As health care costs remain a top issue for voters, the Trump Administration is ending Medicare Part D subsidies in 2027, which is likely to increase premium costs for millions of seniors by $20 per month, and increase prescription costs.
Currently the government pays billions of dollars to insurance companies as a subsidy to keep prescription drug insurance at an average of $36 per person per month, according to KFF, a health policy nonprofit.
Ending the subsidies may increase premiums for some by as much as $20 a month, according to KFF.
Enrollees will find out their new monthly costs later this fall.
Centers for MedicareĀ &Ā Medicaid Services Administrator Mehmet Oz made the announcement, blaming the Biden Administration for “bailing out major insurance companies” when signing the Inflation Reduction Act.
Biden officials touted the Inflation Reduction Act for allowing the government to negotiate with drug companies about the pricing for some of their most expensive medicines.Ā Ā
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