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Dear Friends,
With Medicare Open Enrollment now underway until December 7th, I want to tell you about recent improvements we made to Medicare that are already lowering health care costs.
In 2022, Democrats passed a historic law thanks to Vice President Harris’s tie-breaking vote. This new law gives Medicare the power to negotiate lower prescription drug prices–and it reduces costs for seniors in several important ways.
For example, recommended vaccines, like the shingles vaccine, are now free for people with Medicare prescription drug coverage.
And, starting in January, total out-of-pocket costs for prescription drugs will be capped at $2,000 a year, no matter how expensive your drugs are. That means that seniors will never pay more than a total of $2,000 per year for prescription drugs covered under Medicare–including expensive drugs that treat cancer and chronic illnesses.
In addition to these cost-saving benefits, Congress and the President gave Medicare the authority to negotiate prescription drug prices. For too long, Big Pharma has charged Americans more than patients in other countries. Although I believe in supporting our research and innovation, there is no reason to price gouge our citizens.
I’m happy to report that Medicare just completed negotiations over the first ten drugs, chosen because they are both the most expensive and frequently used prescription drugs in the Medicare program. The cost savings are substantial - between 38% to 79% REDUCTIONS in list prices. These new, lower prices will go into effect in 2026, and Medicare will continue to negotiate prices for additional drugs each year for the foreseeable future.
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