TL/DR –
U.S. Rep. Terri Sewell hosted a Seniors Resource Roundtable in Linden, Alabama, emphasizing the importance of the Inflation Reduction Act in reducing healthcare and prescription drug costs for Alabama’s senior citizens. The Act has helped over 29,000 Alabama seniors save an average of $400 annually on insulin costs due to its $35 per month insulin price cap, leading to insulin manufacturers reducing costs by up to 75%. The Act also allows for a $2000 annual cap on out-of-pocket prescription drug costs for Medicare beneficiaries from 2025 and facilitates Medicare’s negotiation for lower prescription drug prices.
Alabama Seniors Benefit from Inflation Reduction Act, Hosted by U.S. Rep. Terri Sewell
“Seniors Resource Roundtable” was conducted in Linden, Alabama, by U.S. Rep. Terri Sewell (AL-07). Key participants were AARP, the Social Security Administration and the Alabama Tombigbee Regional Area on Aging among others, offering resources and information to seniors in Alabama’s 7th Congressional District. Rep. Sewell emphasized the Inflation Reduction Act’s impact on reducing healthcare and prescription drug costs for many Alabama seniors and vowed to safeguard and expand Social Security and Medicare.
Rep. Sewell expressed, “We organized this roundtable to affirm every senior’s right to retire with dignity. Our seniors have contributed significantly to our communities, and it’s our obligation to ensure they receive the needed resources and care at an affordable cost. This understanding is shared by President Biden, making senior care our topmost priority.”
With Rep. Sewell’s endorsement, the Inflation Reduction Act was passed by Congress and signed by President Biden in 2022. The Act’s insulin price cap of $35 per month resulted in significant savings for more than 29,000 Alabama seniors, averaging $400 annually compared to 2020. Consequently, the three largest insulin manufacturers, supplying nearly all US insulin, announced a reduction in their insulin prices by up to 75 percent.
The Act also limits Medicare beneficiaries’ out-of-pocket prescription drug costs to $2,000 annually from 2025 and enables Medicare to negotiate for lower prescription drug prices, benefiting seniors.
Rep. Sewell asserted, “The goal is clear. No senior should have to decide between affording food or life-saving medication. That’s why these savings are crucial and why I am determined to protect programs like Social Security and Medicare that are vital for our seniors.”
Find more details on the cost-saving benefits of the Inflation Reduction Act for Alabama’s 7th Congressional District here.
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