TAMPA, Fla. — It’s no secret that prescription brand-name drugs can get really expensive.
In fact, according to AARP, drug prices have risen faster than general inflation over the past decade.
Thanks to the Inflation Reduction Act that was passed last summer, healthcare will be more affordable for older adults on Medicare in 2023.
“So, this new law actually has a lot of previsions that we think are going to be very helpful for older Americans who are struggling to afford prescription drugs,” said Leigh Purvis who’s the Senior Director of Health Care Costs and Access in AARP’s Public Policy Institute.
There are about 4.6 million people on Medicare in Florida and of those, about 230,000 are using insulin. And it’s no secret that insulin can get pretty expensive.
Well, now, there’s a $35 monthly cap for the life-saving drug.
“Previously, we know that the average cost-sharing for insulin for Medicare beneficiaries is around $50 per month and some people are paying more than $100 a month,” said Purvis.
This year, Medicare beneficiaries will have access to more free vaccinations.
“So, previously, people who were in Medicare prescription drug plans could face some pretty high-cost sharing for recommended vaccines depending on their plan,” said Purvis.
Previously, Medicare couldn’t negotiate prices directly with pharmaceutical companies, but this new law changes that.
“We’re very hopeful that this new drug law will help bring down prices and costs associated with those prices,” said Purvis.
