Biden wants you to know he's focused on lowering health care costs
President Biden spent some time in his speech outlining the ways that last year’s Inflation Reduction Act is addressing health care. Polls show that Americans care a lot about reducing health costs, and they tend to think that prescription drug prices are too high.
The Inflation Reduction Act tackles prescription drug prices in a few ways. For one thing, it requires the government to negotiate for some drugs that are covered under Medicare. It also limits monthly co-pays for insulin and it will cap out-of-pocket drug costs for Medicare recipients down the road.
That could make a big difference for the significant share of older Americans who take prescription drugs. According to a Kaiser Family Foundation analysis, prices increased faster than inflation between 2019 and 2020 for half of drugs covered by Medicare.
-FiveThirtyEight's Amelia Thomson-DeVeaux