Key Takeaways
- The Biden administration not too long ago introduced a projected discount of out-of-pocket prices for seniors as a part of the Medicare drug negotiations, but massive majorities of voters haven’t heard about these financial savings, with nearly half (45%) who say they’ve heard “nothing in any respect,” whereas 1 / 4 have heard “rather a lot” or “some.” Bigger shares of older voters, these ages 65 and older, say they’ve heard “rather a lot” or “some” about these financial savings, with a 3rd (32%) who say so, in comparison with two in ten (22%) of these beneath age 65. Most voters proceed to be unaware of the Medicare drug pricing provisions within the Inflation Discount Act, or IRA, that was handed by Congress and signed into legislation by President Biden greater than two years in the past, although consciousness of a number of the provisions is increased amongst older voters – the group most impacted by the provisions.
- Whereas consciousness of Medicare drug negotiations continues to lag, KFF finds widespread assist for this coverage. Majorities of voters assist authorizing the federal authorities to barter drug costs, whereas one in seven (14%) oppose. This provision is supported by 9 in ten Democrats and unbiased voters (92% and 89%, respectively) and three-quarters of Republican voters (77%). It is usually supported by 88% of older adults, these ages 65 and over, together with majorities throughout partisans.
- Voters’ views of who’s liable for the laws in addition to the anticipated financial savings from the negotiations are largely partisan. Total, a slight majority (55%) of voters ages 65 and older assume Medicare negotiating will decrease their very own prescription drug prices, however the share who anticipate to see financial savings will increase to just about two-thirds (64%) of older Democratic and Democratic-leaning voters. Alternatively, about half (52%) of older Republican and Republican-leaning voters say they don’t anticipate the negotiations to have any influence on their drug prices. As well as, voters are additionally extra seemingly to provide their very own celebration leaders credit score for passing laws aimed toward reducing the value of prescribed drugs for folks on Medicare, although Republican voters are much less smitten by their celebration leaders’ roles. Bigger shares of Democratic voters than Republican voters say President Biden, Vice President Harris, and the Democrats in Congress performed a “main” or “minor” position in passing laws for reducing drug costs for folks on Medicare, whereas Republican voters are extra seemingly than Democratic voters to say the identical about Republicans in Congress. An analogous share of Republican voters give former President Trump credit score for passing the laws as give credit score to President Biden.
- Vice President Harris’ marketing campaign has introduced proposals for increasing a number of the IRA provisions past these with Medicare protection. Majorities of voters, total and throughout partisanship, assist these proposed provisions, although smaller shares of Republicans are on board. Three-quarters (77%) of voters assist the proposal to broaden the $35 cap on out-of-pocket prices for insulin past these with Medicare, together with majorities of Democratic voters (84%), unbiased voters (79%), and Republican voters (70%). Seven in ten (69%) voters assist the proposal to broaden the $2,000 annual restrict on out-of-pocket prescription drug prices past these with Medicare, together with 83% of Democrats, 70% of independents, and 58% of Republicans.
Most Voters Proceed to Be Unaware of IRA Provisions to Cut back Prescription Drug Costs
Most voters proceed to be unaware of the Medicare drug pricing provisions within the Inflation Discount Act, or IRA, that was handed by Congress and signed into legislation by President Biden greater than two years in the past, although consciousness of a number of the provisions is increased amongst older voters – the group most impacted by the provisions.
4 in ten voters at the moment are conscious there’s a federal legislation in place that caps the price of insulin for folks with Medicare at $35 monthly, whereas one other third (35%) are conscious of the legislation that requires the federal authorities to barter the value of some prescribed drugs for folks with Medicare. 1 / 4 of voters (27%) are conscious of the federal legislation that locations a restrict on out-of-pocket prescription drug prices for folks with Medicare, and one in eight (12%) are conscious that there’s a legislation in place that penalizes drug firms for growing costs quicker than the speed of inflation for folks with Medicare.
Bigger shares of voters ages 65 and older are conscious of a few of these drug pricing provisions of the IRA. For instance, six in ten (61%) voters ages 65 and older are conscious of the legislation that caps the price of insulin for folks with Medicare and a few third (34%) of older voters are conscious of the availability that locations an out-of-pocket restrict on prescription drug prices. Comparable shares of older voters in comparison with youthful voters are conscious of the availability that requires the federal government to barter the value of some prescribed drugs and that penalizes drug firms for growing costs quicker than the speed of inflation for folks with Medicare.
Whereas consciousness of the Medicare drug pricing provisions elevated, particularly amongst older voters, from November 2023 to Might 2024, consciousness has remained regular over the previous a number of months.
