A new set of initiatives to lower health care expenses will be unveiled by President Joe Biden on Friday. These include a crackdown on phoney insurance plans, new recommendations to prevent unforeseen medical expenses, and an effort to cut medical debt associated with credit cards.
The Department of Health and Human Services recently released new estimates showing that 18.7 million older adults and other Medicare beneficiaries will save an estimated $400 per year in prescription drug costs in 2025 as a result of the president capping out-of-pocket spending as part of last year’s Inflation Reduction Act. Biden’s remarks would build on previous initiatives to limit health care expenses.
The Democratic president has emphasised his policies to help families manage their expenses as well as a slew of government incentives to encourage private sector development of electric vehicles, clean energy, and cutting-edge computer chips as he prepares for his 2024 reelection campaign while inflation remains a top concern for voters.
Republican legislators have criticised Biden’s policies, claiming that they have led to rising prices that are detrimental to families’ well-being.
The administration wants to restrict “junk” insurance plans, like short-term contracts that could exclude people from basic coverage when they change jobs and still need temporary health insurance.
Director of the White House Domestic Policy Council Neera Tanden brought up the story of a Montanan man who was charged $43,000 in health care expenses because his insurer claimed that his cancer was a pre-existing condition.
Biden delivers remarks on efforts to reduce health care expenses
Tanden referred to it as “junk insurance” in a phone call to reporters as he anticipated Biden’s comments. “We’ll put forward a rule to put a stop to these schemes.”
The “No Surprises Act” of 2020 will result in new medical billing guidelines, which the president will also reveal. The guidelines would restrict the ability of insurers that have contracts with hospitals to argue that the service they delivered was not “in network” and charge their clients more.
The “facility fees” that are increasingly being levied to patients and can appear as an unanticipated health care expenses on a medical bill would also need to be disclosed by health plans.
Sincerely, Tanden stated, “What they are doing is gaming the system; this is not allowed.”
The Treasury Department and the Consumer Financial Protection Bureau are also looking for information on third-party credit cards and loans that are explicitly used to finance medical expenses. People who require medical attention may be deterred from seeking it because of the greater expenses and interest rates.
The president is also anticipated to highlight prior initiatives to slash health care expenses, such as a proposal that would have allowed Medicare to bargain for cheaper pricing on prescription pharmaceuticals and a $35 monthly ceiling on the cost of insulin for those enrolled in Medicare Part B.
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