President Donald Trump announced in late October 2020 one-time payments of $90 to over 20 million seniors for Medicare Part B premiums, following earlier promises of $500 checks for Affordable Care Act premiums and $5,000 per American adult if Republicans win the midterm elections. The latter promise would cost over $1 trillion, increasing the deficit and worsening inflation. Only 17% of Americans approve of Trump’s handling of inflation according to polls. These payments will be funded through the Medicare Improvement Fund, established by Congress in 2008, and distributed in October via direct deposit or check.
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