OMAHA, Neb. (WOWT) – Many changes in health care coverage and cost are on the way after the Inflation Reduction Act was signed into law.
When President Biden signed the Inflation Reduction Act into law part of the deal is to lower the cost of prescription drugs, including cancer meds, blood thinners, and insulin.
Kurt Fricke is an independent insurance agent with Helping Hands for Senior Plans, he deals strictly with Medicare. Kurt says keeping insulin costs down is a big deal.
“Insulin will go to $35 even though the gap and all that it’s just a flat $35 for your insulin, it states its suppose to cover all of them,” said Fricke.
People on Medicare are expected to get the most help from the new law. But the big money-saving changes on drugs didn’t go into effect after the president signed the bill into law, it will take a few years before most changes go into effect.
“In 2026 they’re going to start picking off the top 50 highest drugs to negotiate with pharmacies to get the prices lower, cause I’ve had some clients taking injections that’s $25,000 a month,” said Fricke.
Those negotiations will go on through 2029. In 2025 the rule calling for a $2,000 out-of-pocket spending cap on prescription drugs for those on Medicare goes into effect.
The new law does immediately extend subsidies through 2025 for people who buy health insurance through the Affordable Care Act, those subsidies were set to expire this year.
All of this can be very confusing so seniors and those…
