August 22, 2022
By: Vincent DeMarco and Lynn Heller
“The legislation will also provide a range of health-related benefits to many Americans, through better access to care and reduced costs. To start, the measure gives Medicare the ability to negotiate some drug costs for seniors, saving money for the program — and taxpayers — and bringing down out-of-pocket costs for Medicare members.
The law will also cap the total out-of-pocket drug costs for Medicare recipients at $2,000 annually, which will provide new peace of mind for many Americans who struggle to pay for their medications. At a recent event, a retired State Police officer detailed how he has spent more than $35,000 annually on prescriptions needed to treat Parkinson’s disease. This legislation means he and many others in Medicare will save thousands of dollars a year on drugs.”Last modified: September 7, 2022