drug costs

NEW PRESCRIPTION DRUG CAP FOR MEDICARE MEANS BIG SAVINGS FOR CALIFORNIA SENIORS

By Suzanne Potter, California News Service

September 12, 2024 (Sacramento) --Hundreds of thousands of older Californians will see huge savings on prescription drugs starting in January, according to a new report from AARP.

That's because the Biden administration's Inflation Reduction Act caps prescription drug costs at $2,000 per year for people on Medicare, starting in 2025.

An estimated 271,000 people in the Golden State will hit the out-of-pocket maximum next year, Nina Weiler-Harwell, associate director of advocacy and community engagement for AARP California, said.

"Medicare drug plan enrollees nationwide who reach the new out-of-pocket cap will see an average savings of roughly $1,500," said Weiler-Harwell, "or 56% in 2025 for new prescription drugs."

On average, 40% of people on Medicare who reach the cap will save at $1,000 a year. And 12% will see savings of more than $3,000.


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CONGRESSMEN ISSA, JOHNSON INTRODUCE BIPARTISAN BILL TO REDUCE PRESCRIPTION DRUG COSTS, UNLEASH MEDICAL INNOVATION

By Miriam Raftery
 
Photo: Creative Commons by ND via Bing
 
May 21, 2021 (Washington D.C.) -- Congressman Darrell Issa (R-San Diego), the ranking Republican Member of the Judiciary Subcommittee on Courts, Intellectual Property and the Internet, announced last week with his Democratic counterpart, Subcommittee Chairman Hank Johnson (GA), the introduction of the Affordable Prescriptions for Patients Through Improvements to Patent Litigation Act, amending the Biologics Price Competition and Innovation Act of 2009 (BPCIA). 

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Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.