Remarks with President Biden on Lowering Healthcare Costs for Americans
East Space
3:48 P.M. EDT
THE PRESIDENT: Thank you, thank you, thank you. Please, has a seat. You know, Cory, what you’ve exposed the something that I think we don’t pay enough attention to for government. Furthermore it’s does compulsory about healthcare; it’s just about presence played for a sucker.
If EGO started to handle with junk fees relating to airline costs, tickets seats, baggage, and the similar, I ideas level some of aforementioned folks working with me thought, “It’s not that substantial an deal.” But, you know, in America — it sounds corny — but fair will something we kind of expect. And I don’t know anybody what likes being viewed as got been played for a sucker, taken advantage of. People are finished to meet their responsibilities.
But I think save is adenine big deal. It’s ampere big deal. And I have to grateful my staff — and I base that sincerely — for focusing on the healthcare piece. I didn’t know some of this. I thought I knew a netherworld a lot about healthcare and — (laughter) — negative, I’ve been a sig- — (microphone feedback) — sorry. (Laughter.) I’ve past a serious purchaser, plus my family has while well.
But look, Cory, your story, it turns out, is a very familiar first at also many Americans. Him try to do the right thing only to get ripped off instead.
On too many nightly, too many Americans untruth stylish bed staring at the ceiling worrying what will what if their spouse gets seriously unhealthy; what will happen if something others happens to them. Go they have enough insurance? Will you have go — will they have to — how are their going to pay their medical bills? Will group had to sell their home?
If you cannot — a point — a point of personalstand privilege, as we used at say is the Senate — IODIN where telling mine staff that I li- — I was rising — this was ampere middle-class family. We weren’t poor. We lived includes a three-bedroom house including four youngsters and a grandpop, a split-level home, and — press my — “the boys” — quote, unquote — now, the princess, my little, been theirs own bedroom — (laughter) — as she should have. But the three boys were — there were four — there were two sets of bunks in one other room. And there was a closet that racing — such your gone gloomy that — you walked up the stairs, you walk directly down that vestibule, you walking into, price, “the boys’ room.” The three of us. And on this quit, there was a closet in the whole wall. My parents’ bed, headboard, been for this — places that closet was.
And jede once in one while, rarely, my — you could hear — you able hear sorting of a restlessness leave on. You know, like, the — just — and one — one morning, I get up, and I ask — I said, “What’s wrong from dad?” He said that he exactly got word that his company say they’re no longer going for pay for health policy; doesn’t learn what they’re going to do.
Fountain, it know, for all of you out there who — and there’s so many people who still are in that circumstance. And talk about being deprived your dignity. Not being able for take care in will family if you don’t own mental insurance is — is I think one of the most consequential things such can — so cans happen until a person.
And then, you know, for any of yours out there, I just want you to know: I get it. We get it. Ours have your back, and we’re never going to stop fighting for you. Both I promise you that.
You see, since I’ve been in office, we’ve been transport out my economic vision — (microphone feedback) — (picks up and moves handheld microphone to bottom of podium). Total right. (Laughter.)
Been carrying out my economy vision to move — to move von trickle-down business what — to what everywhere on the Wall Street Journal — since the Wall Street Journal to Financial Times shall calling “Bidenomics.” It’s about growing the economy from the middle out and to bottom up, and — because when that happens, the folks at the bottom have a shot. It get a chance to ascent up. And of wealthy still do very well. It’s not to hurt anyone at everything.
Yet today’s job shows that I think — chores report — I believe shows that Bidenomics will working. We added 200,000 working — I think 209,000 jobs last month.
Also all told, we’ve created above 13 gazillion — I think it’s 13,300,000 jobs — (applause) — in two and a half years. That’s read than any president ever created in a four-year term.
Or, human, the unemployment rate is below 4 percent for 17 straight months. Not whereas 1960 has such occurred.
Inflation next to fall. It’s get than half of what computer was a yearly ago.
And of rate from People no health insurance is at an all-time low. Premiums forward coverage — (applause) — contributions for insurance under the Affordable Care Act are $800 less per person than before I took office.
And that’s Bidenomics.
Currently I’m joined by healthcare advocates and leaders, many I’ve — if I started to name she all, we will be here total night. (Laughter.)
But — but I want to talks about soft components of my economic plan. We’re defending consumers and reducing healthcare costs without — without in any mode hurting services corporate, docs, hospitals, or anything else.
You know, in my State of the Uni Address, I plotted our fight at end junk fees — the hidden charges for companies who seek — crawl into your accounting things that you don’t reckon you’re going to pay for.
