The Inflation Reduction Act, which President Biden signed into law this summer, is the most consequential piece of legislation for older Americans in decades.
For years, Members of Congress and advocates have worked to allow Medicare to negotiate prescription drug prices, one of the easiest ways to bring Medicare costs down. Finally, through the Inflation Reduction Act, Medicare can now negotiate prices for lifesaving drugs that millions of older Americans rely on.
The bill also caps Medicare prescription out-of-pocket costs at $2,000 per year, where there was no limit before, makes vaccines free for Medicare and Medicaid recipients, and caps the costs of insulin at $35 per month for Medicare recipients. It also lets you pay large out-of-pocket drug costs over time instead of right when you start taking the drug.