Harris Proposes $40B Medicare Expansion Funded by Cuts to Pharma Profits

Oct 12, 2024, 08:56 AM

Vice President Kamala Harris has proposed expanding Medicare coverage to include in-home care, vision, and hearing benefits for people over the age of 65, targeting an "invisible corner of the economy." The plan aims to fund these new benefits by cutting the pharmaceutical industry's profits in Medicare. The proposal is estimated to cost $40 billion annually. Some experts question the wisdom of increasing spending without addressing the federal deficit, which has reached $1.9 trillion. Harris has been releasing her plans for the "care economy" in piecemeal fashion, and this latest proposal focuses on supporting older Americans and helping families care for loved ones at home. The plan is seen as more promising than relying on ultra-expensive drugs, with references to initiatives like the CME pilot project that helps families support a suffering loved one.