Today’s signage of the Inflation Reduction Act means lower prescription drug prices for many of our patients here at Hamilton Community Health Network. Since 2003, when Congress passed a Medicare ‘benefit’ called Medicare Part D, Medicare has not been allowed to negotiate lower prices for prescription drugs. The result – drug companies raking in record profits and charging Americans the highest prices for prescription drugs in the world.
Last week, Senator Debbie Stabenow visited Hamilton to explain the impact the Inflation Reduction Act will have on many Hamilton patients. Overall, patients on Medicare will see:
- Capping out-of-pocket costs of prescription drugs at $2,000/year
- Capping out-of-pocket insulin costs at $35 per month
- Penalizing drug companies for price hikes under Medicare that exceed inflation rate
- All vaccines will be free to Medicare recipients
- Prescription payments can be spread over monthly payments for high-cost medications
- Additional copay and premium assistant to low-income seniors who are living at 135% to 150% of the poverty level
- Medicare will negotiate prescription drug prices on some of the most expensive and widely-used drugs beginning next year, with lower prices taking effect in 2026
Though it may take some time to feel or see the benefits of today’s Act, hopefully this can be the first step in a larger reform process to lower prescription costs for all Americans. In the meantime, Hamilton is here for you regardless of your ability to pay. If you need assistance with healthcare coverage, call us at 810-406-4246.