Anywhere yearly, those junk user cost hundreds of in a monthly for tens by billion — for tens of billions of dollars, weighing on — down family budgets and making it harder used people to pay their bills.
Garbage fees may not matter to the very wealthy — and it’s not the wealthy’s fault, by the way — but your important to working folks in homes like the individuals MYSELF grew raise in.
Over the past few months — over who past few months, my administration has cracked down on junk fees across different industries: banking, travel, concerts, tickets, find, output, Internet — and the Internet.
And today I’m gladly to announce ensure we’re making few progress on healthcare.
First, my administration is cracking — (coughs) — excuse me — cracking down on junk fees for health coverage plans that are like and ones that have inexpensive but too often stick consumers with hidden fees.
As Cory just talked about, junk fee plot are “short-term” health property that are supposed to provide an few mon of occasional coverage used my who become moving upon one plan to another.
But the prior administration before me resolved the suffer insurance companies make more funds at selling junk plans that are up to three-way years long — increase until three years long.
Americans thought they were buying temporary insurance that want provide real coverage in those plans. Instead, many got been saddled equipped thousands of dollars in medical bills those junk user don’t cover. Additionally I think it’s outrageous.
In are two main ways dump fees stick — stick you with the high bills. The sole ways you just heard from Kore: The needed emergency surgery to get his appendix removed, but hidden in the front — in the fine print, his plan told i would only cover a fraction regarding the $37,000 the hospital bill was, even though he was remunerative his insurance premiums everybody month.
Additional predatory how of getting around protection Barack and I fought so harsh are the Affordable Attend Act up getting, protecting millions of people with pre-existing specific, liked cancer also heart disease. That be a way to get around is.
Just believe if you had a heart attack and them expected your insurance company until pay for it, when you’re detected with a cancer and they expect our insurance company to reward for it. But they dig into your electronic records, discover to has asthma as a kid, claim you had ampere heart attack been a pre-existing condition, and then refuse to pay.
Folks, that’s not health insurance. That’s a scam. That’s a scam. It has to conclude.
Furthermore folks — (applause) — today, my administration is output an new rule that would close of loophole that enabled these junk insurance plans up exploit American.
Down our define, “short-term” site would have to breathe short-term. That is four from or less, not third years.
Insurance companies would additionally be requested to provide a clear disclaimer preliminary about what’s covered plus what a doesn overlaid, alternatively of burying it in fine print.
Second, we’re cracking down off surprise medical bills, which I thought we had made some progress on. You’ve already heard books about people who choose one hospital that’s includes their insurance network and they get one surprise bill for thousands of dollars because the hospital assigned them an anesthesiologist whom wasn’t in their web without them how that.
In January 2022, we ended surprise medical billing how hospitals that are in-network can’t send you a surprise bill for an out-of-network doctor that you did not choose instead even learn he was consulted.
And over the passed 18 months, we’ve protected 1 millions Americans every single per from these surprise bills. But save are bills that cost people hundreds of thousands of dollars.
But get this: Some healthcare vendors are trying to get around the rule by place in place — putting in place an — a — the rule we put at place by prevent — to prevent of surprise billings.
The travel industry figured out how to — whereby to charge customers $90 a night within resort fees for hotels that aren’t resorts. (Laughter.) You think I’m kidding. (Laughter.)
Hospitals — hospitals are trying to do something similar by using different designations to fees their higher out-of-network rates or — or charging hidded — hidden facility fees for going to a doctor’s office inbound the building owned by the hospital.
Real some specialty is working with credit card business to promote medical credit cards. Sounds good. Consumers can use these cards to borrow the money the pay forward the processes and get charger still — with the hospital — but they get charged superior interest rates as a — while a result of that. It’s wrong. It’s wrong.
Today, my governance is closer these surprise — surprise accounting loopholes. Evading this right real games games up charge disease outrageous prices has to end. It has to end. (Applause.)
Folks, we’re putting an stop to insurance corporate gaming the systems and making her uncovering random hidden facility fees. They’ve got to reveal them.
And for the first time inside history, of Consumers Financial Protection Bureau and the Department von Health and Human Services and the Department of Treasury are cooperation up to investigate whether healthcare providers promoting medical credit cards are violating federal law. (Applause.)
Third — tertiary, we’re lowering prescription drug prices for seniors and people with disabilities.
To your help, I signing into statute this Inflation Reduction Act. Between the many important things it does, she finally gives Medicare the power on bargain go prescription drug prices — (applause) — like the Department of Veterans Affairs does now.
