Medicare urged to flex its power and slash back premium hike
WASHINGTON (AP) — The head of a Senate panel that oversees Medicare says the Biden administration should cut back a hefty premium increase soon to hit millions of enrollees.
Nearly half of the Medicare Part “B” premium increase is due to Medicare’s need for a contingency fund to cover a new $56,000 Alzheimer’s drug whose benefits have been widely questioned.
The monthly premium increase would swallow up a significant chunk of seniors’ 5.9% cost of living increase.
Finance Chairman Ron Wyden joins a growing number of Democratic lawmakers calling for action amid worries over rising inflation.
Wyden says Medicare has the legal authority to roll back part of the $21.60 premium increase, set to take effect in January.