Rarely a day goes by without President Joe Biden mentioning insulin prices. He has been advocating for a $35 price cap on insulin for Americans on Medicare, making it a central theme in his speeches and campaign efforts. However, the impact of this initiative is more nuanced than it may seem.
While Biden's focus on insulin prices aims to highlight his commitment to healthcare, experts suggest that the actual benefits to eligible individuals might be overstated. Many of those benefiting from the price cap were already receiving discounted insulin or were existing Biden supporters. Additionally, individuals without Medicare or private health insurance are not covered by the reduced prices.
The Inflation Reduction Act, which included the $35 price cap for Medicare recipients, was scaled back by congressional Republicans in 2022 to apply only to older adults. The Biden administration also secured agreements with major drugmakers to limit insulin co-payments to $35 for those with private insurance, covering over 90% of the U.S. insulin market.
Despite Biden's claims that some individuals used to pay up to $400 monthly for insulin, a study found that the average annual cost for those with Medicare or private insurance was $452, not monthly. The uninsured rates have decreased significantly due to previous healthcare policies, reducing the impact of high insulin prices on this group.
While the price reductions have benefited many, some individuals like Yanet Martinez from Phoenix still face challenges. Martinez, who does not have health insurance, receives discounted insulin but can face significant price hikes if her husband's income exceeds the limit. Legislation has been proposed to make the $35 insulin cap universal, extending the benefits to those without insurance.
Despite the complexities, the insulin price cap remains a key issue for Biden's reelection campaign. Polls indicate that it resonates well with voters, particularly older adults concerned about drug costs. However, opinions on Biden's handling of healthcare remain divided, with some experts questioning the long-term implications of the price cap on the healthcare industry.
In conclusion, while the insulin price cap is a prominent issue for the Biden administration, its full impact and effectiveness are still subject to debate among experts and voters alike.
