Medicare Premiums Set To Soar; Biden Admin Blames Drug Costs & COVID | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Medicare Premiums Set To Soar; Biden Admin Blames Drug Costs & COVID

President Joe Biden’s administration on Friday announced it is raising Medicare premiums, a move it blamed in part on the cost of drugs.

The Medicare Part B standard monthly premium will rise by nearly $22 to $170.10 next year, the Centers for Medicare & Medicaid Services said.

“The increase in the Part B premium for 2022 is continued evidence that rising drug costs threaten the affordability and sustainability of the Medicare program,” Chiquita Brooks-LaSure, administrator of the agency, said in a statement.

“The Biden-Harris Administration is working to make drug prices more affordable and equitable for all Americans, and to advance drug pricing reform through competition, innovation, and transparency,” she added.

The move also stemmed from the limiting of the monthly premium increase this year in the Continuing Appropriations Act and from “spending trends driven by COVID-19,” the agency said.

“It also reflects the need to maintain a contingency reserve for unanticipated increases in health care spending, particularly certain drug costs.”

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