Rep. Panetta Highlights the Anniversary of Landmark Legislation to Reduce Senior Drug Costs
Monterey, CA – United States Representative Jimmy Panetta (CA-19) marked the first anniversary of the landmark legislation to reduce prescription drug costs for seniors with a series of information sessions focused on the benefits that the law is having in California’s 19th Congressional District. Rep. Panetta gathered health care experts to explain, in detail, the legislation, and what seniors can expect as the law continues to be implemented.
The Inflation Reduction Act slashed drug costs for American seniors by granting Medicare the power to directly negotiate the price of prescription drugs for the first time in history, stopping drug companies from increasing their prices faster than inflation, capping out-of-pocket costs at $2,000 annually under Medicare Part D, and ensuring seniors do not pay more than $35 a month for insulin.
“Many seniors, who often live on fixed incomes, can face serious challenges to their health and finances due to the rising cost of prescription drugs,” said Rep. Panetta. “As a member of the Ways and Means Committee, I was proud to help formulate and pass into law legislation that actually addressed that issue head-on, with stronger protections for seniors that ultimately will result in lower costs at the pharmacy counter. Before last year, too many people just talked about doing something when it comes to prescription drug prices. We actually did something in the 117th Congress with this landmark legislation that’s already affecting the lives of seniors in California’s 19th Congressional District.”
Many of these provisions of this legislation are already going into effect and having a real impact on the lives of seniors across California’s 19th Congressional District. It’s estimated that the $35 a month cap on insulin costs is saving 3,000 Medicare beneficiaries in the 19th District on average $330 each year. California seniors are expected to save $20 million thanks to the Inflation Reduction Act’s vaccine provisions and more than 2 million seniors in California can expect to save an average of $296 each year on their prescription drug costs.
Joining Rep. Panetta for these sessions were health care experts from the Department of Health and Human Services, California Medical Association, AARP California, and Senior Council in Santa Cruz and San Benito Counties.
“Thanks to Congress, including Congressman Panetta, and the work of decades long work of advocacy of everyday Americans for the first time in history we can negotiate the cost of prescription drugs with drug manufacturers and really make an impact on lowering healthcare costs for seniors and those most vulnerable Americans,” said Dr. Jeffrey Reynoso, Department of Health and Human Services Region 9 Director. “We're not waiting for the American people to come to us, we're going to the American people. It’s about partnership and collaboration.”
“The number one reason that someone doesn't fill their prescription is because they can't afford it. The most common reason that older people skip medications or they ration their medications is because, they can't afford it,” said Rafi Nazarians, AARP California Advocacy Director. “We hear from our members over and over again that they're tired of the promises to tackle this issue and they're thrilled that Congress finally took action. For the first time, all 5.1 million Californians with Medicare Part D will have a peace of mind knowing that their pharmacy costs are capped.”
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