For years, the price of health care services and prescription drugs have soared, with little relief for working families. That’s why House Democrats and the Biden administration have been working hard to lower health care costs for those who need it most. We’re already seeing the effects of that fight. In fact, millions of Americans are already saving money on the medication they need — especially seniors.
On October 15, the Medicare Open Enrollment period began and seniors now have the opportunity to sign up for the program. This year, they are able to choose Medicare plans with new cost-saving benefits that came out of laws that Congressional Democrats and President Biden passed, including the Inflation Reduction Act. Today, I’m reaching out to make sure you know about those options.
Thanks to the Inflation Reduction Act, the cost of insulin for Medicare beneficiaries is now capped at $35 per month. For many, that monthly cost will come down from as high as $200 per month. But that’s not all:
Starting October 15, many beneficiaries will now pay less for prescription drugs. Any drug covered by Medicare Part B will have a lower coinsurance if the price has increased above inflation. In 2024, Medicare Part D enrollees who have drug costs high enough to go beyond a certain threshold will no longer be required to pay any cost sharing for their Part D drugs. Starting January 1, 2024, this threshold is set at $8,000.That means seniors with some of the highest prescription drug costs could see thousands of dollars in savings next year. By 2025, this will move to a flat $2,000 cap on out-of-pocket prescription drug costs, saving nearly 19 million seniors an average of $400 a year.
Recommended vaccines are now covered under Medicare without cost-sharing. That means no out-of-pocket cost for vaccines to prevent shingles, tetanus, hepatitis, COVID, and flu.
Starting this month, if a drug company raises the price of a Medicare Part D prescription by more than the rate of inflation, the manufacturer will have to pay the difference in price back to Medicare. That means more money for Medicare to cover costs — savings that will be passed onto seniors.
To find out more about Medicare Open Enrollment, how you can change your own plan or work with the seniors in your life to get them on Medicare, visit here: Medicare.Gov or call 1-800-MEDICARE.
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If you need assistance with your Medicare benefits, please contact my office: 832-325-3150
As your representative in Congress, I'll keep working to lower health care costs for you and your family so that no one has to worry about being able to afford the medicine they need to live.
Sincerely,
Sylvia R. Garcia
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