GRAND RAPIDS, Mich. (WOOD) — Sen. Debbie Stabenow was in West Michigan Thursday, touting part of the Inflation Reduction Act that she says will lower prescription drug costs.
It will require Medicare to negotiate prescription drug costs on drugs that are most expensive and widely used. It’ll also cap beneficiaries’ out of pocket costs at $2,000 a year. Right now, there is no cap.
Under the act, companies will be penalized if they hike prices that exceed inflation.
The act will also make all vaccines free for Medicare recipients, including the shingles shot, which costs some seniors nearly $200. It will provide additional help for co-pays and premiums and cap out-of-pocket insulin costs at $35 a month for people on Medicare.
Stabenow says this will impact more than 2 million Michiganders.
“This is a huge reduction and help for people,” said Stabenow. “I don’t want to hear that anybody is having to decide, ‘do I pay the electric bill? Do I eat today? Do I pay the rent? Or do I get my medicine, which I have to have? … that’s what this is about.”
President Joe Biden signed the Inflation Reduction Act into law Tuesday.