With the Medicare open enrollment period underway, U.S. Sens. Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo held an event at PACE Organization of Rhode Island in East Providence Friday to highlight the additional prescription drug savings coming to the state’s seniors thanks to the Democrats’ Inflation Reduction Act.
The Inflation Reduction Act will cap out-of-pocket medicine costs for Medicare Part D beneficiaries at $2,000 in 2025. This is expected to save 68,000 Rhode Islanders $23 million. This year, Medicare’s prescription drug benefits were revised to cap out-of-pocket costs at $3,500, saving 57,000 Rhode Island Medicare Part D enrollees around $11 million.
“I will continue working to raise awareness about Medicare open enrollment and help people afford their prescription medications,” he continued. “There are a host of resources available to help Rhode Islanders shop and compare and find a plan that best meets their needs. And soon, millions of Americans on Medicare will save even more at the pharmacy counter as the government uses its bulk purchasing power to help negotiate lower prices.”
The Inflation Reduction Act also allows Medicare to negotiate drug prices for the first time. According to the delegation, this will cut the cost of some of the most expensive and commonly used drugs by nearly 40 to 80% starting in 2026. In addition, the law capped seniors’ monthly out-of-pocket insulin costs at $35, which is saving about 5,000 Rhode Islanders about $485 each year. The law also made many vaccines available to seniors at no cost.
“Democrats’ Inflation Reduction Act made major progress lowering health care and prescription drug costs for seniors,” Whitehouse said. “The savings from our law really ramp up next year for seniors on Medicare Part D, which will be welcome news to Rhode Islanders living on fixed incomes.”
“In the wealthiest nation in the world, no senior should have to ration medication and forgo treatment because they can’t afford to pay for health care and lifesaving prescription drugs,” Magaziner said. “Thanks to the Inflation Reduction Act passed by Congressional Democrats, seniors on Medicare Part D will save thousands of dollars on out-of-pocket costs for health care and prescriptions drugs, and we will continue working to expand Medicare drug price negotiation and lower costs for Rhode Islanders.”
“I am pleased to join Sen. Whitehouse in encouraging our seniors to take advantage of the benefits Democrats secured in the Inflation Reduction Act to lower health care costs,” Amo said. “Rhode Islanders are already benefiting from lower health and drug costs because of the law. Good news for next year is that the savings for our seniors on Medicare Part D will be supercharged for those living on fixed incomes.”
Medicare open enrollment ends on Dec. 7. During this time, seniors can compare coverage options, including traditional Medicare and Medicare Advantage, choose health and drug plans for 2025, and see how the Inflation Reduction Act is affecting their health care costs.
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.
