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Biden’s plan to improve Medicare solvency targets prescription drugs

March 7, 2023


President Joe Biden on Tuesday unveiled his plan to keep Medicare solvent for at least 25 years without cutting benefits, as the insurance program faces a looming funding crisis.

The plan — part of Biden’s 2024 budget proposal set to be released Thursday – would further reduce what Medicare pays for prescription drugs and raise taxes on Americans earning over $400,000.

The future of Medicare, which covers some 64 million people in the U.S., is looking increasingly precarious. A key trust fund that covers inpatient hospital care in Medicare is forecast to run dry in 2028, absent federal action.

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