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GOVERNOR HOCHUL: TRUMP’S NEW MEDICARE CUTS THAT WILL RAISE PRESCRIPTION DRUG COSTS FOR 1.3 MILLION SENIORS ACROSS NEW YORK

Governor Kathy Hochul  announced the Trump Administration’s controversial plan to end Medicare Part D subsidies will raise prescription drug costs for around 1.3 million seniors across New York State, according to policy analyst estimates.

Governor Hochul joined seniors in New York City to demand that the Trump Administration stop these planned Medicare cuts and end their crusade to raise costs for millions of seniors across the nation. If the Trump Administration proceeds with its plans to end Medicare Part D subsidies, impacted seniors could see higher monthly premiums starting in 2027.

As Governor Hochul slammed Trump’s latest plans for Medicare cuts, she also highlighted how New York has delivered healthcare savings for seniors through her major expansion of the Medicare Savings Program, banning copays for insulin, and other initiatives.

“The Trump Administration’s latest attack on Medicare will raise prescription drug costs for seniors across New York — and I’m calling on Trump to reverse these Medicare cuts now,” Governor Hochul said.

“While Republicans in Washington are hellbent on making life harder and more expensive for hard-working Americans, I’m staying laser-focused on helping seniors and putting money back into New Yorkers’ pockets.”

Last week, the Trump Administration announced it would end the Medicare Part D Premium Stabilization Demonstration Program by the end of the year – a year earlier than intended. This program, initiated by the Biden Administration in 2024, was intended to stabilize stand-alone prescription drug plan premiums for enrollees, by providing subsidies to plan sponsors. Analysts estimate that these subsidies offset the average prescription drug plan premium by $16 per month in 2026.

Raising prescription drug costs that millions of older New Yorkers rely on every day risks putting additional financial pressure on seniors living on fixed incomes. Since taking office, Governor Hochul has been committed to making life more affordable for all New Yorkers, including seniors. Her initiatives include:

• Expanded Medicare Savings Program: The Medicare Savings Program helps Medicare beneficiaries living on limited incomes by paying their Medicare Part B premiums. Governor Hochul’s expansion of the program increased enrollment by 20% to serve more than 1 million New Yorkers today. This program saves eligible New Yorkers $203 per month, meaning $2.4 billion in Medicare Part B premiums every year that New Yorkers do not have to pay.

• Eliminating Co-Pays for Insulin: 1.58 million people are living with diabetes in New York and according to the American Diabetes Association, people with diabetes have medical expenses that are 2.3 times higher than people who do not have diabetes and the impact is even larger for communities of color, which face disproportionately high diagnosis rates. Governor Hochul spearheaded the most expansive prohibition policy against insulin cost-sharing in the nation, saving residents millions of dollars. Estimates show that this proposal has saved New Yorkers $25 million over the last two years.

• EpiPen Price Cap: The Governor signed legislation in 2024 that reduced the sky-high costs of epinephrine auto-injector (“EpiPen”) devices for consumers with commercial health insurance. The legislation required health insurers to cover EpiPens and capped the amount consumers would be required to pay out-of-pocket at $100, making the life-saving treatment more affordable for the New Yorkers who need it. The initiative has saved New Yorkers approximately $2.4 million in 2026.

Congressman Jerry Nadler said, “Donald Trump’s Big Ugly Bill already kicked 500,000 New Yorkers off potentially life-saving health coverage, with hundreds of thousands more expected to suffer the same loss next year. Now, his cruel attack on Medicare Part D will force millions of seniors in New York and across our country to pay more for the lifesaving medicines they rely on every day. I will continue fighting to protect our seniors from these devastating policies in Congress, and I thank Governor Hochul for her leadership to lower costs for New York’s seniors.”

Assembly Member Rebecca Seawright said, “As Chair of the New York State Assembly Committee on Aging, I know that even small increases in prescription drug costs can have devastating consequences for older adults living on fixed incomes. Seniors should never be forced to choose between filling a prescription and paying for groceries, rent, or other necessities. New York has made meaningful progress by expanding access to affordable healthcare and lowering out-of-pocket costs for older adults, and we cannot allow that progress to be undermined. I thank Governor Hochul for standing up for New York’s seniors and fighting to protect affordable access to the medications they depend on every day.”