Some 54 prescription drugs against cancer, osteoporosis and pneumonia, among other diseases, will cost less for thousands of people under Medicare, the Department of Health and Human Services (HHS) confirmed to this newspaper.
“The President’s Lower Cost Prescription Drug Act [Joe Biden] continues to put money back into the pockets of seniors and people with disabilities,” said Health Secretary Xavier Becerra. “President Biden and the vice president [Kamala] Harris promised to reduce prescription drug costs, and they have delivered.”
Under the Inflation Reduction Act (IRA), insurance services Medicaid and Medicare are implementing different programs to reduce drug costssuch as the price of insulin that costs $35 maximum per month, but the new savings will be possible because pharmaceutical companies are increasing prices faster than inflation, but the law helps families receive a return on that expense.
“Some Medicare enrollees will pay less for 54 drugs available through Medicare Part B,” HHS said. “Drugs will have a reduced Part B coinsurance rate from October 1, 2024 through December 31, 2024.”
It is estimated that At least 822,000 people with Medicare use these drugs integrated into the Prescription Drug Inflation Reimbursement Program, a program through IRA that has been applied since April 1, 2023 that has allowed the benefit on 100 medications.
“No one should have to choose between paying for their health care or putting food on their table,” said HHS Deputy Secretary Andrea Palm. “The Inflation Reduction Act aims to reduce the price of health care and make sure the American people benefit.”
The announcement of the updated drug list is announced at an event today in Pennsylvania.
“The Biden-Harris Administration is focused on ensuring that people with Medicare have access to their prescription medications, and the Inflation Reduction Act continues to meet our goal of improving affordability,” said the administrator of the Centers for Health Services. Medicare and Medicaid (CMS), Chiquita Brooks-LaSure. “Discouraging price increases above the rate of inflation by drug companies and negotiating lower prices on some of the most expensive and frequently used drugs in the Medicare program delivers on our promise to generate savings for Medicare members.” ”.
Inflation Reduction Act, for which no Republican voted, contains several secondary legislation for health programs, such as the drug reimbursement program and, for example, in the last quarter of 2024, new beneficiaries can save up to $3,854 dollars per day.
As an example, the drug Kymriah is mentioned, to treat cancer, on which they can save up to $3,000 dollars.
More drug benefits to come
In mid-August, The HSS announced the first agreements with pharmaceutical companies to reduce the cost of at least 10 medicationsthe first package of several that will be negotiated in four years, at least, under IRA.
“Over the next 4 years, Medicare will negotiate prices for up to 60 drugs covered by Medicare Parts D and B, and up to 20 drugs annually,” the Biden Administration confirmed then.
The savings will be significant for the health system, up to $6 billion, and for consumers, because they will stop paying up to $1.5 billion.
“In addition to negotiated prices, another important cost-saving benefit begins in 2025, when all people with Medicare Part D will benefit from a $2,000 cap on annual out-of-pocket prescription drug costs,” HHS recalled.
This year, some Medicare members already have significant savings, limiting drug spending to $3,500 annually.
Regarding the new savings program, CMS intends to begin billing pharmaceutical companies for rebates owed to Medicare no later than fall 2025.
“Reimbursement amounts paid by pharmaceutical companies will be deposited into the Federal Supplemental Health Insurance Trust Fund, which will help ensure the long-term sustainability of the Medicare program for future generations,” it was noted.
More information
Medicare beneficiaries can find more information at the following links:
–MedicamentosBajoPrecio.gov (in Spanish).
– Medicare Prescription Drug Billion Reimbursement Program, click here.
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