The Inflation Reduction Act lowers drug prices for a lot of people. While that’s great, we still want to lower drug prices for EVERYONE.
Starting in January 2023, pharmaceutical corporations who raise their prices faster than inflation for drugs covered by Medicare will be penalized.
Starting next year, in 2023, Medicare beneficiaries will pay no more than $35 each month for insulin.
Starting in 2024, Medicare beneficiaries with costs at a level high enough to qualify for the “catastrophic coverage” benefit will no longer be forced to pay five percent of the cost of each of their prescriptions.
Starting in 2025, Medicare beneficiaries will not have to pay more than $2,000 annually for their prescription drug coverage.
According to the Kaiser Family Foundation, 1.4 million Medicare beneficiaries have to pay $2,000 or more out-of-pocket for their prescriptions each year. 1.3 million Medicare beneficiaries hit the threshold for the “catastrophic coverage” benefit each year.
And, of course, there’s also Medicare negotiation for key prescription drugs!
Starting in 2026, Medicare negotiation for key prescription drugs will help Medicare beneficiaries afford their medications more easily, and set a fair price for the drugs selected for negotiation. That’s a big deal. Over time, the number of prescription drugs subject to Medicare negotiation will increase.
That’s a lot of people paying a lot less money for their prescription drugs and insulin.
But we will not be satisfied until everyone is paying $0 for every medication.
From: [Your Name]
The Inflation Reduction Act is a great start. We need you to do more to lower prescription drug prices even further.