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) or, if the drug is entering the U.S. market first, based on an evaluation by the independent board members. This reasonable price will be the rate Medicare and the public option will pay. In addition, the Biden Plan will allow private plans participating in the individual marketplace to access a similar rate.
  • Limiting price increases for all brand, biotech and abusively priced generic drugs to inflation. As a condition of participation in the Medicare program and public option, all brand, biotech and abusively priced generic drugs will be prohibited from increasing their prices more than the general inflation rate. The Biden plan will also impose a tax penalty on drug manufacturers that increase the costs of their brand, biotech or abusively priced generic over the general inflation rate. 
  • Allowing consumers to buy prescription drugs from other countries. To create more competition for U.S. drug corporations, the Biden Plan will allow consumers to import prescription drugs from other countries, as long as the U.S. Department of Health and Human Services has certified that those drugs are safe.
  • Terminating pharmaceutical corporations’ tax break for advertisement spending. Drug corporations spent an estimated in 2016 alone on prescription drug advertisements to increase their sales, a more than four-fold increase from just in 1997. The American Medical Association has even expressed “.” Currently, drug corporations may count spending on these ads as a deduction to reduce the amount of taxes they owe. But taxpayers should not have to foot the bill for these ads. As president, Biden will end this tax deduction for all prescription drug ads, .
  • Improving the supply of quality generics. Generics help reduce health care spending, but brand drug corporations have succeeded in preserving a number of strategies to help them delay the entrance of a generic into the market even after the patent has expired. The Biden Plan supports numerous proposals to accelerate the development of safe generics, such as to make sure generic manufacturers have access to a sample.
  • II. PROTECT AND STRENGTHEN MEDICARE AS WE KNOW IT AND ENSURE QUALITY, AFFORDABLE HEALTH CARE FOR ALL OLDER AMERICANS 

    On March 23, 2010, President Obama signed the Affordable Care Act into law, with Vice President Biden standing by his side, and made history. It was a victory 100 years in the making. It was the conclusion of a tough fight that required taking on Republicans, special interests, and the status quo to do what’s right. But the Obama-Biden Administration got it done.

    Today, the Affordable Care Act is still a big deal – especially for older Americans. Because of Obamacare, over no longer have to worry that an insurance company will deny coverage or charge higher premiums just because they have a – whether cancer or diabetes or heart disease or a mental health challenge. Insurance companies on coverage. The law limited the extent to which insurance companies may charge you higher premiums just because of your age. And, the Affordable Care Act strengthened Medicare by ; giving Medicare beneficiaries access to , such as an ; and closing the prescription drug coverage gap, often referred to as the “.”

    But, every day over the past nine years, the Affordable Care Act has been under relentless attack.

    Immediately after its passage, Congressional Republicans began trying again and again to repeal it. , Republicans in Congress have only doubled down on this approach since January 2017. And, since repeal through Congress has not been working, President Trump has been unilaterally doing everything he can to sabotage the Affordable Care Act. Now, the Trump Administration is trying to get the entire law – including protections for people with pre-existing conditions – .

    As president, Biden will protect the Affordable Care Act from these continued attacks. He opposes every effort to get rid of this historic law – including efforts by Republicans, and efforts by Democrats. Instead of starting from scratch and getting rid of private insurance, he has a plan to build on the Affordable Care Act by giving Americans more choice, reducing health care costs, and making our health care system less complex to navigate. You can read Biden’s full health care plan [here]. In addition, to improve older Americans’ access to affordable, quality health care, Biden will: 

    III. PRESERVE AND STRENGTHEN SOCIAL SECURITY

    Social Security is the bedrock of American retirement. , and rely on Social Security for all, or almost all, of their income. The program has not only ensured that middle-class workers can enjoy the sound and secure retirement they worked so hard for, it also lifted older Americans out of poverty in 2017 alone. 

    The Biden Plan will protect Social Security for the millions of Americans who depend on the program. With Social Security’s Trust Fund already in deficit and, we urgently need action to make the program solvent and prevent cuts to American retirees. 

    But the Biden Plan doesn’t stop there. As president, Joe Biden will strengthen benefits for the most vulnerable older Americans – including widows and widowers, lifelong workers with low monthly benefits, and old-age beneficiaries who may have exhausted their other savings. Specifically, the Biden Plan will:

    IV. EQUALIZE SAVING INCENTIVES FOR MIDDLE-CLASS WORKERS

    In the modern retirement landscape, a sound retirement begins with years of diligent saving. While other aspects of the Biden Plan will help raise wages for workers and reduce costs for spending like child care and health insurance, the Biden Plan will also ensure that middle-class families get a leg up as they grow their nest egg. 

    Under current law, the tax code affords workers billion each year for various retirement benefits – including saving in 401(k)-type plans or IRAs. While these benefits help workers reach their retirement goals, many are poorly designed to help low- and middle-income savers – about two-thirds of the benefit goes to the wealthiest . The Biden Plan will make these savings more equal so that middle class families can enter retirement with enough savings to support a healthy and secure retirement. President Biden will do so by:

    V. PROVIDE HELP FOR OLDER WORKERS WHO WANT TO KEEP WORKING

    With longer lifespans and the changing nature of work, many Americans are choosing to stay in the workforce longer. Despite their valuable contributions, these workers often face illegal discrimination or steep tax penalties when they try to continue to earn a living. Joe Biden believes that all workers deserve an opportunity to earn a living and will fight to change the laws to allow all people – regardless of their age – to get the pay they deserve. The Biden Plan will: