WASHINGTON, D.C. — While seniors nationwide who are on Medicare-D stand to see savings from the Democrats' Inflation Reduction Act that President Joe Biden signed Tuesday, those in the Sunshine State will benefit in particular because of its demographics, a White House official said.
What You Need To Know
- President Joe Biden this week signed the Inflation Reduction Act
- A White House official said many Florida seniors on Medicare Part D will save due to the law
- It caps the prescription drug costs paid by seniors insured under Medicare Part D to $2,000 yearly
- Florida's demographics point to the measure being a boost to many Floridians, the official said
A major provision of the law is a cap on the prescription drug costs paid by seniors insured under Medicare Part D to $2,000 per year starting in 2025. The legislation also allows Medicare for the first time to negotiate lower drug prices with pharmaceutical companies.
"When you think of the extent to which the inflation Reduction Act, lowers medical costs for seniors, and you think about what part of their budget goes for medical costs — whether you're talking about prescription drugs, whether you're talking about health care coverage, there you see help to the tune of, you know, many thousands of dollars to some people, particularly those with, you know, more serious illnesses who are paying out of pocket,” White House Council of Economic Advisers member Jared Bernstein said. “An amount will now be kept (in check) thanks to the inflation reduction."
Some seniors with sky-high bills say they are happy for any savings, but wish it went further.
Elsewhere, Catherine Horine, a 67-year-old lung transplant recipient from Wheeling, Ill., said last year her prescription drugs cost about $6,000 out of pocket.
"Whatever it takes I will do,” Horine said. “It's... paying a lot for drugs to stay alive. Keeping my lung from rejecting is just something I must do. I was blessed to get this, what we called the gift of life."
Horine, who received her new lung about eight years ago, said she's grateful for every extra day she has, but it is a struggle to pay the thousands of dollars of bills each year for her lifesaving medications.
Though she wishes the cap would start sooner, she calls the Inflation Reduction Act a "good start."
"I'm pleased for if I do get, you know, a reduction in my out-of-pocket drug costs,” Horine said. “…That will help my money stretch every month, and that will be important. I mean, $4,000 in a year is, you know, that's nothing to sneeze at."