NEW YORK (AP) — Millions of older adults on Medicare prescription drug coverage could face steeper monthly costs in 2027, after the Trump administration concludes a temporary subsidy program that has helped offset premiums for the past two years. The Centers for Medicare & Medicaid Services this week announced it would wrap up the program, which was initially implemented by the Biden administration in 2024 to lower patients’ Medicare Part D prescription drug costs in response to effects of the 2022 Inflation Reduction Act. “The Trump administration is actively raising prescription drug costs for 25 million seniors,” Senate Minority Leader Chuck Schumer wrote on X in response to the news, which was first reported by The Wall Street Journal. CMS Administrator Dr. Mehmet Oz on Tuesday said ending the subsidy program would prevent billions of taxpayer dollars from being funneled to insurance companies. The subsidies offset the average premium by $16 in 2026, according to the federal Medicare Payment Advisory Commission (MedPAC).