Jackson Hammond is a Senior Policy Analyst at Paragon Health Institute. He has been active in the federal and state health policy space since 2017.
Prior to joining Paragon, Jackson was a health care policy analyst for American Action Forum (AAF). While at AAF, his work focused on payer issues including private insurance, Medicare, and Medicare Advantage. Furthermore, Jackson wrote extensively about the 340B Program and contributed to AAF’s research on a variety of drug pricing issues.
CBO raised its projection of Medicare outlays from last year by seven percent, or $1 trillion, over the next decade. Of that increase, $600 billion comes from CBO concluding the Medicare Part D provisions of the IRA were much more expensive than originally forecasted in 2022. CBO now attributes much of the additional cost to the Part D changes in the Inflation Reduction Act (IRA), which increased plan liability and federal subsidies while reducing choice for enrollees and market competition. The IRA’s Part D changes have pushed one of the most market-oriented public programs of the 21st century into a spiral of fewer plan options, higher premiums, and escalating taxpayer costs. For comparison, the original Medicare Part D legislation was initially estimated to cost around $550 billion over its first eight years (2006 to 2013) but ended up costing $400 billion, 27.3 percent less than expected.
CBO raised its projection of Medicare outlays from last year by seven percent, or $1 trillion, over the next decade. Of that increase, $600 billion comes from CBO concluding the Medicare Part D provisions of the IRA were much more expensive than originally forecasted in 2022. CBO now attributes much of the additional cost to the Part D changes in the Inflation Reduction Act (IRA), which increased plan liability and federal subsidies while reducing choice for enrollees and market competition. The IRA’s Part D changes have pushed one of the most market-oriented public programs of the 21st century into a spiral of fewer plan options, higher premiums, and escalating taxpayer costs. For comparison, the original Medicare Part D legislation was initially estimated to cost around $550 billion over its first eight years (2006 to 2013) but ended up costing $400 billion, 27.3 percent less than expected.
Jackson Hammond is a Senior Policy Analyst at Paragon Health Institute. He has been active in the federal and state health policy space since 2017.
Prior to joining Paragon, Jackson was a health care policy analyst for American Action Forum (AAF). While at AAF, his work focused on payer issues including private insurance, Medicare, and Medicare Advantage. Furthermore, Jackson wrote extensively about the 340B Program and contributed to AAF’s research on a variety of drug pricing issues.
