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HomeCommunityHealth & WellnessPassage of Inflation Reduction Act Includes Lower Cost of Prescription Drugs

Passage of Inflation Reduction Act Includes Lower Cost of Prescription Drugs

AARP in The Virgin Islands

AARP — in The Virgin Islands shares a statement issued by AARP’s CEO Jo Ann Jenkins following the historic vote to pass the Inflation Reduction Act. The message was issued on Aug. 7 immediately after the vote by the Senate. The Senate voted to pass the Inflation Reduction Act of 2022, a bill that includes several key provisions to lower the prices of prescription drugs. AARP thanked all the senators who voted in favor of supporting this critical legislation and moving one step closer to real relief for seniors.

The Inflation Reduction Act includes key AARP priorities that will go a long way to lower drug prices and out-of-pocket costs. AARP fought for provisions in the bill that will:

  • Finally allow Medicare to negotiate the price of drugs
  • Cap annual out-of-pocket prescription drug costs in Medicare Part D at $2,000
  • Hold drug companies accountable when they increase drug prices faster than the rate of inflation, and
  • Cap co-pays for insulin to no more than $35 per month in Part D.

Jo Ann Jenkins, AARP chief executive officer, issued a statement reacting to the Senate vote:

“Since AARP’s founding, we have fought for older adults to have access to affordable healthcare – including prescription drugs. And we have been working for nearly two decades to allow Medicare to negotiate the price it pays for medications. Thanks to today’s historic vote in the Senate, millions of Americans 50+ are one step closer

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to real relief from out-of-control prescription drug prices. This bill will save Medicare hundreds of billions of dollars and give seniors peace of mind knowing there is an annual limit on what they must pay out-of-pocket for medications. Lowering prescription drug prices is a top priority for Americans, with more than 80% of people across political parties supporting the measure. We thank all the senators who voted today to lower drug prices.

“We are also pleased that the bill will keep health insurance affordable for millions of Americans who purchase their coverage in the marketplace, especially consumers aged 50-64, more than one million of whom have gained more affordable options.

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