Biden's Plan to Lower Prescription Drug Costs and Save Social Security: Fact Check and Analysis.

President Joe Biden spoke at UNLV in Las Vegas about his commitment to lowering prescription drug costs and making healthcare more affordable. He highlighted the benefits of the recently passed Inflation Reduction Act, which eliminated the cost of common vaccines for seniors on Medicare and capped the out-of-pocket cost of insulin at $35 for seniors on Medicare with diabetes. Biden's additional Medicare and prescription reforms have led to drug companies that raise prices faster than the rate of inflation to rebate the difference to Medicare, and an annual $2,000 out-of-pocket maximum will go into effect for all Medicare beneficiaries' drugs. Medicare can now negotiate prices with drug manufacturers, which Biden said will save the federal government $160 billion.