PHOENIX — Now that Congress has passed the Inflation Reduction Act, seniors on Medicare may see some changes to the cost of their prescription medications.
Starting in January, the new law will cap the price of insulin for Medicare patients at $35 a month. Bill Sweeney with AARP says typically, some are paying anywhere between $30-$300. There will also be a new out-of-pocket cap of $2,000 on all drug costs for Medicare patients starting in 2025.
Sweeney says Medicare will also be able to negotiate lower drug prices, and there will be new penalties if drug companies raise their prices faster than inflation.
"If consumer prices were going up as fast as drug prices have over the last several years, people would be paying $12.20 for gas or $13 for milk," Sweeney said. "That's how angry seniors have been when they go to the pharmacy counter and they see these out-of-control price increases."
Sweeney says the number one reason people don't fill up a prescription is because they can't afford it.
He says out-of-pocket costs for most vaccines for Medicare users will also be eliminated.
