Senator Stabenow in Grandville Highlighting Major Reforms to Lower Prescription Drug Costs
Inflation Reduction Act Lowers the Cost of Prescription Drugs, including Insulin and Health Insurance
Thursday, August 18, 2022GRANDVILLE – U.S. Senator Debbie Stabenow today highlighted major reforms in the Inflation Reduction Act to lower the cost of prescription drugs. Stabenow was joined by Senior Neighbors President Robert Barnes and Medicare Medicaid Assistance Program Coordinator Bob Connelly. President Joe Biden signed the Inflation Reduction Act into law earlier this week.
Senator Stabenow has been a longtime champion in the fight to cut the cost of prescription drugs and was instrumental in including major reforms in the Inflation Reduction Act. The law empowers Medicare to negotiate prescription drug prices and caps the Medicare out-of-pocket cost of insulin to $35 per month. It also caps Medicare beneficiaries’ out-of-pocket costs at $2,000 per year, and allows people to spread their costs over monthly payments. In addition, it increases help for low-income seniors on Medicare, provides free Medicare coverage of all vaccines, and penalizes drug companies for price hikes in Medicare that exceed the rate of inflation. It also lowers costs for people who buy insurance through the Affordable Care Act marketplace.
“Americans pay the highest prices in the world for their prescription drugs and it’s outrageous! To add insult to injury, taxpayers provide hundreds of billions of dollars in funding for the basic research that brings the new drugs to market. That’s why lowering the cost of life-saving medicine has been a major priority for me for years,” said Senator Stabenow. “I am very proud that my Democratic colleagues joined me in standing up to Big Pharma to get Michiganders and all Americans the help they need so they can afford their medicine.”
“For many seniors on low to moderate fixed incomes, making ends meet is difficult and anxiety producing. Many of them struggle with the cost of prescription medications and could find caps on costs to be a game changer that helps them live within a sustainable budget,” said Senior Neighbors President Robert Barnes.
“Every day I hear from Michigan seniors who are struggling to afford their prescription medications. The Inflation Reduction Act will drastically lower these costs. Thank you, Senator Stabenow for helping get this critical legislation over the finish line,” said Medicare Medicaid Assistance Program Coordinator Bob Connelly.
To learn more about the Inflation Reduction Act, click here.
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