"All the while, drug makers continue to reap the profits of their price gouging. In his budget, President Obama has again proposed lifting the ban preventing Medicare from negotiating prices with the drug companies.
Among the other budget provisions beneficial to seniors include:
- closing the Part D donut hole two years earlier
- additional funding for in-home services
- reforms for overpayments going to private insurers in Medicare Advantage
- a 7.44% increase in administrative funding for the Social Security Administration
“The average Medicare beneficiary already spends nearly $4,800 per year in out-of-pocket health care costs with half of all people on Medicare having incomes of less than $24,150. People in Medicare simply can’t afford increased cost-sharing year-after-year," Richtman continued.
"What’s especially worrisome are efforts to portray expanding means-testing in Medicare as impacting only ‘high-income seniors.’ While that may be good political rhetoric the truth is, if passed, further means testing will actually target middle-class individuals," he concluded.