Are you, or someone you know, elderly and pay an exorbitant amount for your medications…even though you/they have Medicare? Many of the patients our online pharmacists chat with are retired, get a social security check that hardly supports their monthly needs, have a chronic condition (or two, or three), and are constantly looking for ways to save on medications because they simply can’t afford them. If you’re like them, you’ve been long wondering when things will change or get better.
Thankfully, there is finally good news for millions of Americans with Medicare! On August 16, 2022, the President signed “The Inflation Reduction Act” into law. Here’s how this law will benefit you with regards to you finally being able to afford your medications.
Along with changes being made to help minimize effects of global warming and climate change, this law will finally put policies in place to ensure that medications are now affordable in the United States. The bill will extend the Affordable Care Act (ObamaCare) until 2025, which will ensure that approximately 3 million Americans can continue to have affordable subsidized insurance. Countless individuals have lamented to us online that Medicare has made little impact on the price of their medications in the past, but now it will be able to negotiate the prices of certain prescription drugs.
Medicare patients will now pay an out-of-pocket maximum of $2000, which is a significant win when you consider the prices being paid currently for your medications. You will pay a maximum of $35/month for your life-saving insulin, and there will be free access to vaccines for all Medicare recipients.
The question is, who is going to pay for this? Will your taxes go up? Will they cut something else that is of great importance to you, in order to afford this plan? Thankfully, the answer to all of these questions is a resounding “NO”. The Inflation Reduction Act is paid for, in part, by imposing a minimum of 15% tax on companies making greater than 1 billion in profits and placing a 1% tax on corporate stock buyback starting in 2023.
This is a remarkable win for the elderly population and millions of Americans who rely heavily on Medicare to pay for their medications. If you are on Medicare, come chat online with one of our licensed pharmacists for Free and get specifics on this new law and how it personally affects you. We are available 24/7 and look forward to talking to you soon!
1Summary -- Inflation Reduction Act of 2022
2What's In the Inflation Reduction Act? | Committee for a Responsible Federal Budget
