Medicare Drug Costs
Senate Majority Leader Chuck Schumer (D–NY) claims that “people on Medicare are now seeing lower health care costs with free vaccines, insulin at no more than $35 per month, and capped drug costs at $2,000 per year” “thanks to” the “Inflation Reduction Act.”
IN FACT, seniors are paying an average of 21% more for Medicare drug premiums in 2024 than 2023. This is largely because the $2,000 cap on out-of-pocket drug spending forces seniors who don’t use a lot of drugs to pick up the tab for those who do.
