]) or offer beneficiaries the option to transition to a bonus assistance scheme (Republican Board of Education budget for fiscal year 2023) — which could result in additional out-of-pocket expenses of hundreds or thousands of dollars for seniors across the country.

Part II: Repealing the Provisions on Prescription Drugs and Health Care in the Anti-Inflation Act

President Biden has worked for decades to get Medicare to negotiate drug prices, and it’s finally happening thanks to the Inflation Reduction Act. This will save billions of dollars both for Medicare beneficiaries, who will see reduced premiums and expenses, and for the federal government. Kaiser Family Foundation It is estimated that approximately 5 to 7 million beneficiaries each year use the types of expensive medicines that could be the subject of negotiations and will directly face higher cost-sharing if these provisions are lifted.

The Inflation Mitigation Act also requires prescription drug companies to pay rebates if they increase drug prices faster than inflation. According to an analysis [https://www.hhs.gov/about/news/2022/09/30/new-hhs-reports-illustrate-potential-positive-impact-inflation-reduction-act-prescription-drug-prices.html] until Department of Health and Human Servicesthe cost of 1,200 prescription drugs rose faster than inflation in the last year alone – some prescription drugs switched $1000 in just one year. If Republicans in Congress repeal the Inflation Reduction Act, drug companies can keep raising prices without paying a rebate, instead of putting that money back into Americans’ pockets.

Before the Inflation Reduction Act, Medicare beneficiaries with diseases like cancer, multiple sclerosis, and lung disease could face thousands of dollars in out-of-pocket prescription drug costs each year. Thanks to President Biden and Congressional Democrats’ Anti-Inflation Act will limit those costs $2,000 per year, enabling over 1 million beneficiaries to save over 1 million on average $1,300 per year. If Republicans prevail in Congress and repeal the law, over 1.4 million Medicare beneficiaries will pay more — in some cases thousands of dollars more — for drugs at the pharmacy each year.

Drug makers have raised insulin prices so rapidly over the past few decades that some Medicare beneficiaries are struggling to afford this life-saving drug, which costs less than $10 to make a bottle. Today, Medicare beneficiaries sign up for plans that must limit the out-of-pocket cost of insulin to no more than $35 per month per prescription, a protection they lose if the law is repealed.

The Inflation Reduction Act saves 13 million Americans an average of about $800 per year on their health insurance premiums by continuing improvements to the Affordable Care Act (ACA) premium tax credits enacted in the American Rescue Plan. By making health care more affordable, these improvements have extended coverage to millions of people and helped bring the uninsured rate to an all-time low. Starting today, during open enrollment season, Americans can elect health insurance plans that secure the 2023 Inflation Reduction Act cost savings. But Congressional Republicans would reverse that support, increasing bonuses and jeopardizing progress Biden administration has helped drive the uninsured rate to an all-time low. Older Americans would see particularly large premium spikes; make annual bonuses for a 60 year old in most states $60,000 would more than double up over $10,000.

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Original text here: https://www.whitehouse.gov/briefing-room/statements-releases/2022/11/01/fact-sheet-by-the-numbers-millions-of-americans-would-lose-health-care-benefits -and-protection-under-plans-for-republicans/

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