07/07/2023

Biden Administration Launches New Push to Limit Families' Healthcare Costs

These initiatives build on previous ones to limit healthcare costs

Today, President Joe Biden rolled out a new set of initiatives to reduce healthcare costs: a crackdown on scam insurance plans; new guidance to prevent surprise medical bills and an effort to reduce medical debt tied to credit cards.

Biden's remarks will build on previous initiatives to limit healthcare costs, with the Department of Health and Human Services (HHS) releasing new estimates showing 18.7 million older adults and other Medicare beneficiaries will save an estimated $400 per year in prescription drug costs in 2025 because of the president placing a cap on out-of-pocket spending as part of last year's Inflation Reduction Act.

Gearing up for his 2024 re-election campaign as inflation remains a dominant concern for voters, the Democratic president has emphasized his policies to help families manage their expenses, as well as a spate of government incentives to encourage private sector development of electric vehicles, clean energy and advanced computer chips.

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