As the cost of healthcare continues to rise, many are left questioning the motives of those in power. One such example is the current state of Medicare Part D, where premiums have increased more than 20% this year for over 50 million Americans enrolled in the program. This is not only alarming but also disheartening as it directly impacts seniors who are struggling to afford their much-needed medications.
In 2020, then-President Donald Trump introduced a policy that aimed at providing senior citizens with the opportunity to capture rebates offered by pharmaceutical companies in return for preferred placement on insurers’ drug formularies. This rebate was designed to help those with expensive medications, and Trump proposed a concrete plan that could save billions for seniors in need. He stated that his policy would “save American seniors billions of dollars by preventing middlemen. from ripping off Medicare patients.
Unfortunately, the Biden administration reversed this policy when pharmacy benefit managers (PBMs) filed a lawsuit against it. Some argue that this could have been a strategic move to prevent Trump from taking credit for an effective policy during his re-election campaign. The recent Inflation Reduction Act (IRA) further cemented the undoing of Trump’s drug rebate rule, repealing it and preventing seniors most at risk from receiving the savings they desperately needed.
To make matters worse, the Biden administration has redirected Medicare funding to subsidize Chinese electric vehicles (EVs) with $300 billion in tax credits. This raises questions about the true intentions of those in power, as it seems that vulnerable Americans are being sacrificed for the sake of green energy initiatives and foreign industries.
Seniors have been disproportionately affected by the economic turmoil over the past few years, with inflation eroding their life savings while they struggle to pay for necessities. They have dedicated their lives to funding Medicare, only to see it now being used to support China’s green energy industry and other initiatives that do not directly benefit them.
The Biden White House has recently issued a proclamation highlighting the importance of preventing elder abuse and exploitation. While this is a step in the right direction, there remains much work to be done. Restoring Trump’s rebate rule would provide real relief for senior citizens by allowing them to benefit from pharmaceutical rebates and lower healthcare costs.
Ultimately, it is essential that those in power prioritize the needs of vulnerable populations like seniors when making policy decisions. By undermining policies designed to help these individuals, such as Trump’s drug rebate rule, political leaders only exacerbate the challenges faced by seniors today.