Important Medicare Resources
New York, NY, October 17, 2023
For years, the price of health care services and prescription drugs have soared, with little relief for working families. That’s why progressives in Congress and the Biden Administration have been working hard to lower health care costs for those who need it most. We’re already seeing the effects of that fight. In fact, millions of Americans are already saving money on the medication they need — especially seniors.
On October 15, the Medicare Open Enrollment period began and seniors now have the opportunity to sign up for the program until December 7th. This year, they are able to choose Medicare plans with new cost-saving benefits that came out of laws that Congressional Democrats and President Biden passed, including the Inflation Reduction Act. Today, I’m reaching out to make sure you know about those options.
First: Thanks to the Inflation Reduction Act, the cost of insulin for Medicare beneficiaries is now capped at $35 per month. For many, that monthly cost will come down from as high as $200 per month. But that’s not all:
Second: Starting October 15, many beneficiaries will now pay less for prescription drugs. Any drug covered by Medicare Part B will have a lower coinsurance if the price has increased above inflation. In 2024, Medicare Part D enrollees who have drug costs high enough to go beyond a certain threshold will no longer be required to pay any cost sharing for their Part D drugs. Starting January 1, 2024, this threshold is set at $8,000.That means seniors with some of the highest prescription drug costs could see thousands of dollars in savings next year. By 2025, this will move to a flat $2,000 cap on out-of-pocket prescription drug costs, saving nearly 19 million seniors an average of $400 a year.
Third: Recommended vaccines are now covered under Medicare without cost-sharing. That means no out-of-pocket cost for vaccines to prevent shingles, tetanus, hepatitis, COVID, and flu.
And fourth: Starting this month, if a drug company raises the price of a Medicare Part D prescription by more than the rate of inflation, the manufacturer will have to pay the difference in price back to Medicare. That means more money for Medicare to cover costs — savings that will be passed onto seniors.
To find out more about Medicare Open Enrollment, how you can change your own plan or work with the seniors in your life to get them on Medicare, visit here. In New York, the State offers a program to help seniors pick Medicare Advantage plans based on your health needs, prescriptions and health conditions.
None of this happened by accident. In the 116th Congress, the Congressional Progressive Caucus pushed hard for the House to pass bold legislation that lowers health care costs. By holding the line during the Build Back Better negotiations, we were able to ensure that provisions like these were included in the final Inflation Reduction Act.
This is such incredible progress — but that work isn't finished. It’s time to achieve true equality in our health care system through Medicare for All.
Member of Congress