Staff Contact: Andrew Wheeler
President Biden released a proposed budget for FY 2024 that includes plans “to invest in America, lower costs for families, protect and strengthen Social Security and Medicare, and reduce the deficit.” Although the budget likely is dead on arrival, it includes notable information that may guide regulating agency action in 2024.
The HHS FY 2024 budget includes a request of $144.3 billion in discretionary funding and $1.7 trillion in mandatory funding. The budget would extend Medicare solvency by at least 25 years, lower drug costs, expand access to health care, transform behavioral health care and expand the health workforce. The budget includes $150 billion for inpatient hospital services, $72 billion for physicians, $72 billion for hospital outpatient services and $127 billion for Part D drug coverage. Funding for Medicare Advantage totaled $458 billion, or 45.8% of the total Medicare benefit expenditures. To help fund the budget outlays, the proposal would extend the Medicare sequester at a scored savings of $36.7 billion throughout 10 years, increase the Medicare tax rate on income above $400,000 and credit savings from the prescription drug reforms to the HI Trust Fund.
MHA published an issue brief with additional details.