Since I came to Congress, lowering prescription drug costs by allowing Medicare to negotiate pricing has been one of my top priorities. We passed the Inflation Reduction Act this year to achieve that goal, and for many Americans, that will mean lower drug costs in the new year. I spoke with AARP Connecticut earlier this week to discuss what these savings will mean for seniors. You can listen to my remarks below. 

Starting on January 1st, manufacturers will be required to pay rebates if prices rise faster than inflation. Insulin co-pays will be capped at $35 per month for Medicare recipients, and recommended vaccines will be available at no cost for seniors.

In the coming years, additional savings will be made available for Medicare recipients, including a $2,000 cap on annual out-of-pocket prescription drug costs. In 2023, Medicare will begin to directly negotiate drug prices on behalf of all recipients.  

To learn more about how the Inflation Reduction Act will lower drug costs, click here. This legislation will mean real savings for seniors in the new year, and there is more we must do. I will continue to urge my colleagues to pass my legislation, Social Security 2100: A Sacred Trust, which will provide an across-the-board benefit increase and improve the annual cost-of-living adjustment to ensure benefits keep pace with inflation.  

To follow what I’m working on both in Washington and in Connecticut, visit my Facebook page, follow me on Twitter, or follow me on Instagram.   

Regards,

John B. Larson
Member of Congress