The Inflation Reduction Act and its link to drug costs

PHOENIX (3TV/CBS 5) – Take a look at Keith Coe’s kitchen and even he recognizes that it looks like a pharmacy. “It’s for your heart and cardio,” Coe told his wife, showing your side all of his medications. “All these bottles here are the reason she literally needs a crate.”

But the out-of-pocket costs for the medications he and his wife Lisa need are breaking the bank. “I wonder how this country dared to put so much of an impact on its elders,” Coe said in frustration. However, President Biden’s much-vaunted Inflation Reduction Act aims to help seniors like Keith and Lisa by reducing drug costs.

For example, starting next year, it will cap insulin at $35 per month. Keith and Lisa currently pay $1,000 a month. “It’s exciting to read every time I see that number,” Keith said. After that, the Inflation Reduction Act begins to lose its luster. For example, the law will allow Medicare to negotiate lower prices. However, this only affects 10 prescription drugs and any negotiated cost reductions will not take effect until 2026, four years from now.

It will only expand to 60 drugs by 2029, and Coe wonders if Lisa’s drugs will even make the list. “She is (Lisa) a survivor of heart disease. She had a stroke and she has diabetes,” he said. The law also aims to cap “reimbursable” drug costs at $2,000 a year for seniors, but that won’t come into effect until 2025.

In the meantime, older people like the Coe’s will have to struggle to pay for the drugs until then. “The pharmaceutical companies are circling the wagons,” Coe said. “They are ready to fight back. They surround the wagons and are ready to fight.

For now, the Gilbert couple are trying everything they can to stretch their medication from month to month. “If you can’t pay it, you can’t take it. So when you get it, I take less,” Coe said. “Rationing. Do a little to go a long way.

Arizona family reporter Susan Campbell was in the nation’s capital on Tuesday for the deed signing.

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