President Joe Biden will be discussing the measures taken by his administration to lower healthcare costs for Americans from the White House. The major news is that three companies have agreed to cap the price of asthma inhalers at $30. Senator Bernie Sanders from Vermont highlighted the urgent need to address high prescription drug costs, stating that progress is being made by implementing a price cap for seniors starting next year. He emphasized the importance of protecting Americans from being overcharged by pharmaceutical companies, who often charge much higher prices in the U.S. compared to other countries.
These remarks come as the Affordable Care Act, also known as Obamacare, celebrates its 10th anniversary of providing government health care marketplaces for individuals who do not have access to group health insurance through work or a family member’s job. According to data from KFF, the average premium for single coverage has increased by 22% since 2018, mirroring the growth in family coverage premiums over the same period. During the 2024 Open Enrollment Period, over 21 million consumers either selected or were automatically re-enrolled in health insurance coverage through HealthCare.gov and state-based Marketplaces.
