Last week the Biden administration unveiled a list of the first 10 medicines that will be part of price negotiations with Medicare. The negotiations were included in the 2022 Inflation Reduction Act. This negotiation program is being fought by pharmaceutical companies but should be a ‘win’ for seniors and Medicare. Lowering perscription drug prices for seniors and people on Medicare is something we can all agree on!
Common medications to treat diabetes, cancer and other conditions are used by millions of older Americans and costs Medicare billions of dollars. The Centers for Medicare and Medicaid Services (CMS) carefully selected these drugs as they account for the greatest use and spending and have been on the market for years.
Drugs Selected for Price Negotiations
- Eliquis, for preventing strokes and blood clots, from Bristol Myers Squibb and Pfizer
- Jardiance, for diabetes and heart failure, from Boehringer Ingelheim and Eli Lilly
- Xarelto,for preventing strokes and blood clots, from Johnson & Johnson
- Januvia, for diabetes, from Merck
- Farxiga, for diabetes, heart failure and chronic kidney disease, from AstraZeneca
- Entresto, for heart failure, from Novartis
- Enbrel, for arthritis and other autoimmune conditions, from Amgen
- Imbruvica, for blood cancers, from AbbVie and Johnson & Johnson
- Stelara, for Crohn’s disease, from Johnson & Johnson
- Fiasp and NovoLog insulin products, for diabetes, from Novo Nordisk
Even more cost savings for seniors!
Also, part of Inflation Reduction Act of 2022, Insulin copays were capped at $35 per month for Medicare beneficiaries starting 1/1/2023. Ending cost shares for vaccines under Medicare Part D were also part of this Act. In addition, a yearly cap ($2000 in 2025) on out-of-pocket prescription drug costs in Medicare and expansion of the low-income subsidy program (LIS) will also begin in 2024.
At Hurley Elder Care Law, we often see our clients struggle to pay for the prescriptions they need. Many times, the costs are more than their fixed incomes can bear causing their health to be impacted. We look forward to seeing these changes provide necessary relief to older Americans.
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