—Statement by Fred Riccardi, President of the Medicare Rights Center–

Washington DC—The Medicare Rights Center applauds a historic milestone achieved by the IRA through its prescription drug price negotiation program. This program will provide relief for millions of people with Medicare and reduce the difficult choices they face when it comes to affording their medications. Our national helpline receives calls daily from older adults and people with disabilities who struggle to pay for their prescriptions. Often, they have to choose between medication and basic needs like food or rent. By allowing Medicare to negotiate lower prices with drug companies, the IRA will reduce the burden on beneficiaries and improve access to affordable care. These critical changes are long overdue.

We look forward to the continued implementation of this landmark law. Several provisions already in place—such as no-cost Part D vaccines, lower coinsurance on some Part B drugs, and the $35 monthly insulin limit—are helping beneficiaries build health and financial security. Next year, even more Medicare enrollees will feel the law’s benefits. In 2024, the IRA will expand the Part D Low Income Subsidy to help people with incomes up to 150% of the federal poverty level pay for their prescriptions. It will also eliminate the 5% coinsurance requirement for beneficiaries who reach the catastrophic coverage phase, finally protecting Part D enrollees from limitless and uncertain costs. These policies will meaningfully strengthen health care access and affordability for all people with Medicare.