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Biden’s plan to improve Medicare solvency targets prescription drugs

March 7, 2023

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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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