"Taking Action to Lower Health Care Costs: Biden's Agenda and Medicare Penalties"

Ben H.

Hatched by Ben H.

Sep 08, 2023

3 min read


"Taking Action to Lower Health Care Costs: Biden's Agenda and Medicare Penalties"


In a bid to address the rising health care costs and protect consumers from misleading insurance plans and surprise fees, President Biden has announced a series of new actions under his "Bidenomics" agenda. These initiatives aim to close loopholes, crack down on discriminatory insurance practices, and provide more transparency in the health care system. Additionally, the Department of Health and Human Services (HHS) has released data showing the projected savings for Medicare Part D beneficiaries when Biden's out-of-pocket cap goes into effect. Let's delve deeper into these developments and explore the implications for consumers.

Addressing Misleading Insurance Products:

One of the key measures proposed by President Biden is closing loopholes that allowed companies to offer misleading insurance products. These products often discriminate against individuals with pre-existing conditions and provide little or no coverage when needed the most. By rectifying these loopholes, the administration aims to ensure that consumers have access to comprehensive insurance coverage that meets their needs.

Cracking Down on Surprise Billing:

Another significant issue in the health care system is surprise billing, which often catches consumers off guard and leaves them with unexpected costs. The new guidance announced by President Biden seeks to prevent providers from evading surprise billing rules through contractual loopholes. This crackdown aims to protect consumers from exorbitant medical bills and ensure transparency in billing practices.

Examining Medical Credit Cards and Loans:

President Biden's administration is taking a comprehensive approach to protect consumers from potentially predatory practices related to medical credit cards and loans. Collaborating with the Consumer Financial Protection Bureau, HHS, and Treasury, the government is investigating whether these financial instruments operate outside existing consumer protection laws. Medical credit cards and loans can lead to higher costs for consumers who may not fully understand the risks involved. By scrutinizing these practices, the administration aims to safeguard consumers from exploitative financial arrangements.

Medicare Part D Savings:

Highlighting the importance of affordable prescription drugs, the HHS has released data projecting the savings for Medicare Part D beneficiaries. Under President Biden's Inflation Reduction Act, out-of-pocket spending on prescription drugs will be capped at $2,000 per year starting in 2025. The report indicates that nearly 19 million seniors and other Part D beneficiaries are expected to save an average of $400 annually. This significant reduction in out-of-pocket expenses will provide much-needed relief to individuals relying on prescription medications.

Actionable Advice:

  • 1. Stay Informed: Keep yourself updated on the latest developments in health care policies and regulations. By staying informed, you can better understand your rights as a consumer and make informed decisions about your health care choices.
  • 2. Research Insurance Plans: Before purchasing any insurance plan, conduct thorough research to ensure that it provides comprehensive coverage and does not discriminate based on pre-existing conditions. Be aware of any potential hidden fees or loopholes that may leave you with unexpected costs.
  • 3. Advocate for Transparency: Support initiatives that promote transparency in the health care system. By advocating for clearer billing practices and fairer insurance policies, you can contribute to a more consumer-friendly health care environment.


President Biden's recent actions to lower health care costs and protect consumers from misleading insurance plans and surprise fees mark a significant step toward a more affordable and transparent health care system. By closing loopholes, addressing surprise billing, examining medical credit cards and loans, and implementing an out-of-pocket cap for Medicare Part D beneficiaries, the administration aims to alleviate the financial burden on American families. As consumers, it is crucial to stay informed, research insurance plans, and advocate for transparency to ensure that our health care needs are met without undue financial strain.

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