Prescription Drug Price Cap: Progress Towards Lowering Health Care Costs in the US

Biden to address reducing healthcare expenses

Sen. Bernie Sanders from Vermont has highlighted the urgent need to address the high cost of prescription drugs, as President Joe Biden delivers remarks from the White House on lowering health care costs for Americans. The big news is that three companies have agreed to cap the price of asthma inhalers at $30.

The Biden administration and Democrats in Congress are making progress on lowering prescription drug costs by implementing a price cap for seniors starting next year. Sanders 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, known as Obamacare, marks 10 years of providing government health care marketplaces. Marketplaces are available for individuals who do not have access to a group health insurance policy through work or a family member’s job. 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.

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. 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.

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