President Joe Biden on Friday launched a new set of initiatives to reduce health care costs: a crackdown on fraudulent insurance plans, new guidelines to prevent surprise medical bills and an effort to reduce card-related medical debt of credit. Biden’s remarks will build on previous efforts to limit health care costs, with the Department of Health and Human Services releasing new estimates showing 18.7 million seniors and other Medicare beneficiaries will save about $400 annually. on prescription drug costs in 2025 due to the president placing a cap on pocket spending as part of last year’s Inflation Reduction Act. Preparing for his 2024 reelection campaign as inflation remains a dominant concern for voters, the Democratic president emphasized his policies to help families manage their spending, as well as a range of government incentives to encourage development in the private sector of electric vehicles, clean energy and advanced computer chips. Republican lawmakers have criticized Biden’s policies saying they have spurred higher prices that hurt household well-being. Biden administration plans to limit what he calls “junk” insurance plans, such as short-term policies that can deny basic coverage when people switch from one employer to another and still need temporary health coverage . Neera Tanden, director of the White House Domestic Policy Council, highlighted a man’s case in the $43,000 health care bill because her insurer claimed her cancer was a pre-existing condition. “We will propose a rule to crack down on these plans.” The president also announced new medical billing guidelines stemming from the No Surprises Act of 2020. The guidance would limit the ability of insurers who contract with hospitals to claim that the care provided was not in the network and charge customers more money. . Health plans should also disclose facility fees that are increasingly being charged to patients and can emerge as an unexpected cost on a medical bill. The Protection Bureau and the Treasury Department are also looking for information on third-party credit cards and loans used specifically to pay for health care. Higher costs and interest can discourage people in need of treatment from seeking treatment. The president is also expected to highlight previous efforts to reduce health care costs, including a plan that allows Medicare to negotiate lower prices for prescription drugs and a $35 monthly price cap on insulin for people in Medicare Part B.
President Joe Biden on Friday launched a new set of initiatives to reduce health care costs: a crackdown on scam insurance plans, new guidelines to prevent surprise medical bills and an effort to reduce card-related medical debt of credit.
Biden’s remarks will build on previous initiatives to curb health care costs, with the Department of Health and Human Services releasing new estimates showing 18.7 million older adults and other Medicare beneficiaries will save about $400 annually. prescription drug costs in 2025 due to the president placing a cap on out-of-pocket expenses as part of last year’s Inflation Reduction Act.
Preparing for his 2024 re-election campaign as inflation remains a top concern for voters, the Democratic president highlighted his policies to help families manage their spending, as well as a range of government incentives to encourage the development of the private sector of electric vehicles, clean energy and advanced computer chips.
Republican lawmakers have criticized Biden’s policies saying they spurred higher prices that hurt household well-being.
The Biden administration plans to limit what it calls “junk” insurance plans, such as short-term policies that can deny basic coverage when people switch from one employer to another and still need temporary health coverage.
Neera Tanden, director of the White House Home Policy Council, highlighted the case of a man in Montana who received a $43,000 health care bill because his insurer claimed his cancer was a pre-existing condition.
“This is not real insurance, this is junk insurance,” Tanden told reporters during a preview phone call of Biden’s remarks. “We will propose a rule to crack down on these plans.”
The president also announced new medical billing guidelines stemming from the No Surprises Act of 2020. The guidance would limit the ability of insurers who contract with hospitals to claim that the care provided was not in the network and charge customers more money. . Health plans should also disclose facility fees that are increasingly being billed to patients and can emerge as an unexpected cost on a medical bill.
“Frankly, what they’re doing is playing with the system, that’s not allowed,” Tanden said.
The Consumer Financial Protection Bureau and the Treasury Department are also looking for information about third-party credit cards and loans used specifically to pay for health care. Higher costs and interest can discourage people in need of care from seeking care.
The president is also expected to highlight previous efforts to reduce health care costs, including a plan that allows Medicare to negotiate lower prices for prescription drugs and a $35 monthly cap on insulin for people on Medicare Part B. .
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