Biden to address reducing healthcare expenses

President Biden’s Remarks on Lowering Healthcare Costs: Tackling High Prescription Drug Prices and ACA Anniversary

President Joe Biden is set to deliver remarks from the White House on the topic of lowering healthcare costs for Americans, with a focus on addressing the high cost of prescription drugs. The big news in this regard is that three companies have agreed to cap the price of asthma inhalers at $30.

Sen. Bernie Sanders from Vermont has been vocal about the urgent need to address prescription drug pricing and highlighted that progress is being made by the Biden administration and Democrats in Congress. He emphasized that Americans should not be overcharged by pharmaceutical companies, who often charge much higher prices in the U.S. compared to other countries.

The Affordable Care Act (ACA), also known as Obamacare, marks its 10th anniversary this year. Marketplaces are available for individuals who do not have access to group health insurance through work or a family member’s job. According to KFF data, the average premium for single health care coverage in 2023 was $8,435 per year, while family coverage cost an average of $23,968 per year.

Unfortunately, data shows that premiums have increased significantly since 2018. The average premium for single coverage has increased by 22%, mirroring the growth in family coverage premiums over the same period. Federal data revealed that over 21 million consumers either selected or were automatically re-enrolled in health insurance coverage through HealthCare.gov and state-based Marketplaces during the 2024 Open Enrollment Period.

In conclusion, while progress is being made on addressing prescription drug costs and reducing healthcare costs overall, there is still much work to be done to ensure that Americans can afford quality healthcare without breaking the bank.

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