How PA seniors are saving money on prescription drugs thanks to the Inflation Reduction Act

The provision, signed into law by President Biden, will significantly lower out-of-pocket drug costs for many of the over 2.3 million Pennsylvania seniors enrolled in Medicare Part D coverage. (Photo via Shutterstock)

By Ashley Adams

October 25, 2024

Thousands of Pennsylvania senior citizens have saved an average of $1,900 so far this year thanks to provisions in the Inflation Reduction Act.

More than 25,000 senior citizens in Pennsylvania have saved thousands of dollars this year alone on prescription drugs thanks to the Inflation Reduction Act.

Passed in 2022, the Inflation Reduction Act was largely touted as a win for climate change and clean energy, but it also included little-discussed health care provisions that have made a number of medical services less expensive.

Approximately 26,019 senior citizens in the commonwealth saved an average of $1,908 so far this year, saving a total of $49,633,594, according to new data from the Biden-Harris administration.

The savings are thanks to an out-of-pocket spending cap in Medicare, which was $3,500 this year. Starting in January, the out-of-pocket cap will lower to $2,000 per year, saving senior citizens even more money.

Seniors are also saving from the $35 monthly out-of-pocket cap on insulin and free vaccines. Medicare also finally has the power to negotiate lower drug prices.

The cost-saving measures in the Inflation Reduction Act were passed in Congress without a single vote from any of Pennsylvania’s Republican lawmakers. Former President Donald Trump has vowed to repeal the law if he is elected to serve another term, hiking drug costs for seniors across the country.

Author

Ashley Adams

In her 16 years in the communications industry, Ashley Adams has worn many hats, including news reporter, public relations writer, marketing specialist, copy editor and technical writer. Ashley grew up in Berks County and has since returned to her roots to raise her three children.

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CATEGORIES: HEALTHCARE

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