Passage of the Cut Inflation Act includes cutting the cost of prescription drugs
AARP – in the Virgin Islands shares a statement released by AARP CEO Jo Ann Jenkins following the historic vote to pass the Cut Inflation Act. The message was released on August 7 immediately after the Senate vote. The Senate voted to pass the Cut Inflation Act of 2022, a bill that includes several key provisions to drive down prescription drug prices. AARP thanked all of the senators who voted to support this essential legislation and move closer to real relief for seniors.
The Inflation Reduction Act includes key AARP priorities that will go a long way in reducing drug prices and out-of-pocket costs. AARP fought for provisions in the bill that:
- Finally allow Medicare to negotiate drug prices
- Cap annual prescription drug spending in Medicare Part D at $2,000
- Hold drug companies accountable when they raise drug prices faster than the rate of inflation, and
- Cap the insulin co-pay to a maximum of $35 per month in Part D.
Jo Ann Jenkins, executive director of AARP, released a statement in reaction to the Senate vote:
“Since AARP’s inception, we have fought to ensure seniors have access to affordable health care, including prescription drugs. And we’ve worked for nearly two decades to allow Medicare to negotiate the price it pays for drugs. Thanks to today’s historic vote in the Senate, millions of Americans over 50 are one step closer
to real relief from runaway prescription drug prices. This bill will save Medicare hundreds of billions of dollars and give seniors peace of mind knowing there is an annual limit on what they have to pay out of pocket for drugs. Lowering prescription drug prices is a top priority for Americans, with more than 80% of people from all political parties supporting the measure. We thank all senators who voted today to lower drug prices.
“We are also thrilled that the bill will keep health insurance affordable for millions of Americans who buy their coverage in the market, especially consumers between the ages of 50 and 64, including more than one million got more affordable options.