Elderly Individuals Receive Information on Health Care Benefits from the Inflation Reduction Act

TL/DR –

The Inflation Reduction Act aims to lower drug prices for seniors and was discussed during a roundtable at the Wilmington Senior Center, hosted by Rep. Lisa Blunt Rochester and attended by the administrator for the Centers for Medicare & Medicaid Services, Chiquita Brooks-LaSure. Some key provisions of the Act include free vaccines, a $35 monthly cap on covered insulin, and a cap on out-of-pocket prescription drug costs which will drop to $2,000 next year. According to the U.S. Department of Health and Human Services, about 63,000 Delawareans will save an average of $449 per year on prescription drug costs because of the Act.

The Inflation Reduction Act: A Boost for Seniors’ Drug Prices

The Wilmington Senior Center recently hosted a roundtable discussing how the Inflation Reduction Act reduces seniors’ drug prices. Rep. Lisa Blunt Rochester and Centers for Medicare & Medicaid Services Administrator Chiquita Brooks-LaSure discussed the Act’s provisions with seniors.

Key Benefits of the Inflation Reduction Act

According to Brooks-LaSure, significant benefits now available to seniors include free vaccines, a $35 monthly cap on insulin, and a cap on catastrophic costs. Catastrophic costs refer to out-of-pocket prescription drug costs, which will decrease to $2,000 next year. This provision is significant as prescription drug costs can be a significant portion of a senior’s income.

Additional Provisions for Seniors

Some other aspects discussed included the expanded eligibility for Medicare Part D’s Extra-Help Low-Income Subsidy and Medicare’s negotiating powers over prescription drug prices. Blunt Rochester emphasized the importance of informing seniors about these cost-saving benefits, as many are unaware of them.

Impact of the Inflation Reduction Act

According to the U.S. Department of Health and Human Services, approximately 63,000 Delawareans will save an average of $449 annually on prescription drug costs due to the Inflation Reduction Act. Blunt Rochester is also providing resources for seniors seeking assistance with the benefits.

More Information

For further detail, you may visit Medicare.gov, Ssa.gov, Shiphelp.org, and BluntRochester.house.gov.

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