Kathy Hochul Slams Trump Over Medicare Cut, Says 1.3 Million New Yorkers Will Pay More for Prescriptions: 'A New Assault on Seniors...'
Key takeaways
- President Trump's decision to end Medicare subsidies will raise prescription drug costs for 1.3 million New Yorkers.
- 1.3 million New Yorkers will face higher prescription drug costs
- Most Medicare beneficiaries will face premium increases of less than $10 a month
- Medicare Part B spending is projected to grow 8.5% annually through 2030
What happened
New York Governor Kathy Hochul criticized President Donald Trump's decision to end a Medicare subsidy program, which will raise prescription drug costs for about 1.3 million New Yorkers.
Why it matters
The decision will increase prescription drug costs for seniors, with most Medicare beneficiaries facing premium increases of less than $10 a month, according to Mehmet Oz.
Short-term and longer-term
Short-term. The end of the Medicare Part D Premium Stabilization Demonstration will lead to higher prescription drug premiums, which could impact the stock prices of pharmaceutical companies.
Longer-term. The growing costs of Medicare Part B and Part D could lead to increased healthcare costs for seniors, which could impact the long-term financial health of pharmaceutical companies.