Senator Stabenow in Flint Highlighting Major Reforms to Lower Prescription Drug Costs
Senate-Passed Inflation Reduction Act Lowers the Cost of Prescription Drugs, including Insulin, and Health InsuranceWednesday, August 10, 2022
FLINT – U.S. Senator Debbie Stabenow today highlighted major reforms in the recently Senate-passed Inflation Reduction Act to lower the cost of prescription drugs. Stabenow was joined by Clarence Pierce, President & CEO of Hamilton Community Health Network, and Yaushica Aubert, President & CEO of Valley Area Agency on Aging.
Senator Stabenow has been a longtime champion in the fight to cut the cost of prescription drugs and was instrumental in including major reforms in the Inflation Reduction Act. The legislation empowers Medicare to negotiate prescription drug prices and caps the Medicare out-of-pocket cost of insulin to $35 per month. It also caps Medicare beneficiaries’ out-of-pocket costs at $2,000 per year, and allows people to spread their costs over monthly payments. In addition, it increases help for low-income seniors on Medicare, provides free Medicare coverage of all vaccines, and penalizes drug companies for price hikes in Medicare that exceed the rate of inflation. It also lowers costs for people who buy insurance through the Affordable Care Act marketplace.
“Americans pay the highest prices in the world for their prescription drugs and it’s outrageous! To add insult to injury, taxpayers provide hundreds of billions of dollars in funding for the basic research that brings the new drugs to market. That’s why lowering the cost of life-saving medicine has been a major priority for me for years,” said Senator Stabenow. “I am very proud that my Democratic colleagues joined me in standing up to Big Pharma to get Michiganders and all Americans the help they need so they can afford their medicine.”
“Every day our doctors, nurses, and staff provide high-quality, accessible, and affordable healthcare to our patients, yet many patients struggle to pay for their prescription medications,” explained Clarence Pierce, Chief Executive Officer of Hamilton Community Health Network. “Patients are often forced to choose between purchasing their medication or buying groceries.”
“We know that our participants celebrating their golden years are on fixed incomes. Many times, they feel they have to choose between purchasing food, paying bills or purchasing medications. Also, they often take less of their medications to make them last longer, which is detrimental to their health. Lowering the cost of prescription drugs will help decrease this pressure – seniors should not have to choose between life staples, including medications that improve their health, wellbeing and quality of life,” said Yaushica Aubert, President & CEO of Valley Area Agency on Aging.
To learn more about the Inflation Reduction Act, click here.
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