Dear Neighbor,
For years, the price of healthcare and prescription drugs have soared, with little relief for working families. Democrats in Congress and the Biden Administration have worked hard to lower healthcare costs. We’ve already started to see the effects, as millions of Americans have begun to save money on the prescriptions they need – especially older Americans.
On October 15, the Medicare Open Enrollment period began, and seniors can now sign up for the program. Thanks to laws that Democrats and President Biden passed, older Americans can now choose Medicare plans that reduce the costs of prescription drugs, insulin, and vaccines. You can learn more below.
Drug prices are lower for Medicare Beneficiaries. As of October 15, any drug covered by Medicare Part B will have a lower coinsurance if the price has increased above inflation. And starting January 1, 2024, Medicare Part D enrollees who have prescription drug costs above $8,000 per year will no longer be required to pay any cost share for their Part D drugs. In 2025, that threshold will go down to $2,000 per year, which will save nearly 19 million older Americans an average of $400 per year.
Thanks to the Inflation Reduction Act passed by Democrats and President Biden last year, the cost for insulin for Medicare beneficiaries is capped at $35 per month. For many older Americans, that monthly cost will come down from monthly costs as high as $200.
And recommended vaccines are now completely free under Medicare. That means no cost for vaccines to prevent shingles, tetanus, hepatitis, COVID, and the flu.
This is all great progress, but our work isn’t finished. I will continue to fight to lower healthcare costs for you and your family.
