President Joe Biden continued touting his efforts to lower costs for consumers on Friday, unveiling his new healthcare policies that drop healthcare prices for U.S. citizens, which falls under the umbrella of his "Bidenomics" agenda.

Biden's new plan is separated into three parts. The first is no more surprise medical billing, which eliminates surprise costs from out-of-network doctors. The second is restricting short-term insurance plans, which the administration claims is not up to par with more long-term plans. The final is a look at how medical credit cards and loans are affecting U.S. citizens.

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The office of the Assistant Secretary for Planning and Evaluation at the Department of Health and Human Services also announced its estimate that the Medicare Part D restructuring in the Inflation Reduction Act will reduce enrollee out-of-pocket spending by $7.4 billion annually for nearly 19 million people.