Medicare Open enrollment runs through Dec. 7.
You can learn more about the new, lower-cost Medicare and review your options at www.medicare.gov.
In 2022, Democrats passed the Inflation Reduction Act or IRA with vice president Harris’s tie-breaking vote. This new law gives Medicare the power to negotiate lower prescription drug prices – and it reduces costs for older Americans in several important ways.
Medicare has now capped the cost of insulin for seniors with diabetes at $35 a month. In addition, vaccines, like those to treat shingles, are now free for people with Medicare prescription drug coverage.
As a result of the IRA, 39,000 Medicare beneficiaries in the district are projected to save $5.2 million in out of pocket costs for their prescription medications this year.
It is more important than ever to look at your drug coverage for 2025 during Medicare open enrollment and make sure you are enrolled in the Medicare Part D plan that is best for you.
As of this year, more seniors could be eligible for Medicare’s Part D Extra Help program. Those who could qualify for the extra help program could pay $0 in premiums and deductibles for their Medicare prescription drug coverage.
And, starting in January, total out-of-pocket costs for prescription drugs will be capped at $2,000 a year, no matter how expensive your drugs are. That means that seniors will never pay more than a total of $2,000 per year for prescription drugs covered under Medicare – including expensive drugs that treat cancer and chronic illnesses.
In addition, Medicare has negotiated with pharmaceutical companies for lower prices for ten of the most expensive and most frequently used prescription drugs in Medicare. These new, lower prices will go into effect in 2026, and Medicare will continue to negotiate prices for additional drugs each year for the foreseeable future.