Is the Inflation Reduction Act failing Oklahoma’s senior citizens? | Opinion

It’s easy for a Republican like me to beat up on President Joe Biden, but the mega-billion spending boondoggle known as the Inflation Reduction Act (IRA) genuinely deserves serious criticism. Despite its clever title, the real result of that legislation is that the cost of almost everything has gone up. Americans won’t be fooled by politicians' spin. They know this reckless spending has caused inflation. They feel it every day in their pocketbook.

There is no better example than the skyrocketing cost of prescription drug premiums for Medicare Part D that seniors are experiencing this year. That increase can be directly blamed on Biden and the IRA.

According to a recent study by the Council for Affordable Health Coverage, Medicare Part D premiums are up an average of 21%. Part D is the Medicare program that covers drugs. Early indications are that next October, those on Medicare could expect an increase announced for 2025 plan premiums. And not only are monthly premiums skyrocketing, but the number of plans senior citizens have to choose from has declined by 27%.

More: Guest column: What can we expect locally from the Inflation Reduction Act?

Of course, we should have seen this coming ― and many folks, like the Oklahoma congressional delegation, did see it. They all voted NO on the act and warned of these consequences.

A key component of Biden’s IRA was to take $270 billion away from Medicare that could have been used to keep premiums down. Biden used those Medicare dollars to subsidize green energy initiatives like electric vehicle battery and solar panel production, which are subsidies that will help Chinese companies. Stealing money from Medicare for pet projects is unconscionable. Medicare dollars should be off limits. They should only be used to improve senior health and to help them afford their medicines.

The reality is medicine is no different from other products. Competition leads to better medicines at lower costs. Instead of encouraging options for patients and consumers, the IRA instead sets up government price controls that simply do not work. Today there are less than half the number of plans available now as when Medicare Part D started. Because of this, there is less incentive for price competition. So not only have the costs of plans gone up, but so have copays within those plans ― up to 21% for preferred drugs, and almost half of the plans are charging a 50% copay for non-preferred and generics.

Seniors struggling with illness are also looking for new drugs to prolong and improve their lives. But as they always do, government price controls are discouraging research and development.

I encourage Congress to do everything it can to put the genie back in the bottle and return Medicare Part D and Medicare Advantage to the free-market principles that enabled them to be so successful. When originally launched, Part D had many more options and it radically reduced out-of-pocket drug expenses for millions of Americans. But Washington, D.C., just could not let competition among plans and senior choice work. They monkeyed with it and have instituted disastrous price controls that do very little for consumers yet raise premiums and destroy new drug innovation in every country where they have been tried.

Harold Haralson is a retired emergency room doctor, Navy Veteran, former mayor of Norman, former county commissioner in Cleveland County, and was a Trump delegate to the 2016 Republican National Convention.

This article originally appeared on Oklahoman: Oklahoma seniors want more options with Medicare Part D, Advantage