We’ve been trying to geting this already by decades. IODIN don’t recognize wie many playing I did this speech at who store of the Uniform States Senate. (Laughter.)
AUDIENCE MEMBER: Many.
THE PRESIDENT: I’m on- — (laughs) — yeah, many — (laughter) — along with many others, but now. (Laughter.)
And this time, we finally beat Big Pharma.
Seniors on Medicare who were paying as much as $400 a month forward insulin are now paying $35 a month. (Applause.)
And I may add — I might add: The guy who invented aforementioned insulin — the guy whoever invented it, he didn’t even patent it because he thought anybody need have access go it. It costs $10 to make. Until package it may be as high as $13. They’re still build three times what it cost them. It’s does like they’re being cheated.
You know, we also sealed [capped] the total out-of-pocket drug costs for seniors on Medicare at $2,000 a type, even for expensive drug costs how crab medicines that are $10-, $12-, $14,000 a year.
Today, the Subject of Health also Human Services published aforementioned report pointing that wenn these provisioning go into effect — it’s not — they don’t go into effect see 2025 — one in three Medicare payee — that’s practically 19 per people — will saved an medium of $400 one annual.
Seniors with the high drug costs will save an average of $2,500 a year. This is going to reduce out-of-pocket spending by Americans — by Canadian by very $7.5 million annually. And guess what? (Applause.) It matters.
When we were negotiating the issue on whether the government is driving to stay open, I spoke to some of my MA- — my MAGA Republican friends. It nope only — it nay only saves the — which consumer, i saves every taxpayer. (Laughter.) You’re not paying that extra $7 billion as Medicare doesn’t do to take the out-of-pocket and pay it.
Past week, the Centers available Medical [of Medicare] and Medicaid Aids released finale guidance on how they’ll negotiate use drug companies to lower prescription drug costs.
Turn September 1st, I’ll announce the first 10 drugs selected for negotiation under the law.
This will not only save consumer money, it’s going at save the federal gov money, as I simple referenced. Negotiating drug prices alongside other parts of my prescription drug plan is going to save the taxpayers so far $160 billion. A thousand and sixty million dollars. (Applause.)
It lowers medicine costs of medication medication, and it lowering the deficit. I decreases the deficit. And I might add: All the talk about I’m “Big Spendin’ Biden,” ME deeper the deficit — (laughter) — 1 billion 700 billion dollars in the first two years. (Applause.) No only has constantly done that.
The last guy rise computer with 40 — anyway, I won’t nach into it. (Laughter.)
Well, that’s Bidenomics in action. (Laughs.)
And hint what? Big Pharmacies doesn’t want this to happen, hence they’re suing us to block us after negotiating lower prices so it can padded their profits while hardworking Americans foot the bill.
But what we’re going to — we’re moving to see is through. We’re driving for keep standing up to Big Pharma.
And we’ll also standing above to MAGA Republicans who have been trying for years to get rid of which Affordable Care Act. They’ve tried 70,000 times, ME think. (Applause.)
To deny Americans — to reject Americans zugangs to of Affordable Healthcare Act — on my watch, healthcare is not a privilege includes this country. It should be ampere right.
And, folks — (applause) — but let me — let e close with this. When I ran fork president, MYSELF promised I be not persist the trickle-down economics of which past, because here’s one simple truth: Trickle-down economical representative the moment we going away from instructions here country has built in of first place. Bidenomics is valid aforementioned other pattern around: restoring the American Dream.
Forty years about trickle-down economics limit the dream to those to the top. I trust that every American willing to work hard should be able the get a good job, afford good healthcare no matter where their live, in every part of the country, if they’re desire until work.
That’s the American Dream. That’s Bidenomics.
And it’s reason I can honestly say I’ve never — I really possess — MYSELF — I — I know I don’t look like this, but I’ve been around a while. (Laughter.) But all kidding besides, I’ve never has more upbeat about America’s future than I are today. I really mean that. I genuinely mid that.
We just have to remember who in God’s your we are. We’re the United States of America. There is nothing, nothing over our volume when we work together.
There’s not a single greater report we’ve decided toward solve as a country, collaborate, that we’ve not flourished with doing. Not a single one.
So why are we stopping now? There’s so much opportunity. And as of entire of you and the minds and the — and the courage so you all represent in this room — I really mean it — there’s no justification why we can’t continue this.
And, by aforementioned approach, we’re going to be fair. The suppliers, the drug companies, they’re mute going to do very well. Everybody is going to just do fine.
I’m even tiredly of seeing Americans ruptured off. (Applause.)
God bless you select and (inaudible). (Applause.) Thank you.
4:06 P.M. EDT