Voters Stay Unaware of Affect of Medicare Drug Negotiations, Older Adults Are Unclear if It Will Cut back Their Prescription Prices
The Biden administration recently announced that the decrease costs negotiated for some prescribed drugs would have saved the federal authorities $6 billion in 2023 with an estimated $1.5 billion discount in out-of-pocket prices for older adults when decrease costs take impact in 2026. Massive majorities of voters haven’t heard about these projected financial savings, with nearly half (45%) who say they’ve heard “nothing in any respect” concerning the negotiations, whereas 1 / 4 (25%) have heard “rather a lot” or “some.” One other three in ten (30%) have heard “just a little” concerning the negotiations.
Bigger shares of older voters, these ages 65 and over, say they’ve heard “rather a lot” or “some” about these financial savings, with a 3rd (32%) who say so, in comparison with one in 5 (22%) of these beneath age 65.
Equally, bigger shares of Democratic and unbiased voters have heard concerning the projected financial savings, with a few third (34%) of Democrats and 1 / 4 (27%) of independents who’ve heard no less than “some,” in comparison with about one in six (16%) Republican voters.
Total, nearly 9 in ten (85%) voters assist authorizing the federal authorities to barter drug costs, whereas one in seven (14%) oppose. This provision is supported by 92% of Democratic voters, 89% of unbiased voters, and 77% of Republican voters. Whereas assist for the legislation is decrease amongst Republicans, most Republican voters assist it.
Along with supporting the federal authorities negotiations, a slight majority (55%) of voters ages 65 and older assume Medicare negotiations will decrease their very own prescription drug prices, whereas 4 in ten (43%) older voters assume negotiating received’t have any influence on their prescription drug prices. Expectations that Medicare negotiations received’t decrease drug prices appear to be partisan, with two-thirds (64%) of older Democratic and Democratic-leaning voters pondering it would decrease their drug prices, whereas about half (52%) of older Republican and Republican-leaning voters pondering it received’t have any influence on their drug prices.
The Inflation Discount Act was enacted under President Biden with none Republican assist in Congress. Six in ten voters say President Biden had a “main” or “minor” position in passing the current legislation aimed toward reducing drug costs for folks on Medicare, together with 4 in ten (37%) who say he had a “main” position. Comparable shares of voters say the identical about Democrats in Congress, with six in ten (60%) who say they performed a “main” or “minor” position. One other 4 in ten (42%) voters say Vice President Harris performed a task. Credit score for the current legislation may very well be key as she picks up these points on her personal platform for president.
Virtually half (46%) of voters assume that Republicans in Congress performed a task in passing the current legislation, with a small share saying they performed a “main” position (14%). A few quarter of voters credit score former President Trump for the passage of the legislation aimed toward reducing drug costs for these on Medicare, with 1 / 4 (28%) who say he performed a “main” or “minor” position, whereas 41% say he had no position in passing the current legislation. Between 1 / 4 and a 3rd of voters aren’t certain how huge of a task these teams performed within the well being care laws.
Partisans usually tend to give their very own celebration leaders credit score for passing laws aimed toward reducing the value of prescribed drugs for folks on Medicare, although Republican voters are much less smitten by their celebration leaders’ roles. Bigger shares of Democratic voters than Republican voters say President Biden, Vice President Harris, and the Democrats in Congress performed a “main” or “minor” position in passing laws for reducing drug costs for folks on Medicare. Whereas Republican voters are extra seemingly than Democratic voters to say former President Trump and the Republicans in Congress performed a task, solely a few quarter of Republican voters stated both (23% and 24%, respectively) performed a “main position.” In truth, an identical share of Republican voters give former President Trump credit score for passing the laws as give credit score to President Biden.
Total, eight in ten (81%) Democratic voters say Biden performed a task in passing the laws, 4 in ten (39%) of Republican voters say the identical about Trump. One other eight in ten Democratic voters say Democrats in Congress performed a “main” or “minor” position in passing the laws, whereas over half (54%) of Republicans say the identical about Republicans in Congress.
Voters Assist Increasing on IRA Provisions
Vice President Harris’ marketing campaign has introduced that, if elected, her administration hopes to expand some of the drug pricing legislation beyond just those with Medicare, permitting others to profit from the cap on month-to-month out-of-pocket prices for these with insulin and the annual restrict on out-of-pocket prescription drug prices. Former President Trump has remained silent on a few of these points, though his administration implemented a program beneath which Medicare plans voluntarily lowered insulin copays to $35 monthly. Majorities of voters, total and throughout partisanship, assist these proposed provisions, although smaller shares of Republicans are on board. Three-quarters (77%) of voters assist the proposal to broaden the $35 cap on out-of-pocket prices for insulin past these with Medicare, together with majorities of Democratic voters (84%), unbiased voters (79%), and Republican voters (70%). Seven in ten (69%) voters assist the proposal to broaden the $2,000 annual restrict on out-of-pocket prescription drug prices past these with Medicare, together with 83% of Democrats, 70% of independents, and 58% of Republicans.
