The White House has criticized Republicans for supporting a so-called ‘MAGAnomics’ agenda, which it claims would raise prices for families and worsen inflation. The agenda, which includes a plan to replace the income tax with tariffs, was discussed by former President Donald Trump with Senate and House Republicans on Thursday. The White House has also accused Republicans of targeting Medicare and Social Security for cuts and pushing for tax welfare for the super-rich.
A federal judge in New Jersey has rejected legal challenges to the Biden administration’s Medicare drug price negotiations from Johnson & Johnson and Bristol Myers Squibb. The ruling is a significant victory for the administration, as it strengthens the constitutionality of the program and weakens the pharmaceutical industry’s strategy of seeking varying decisions in lower courts. The ruling will allow the government to negotiate lower drug prices for seniors under the Inflation Reduction Act, potentially impacting drugmakers’ profits.
A recent AARP survey reveals that nearly a quarter of Americans over age 50 expect to never retire, with rising costs and insufficient retirement savings being major concerns. The study also highlights the financial struggles faced by older adults, with one-third carrying significant credit card debt and 37% worried about meeting basic living expenses. The survey findings underscore the growing financial anxiety among older Americans and the importance of addressing the long-term sustainability of Social Security and Medicare.
A recent AARP survey reveals that a growing number of adults aged 50 and over are concerned about their financial futures. According to the survey, one-quarter of non-retired individuals expect to never retire, and 70% are anxious about rising prices outpacing their incomes. The study found that everyday expenses, housing costs, and insufficient retirement savings are significant barriers to financial security. The survey highlights the challenges facing older Americans and their concerns about making ends meet, especially as the Social Security and Medicare programs face financial uncertainties.
A significant portion of Americans over 50 are facing retirement concerns, with one-quarter stating they expect to never retire. Inflationary pressures, rising living costs, and insufficient retirement savings are major contributing factors to this trend. Despite economic recovery, older Americans are grappling with financial challenges, including credit card debt and concerns about meeting basic living expenses. This issue takes center stage in the upcoming elections, as candidates attempt to secure the support of older voters who historically have a strong turnout.
As the U.S. economy faces economic challenges, a significant number of older Americans are experiencing financial concerns, including limited retirement savings, rising living costs, and worries about the future of Social Security and Medicare.
Around 3.6 million older Americans are now eligible for Medicare coverage of Novo Nordisk’s weight-loss drug Wegovy, following FDA approval for expanded use in reducing cardiovascular risks. The new approval allows for Medicare Part D plans to cover Wegovy for individuals who are overweight or obese and have both heart disease and obesity.
Millions of overweight or obese Medicare patients with heart conditions may now be eligible for coverage of the popular weight-loss drug Wegovy under a new indication. The drug, approved by the FDA last month to reduce the risk of stroke and heart attack, is already covered by Medicare for people with diabetes. The Kaiser Family Foundation estimates that 3.6 million Medicare beneficiaries could be eligible for coverage of Wegovy for its new indication, but uptake may be limited by its high cost and potential side effects.
The FDA’s approval of Wegovy for reducing cardiovascular disease risk in Medicare beneficiaries with obesity has the potential to significantly impact healthcare access and costs. An estimated 3.6 million Medicare beneficiaries could gain access to the drug, representing approximately 7% of all Medicare enrollees. The expansion could lead to a significant increase in Part D spending, with estimates suggesting an additional $3 billion if 10% of eligible beneficiaries use Wegovy. However, the coverage expansion could also reduce the cost of proposed legislation to lift the Medicare ban on obesity medication coverage.
Spending on GLP-1 drugs, including Ozempic and Wegovy, has skyrocketed in recent years, putting a strain on the U.S. healthcare system and the federal government. The American Society of Health-System Pharmacists reports that GLP-1 treatments were a major factor in last year’s rise in overall drug expenses for entities like pharmacies and hospitals. The approval of Wegovy for preventing cardiovascular complications could further increase Medicare spending by $2.8 billion annually.
