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AP National Business

Medicare urged to flex its power and slash back premium hike

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Published 11:28 AM

By RICARDO ALONSO-ZALDIVAR
Associated Press

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. 

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