Stabenow, Peters Announce Lower Health Care and Prescription Drug Costs for Michiganders Going Into Effect January 1st
Provisions from the Inflation Reduction Act Will Reduce Prescription Drug Prices for Seniors on MedicareTuesday, January 03, 2023
DETROIT, MI – U.S. Senators Debbie Stabenow (MI) and Gary Peters (MI) today announced that several Inflation Reduction Act provisions will go into effect on January 1, 2023, cutting costs for Michiganders across the state. A $35 monthly cap on the cost of insulin for Medicare recipients and free vaccines for seniors on Medicare are among the measures that will take effect in the new year. Stabenow and Peters helped pass into law the Inflation Reduction Act in August.
“This year, Senator Peters and I stood up to Big Pharma and won—passing laws to lower the cost of health care in Michigan. On January 1st, the price of insulin will immediately drop for seniors on Medicare and they will not have to pay for their vaccines,” said Senator Stabenow.
“No one should have to choose between getting the health care and prescription drugs they need and putting food on the table,” said Senator Peters. “There’s no question that’s a reality too many Michiganders face. That’s why I’m pleased help is on the way and starting January 1st insulin will be no more than $35 a month for seniors on Medicare and vaccines will be fully covered—with no out-of-pocket costs.”
Beginning January 1, 2023, the following Inflation Reduction Act provisions will go into effect:
- Insulin will cost no more than $35 a month for seniors on Medicare.
- Estimates show that more than 73,000 Michigan seniors with diabetes are expected to benefit from this measure that caps out-of-pocket costs at $35 a month for insulin.
- All vaccines will be free for seniors on Medicare.
- Approved vaccines under Medicare Part D will be free, which will help an estimated 176,500 Michiganders.
- With this provision implemented, nearly 9 out of 10 of Americans will have access to vaccines with no out-of-pocket costs.
- Prescription drug rebates will go into effect for Medicare.
- Pharmaceutical companies will be required to pay back the federal government through rebates if prices for critical prescription drugs covered through Medicare rise faster than inflation. This measure is aimed to lower costs for Medicare patients and discourage pharmaceutical companies from exploiting inflation to hike up their prices.
The Inflation Reduction Act was signed into law in August 2022. In addition to lowering health care and prescription drug costs, the law makes landmark investments to tackle climate change, creates good-paying jobs and incentivizes domestic manufacturing, while fighting inflation and reducing the deficit.
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