Seniors Notified of Health Benefits via Inflation Reduction Act
TL/DR –
The Inflation Reduction Act aims to lower drug prices for seniors, with key provisions including free vaccines, a $35 monthly cap on each covered insulin, and a cap on out-of-pocket prescription drug costs which will drop to $2,000 next year. Further provisions discussed at a roundtable event hosted by Rep. Lisa Blunt Rochester included expanded eligibility for Medicare Part D’s Extra-Help Low-Income Subsidy, and Medicare’s negotiating the price of prescription drugs. According to the U.S. Department of Health and Human Services, about 63,000 Delawareans will save an average of $449 per year on prescription drug costs because of the Inflation Reduction Act.
The Inflation Reduction Act: A Solution for High Drug Prices for Seniors
The Wilmington Senior Center recently held a roundtable on the Inflation Reduction Act and its role in lowering seniors’ drug prices. The event was hosted by Rep. Lisa Blunt Rochester and featured Chiquita Brooks-LaSure, the administrator for the Centers for Medicare & Medicaid Services.
Brooks-LaSure outlined three key provisions of the Act that benefit seniors. These include covering the cost of recommended vaccines by the CDC, including the shingles vaccine, a $35 monthly cap on each covered insulin, and a cap on catastrophic drug costs. The latter will drop to $2,000 next year.
Impacts of High Drug Prices for Seniors
Highlighting the importance of these cost reductions, Brooks-LaSure shared the story of a leukemia patient who had to pay $12,000 for a single treatment, amounting to 13% of her income. Moreover, the Act includes provisions for expanded eligibility for Medicare Part D’s Extra-Help Low-Income Subsidy and allows Medicare to negotiate prescription drug prices.
Rep. Blunt Rochester detailed the importance of educating seniors on these cost-saving measures. She emphasized, “A lot of people don’t know about their eligibility for free shingle shots or the cap on insulin costs.”
The U.S. Department of Health and Human Services estimates that about 63,000 Delaware seniors will save an average of $449 per year on prescription drug costs, thanks to the Inflation Reduction Act.
Resources for Seniors
Blunt Rochester’s office provides resources to assist seniors with these benefits and is available to share with family and neighbors. For additional information, visit Medicare.gov, Ssa.gov, Shiphelp.org, and BluntRochester.house.gov.
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