Ka Wai Ola - Office of Hawaiian Affairs, Volume 39, Number 9, 1 September 2022 — Prescription Medicine Relief for Kūpuna [ARTICLE]

Prescription Medicine Relief for Kūpuna

Early last month the House voted to pass the Inflation Reduction Act of 2022, a bill that includes several key provisions to lower the prices of prescription drugs. Representatives Ed Case and Kai Kahele were instrumental in supporting this critical legislation that will bring real relief for kūpuna. The bill was signed into law by President Joe Biden on August 16. The Inflation Reduction Act includes key priorities that will go a long way to lower drug prices and out-of-pocket costs. The American Association of Retired People (AARP) fought for provisions in the bill that will: finally allow Medicare to negotiate the price of drugs; eap annual out-of-pocket prescription drug costs in Medicare Part D ($2,000 in 2025); hold drug companies accountable when they increase drug prices faster than the rate of inflation; and eap co-pays for insulin to no more than $35 per month in Medicare Part D. AARP CEO Jo Ann Jenkins said, "By passing the Inflation Reduction Act, Congress has made good on decades of promises to lower the price of prescription drugs. "Seniors should never have to choose between paying for needed medicine or other necessities like food or rent. Tens of

millions of adults in Medicare drug plans will soon have peaee of mind knowing their out-of-pocket expenses are limited every year. "Now, for the first time, Medicare will be able to negotiate with drug companies for lower prices, saving seniors money on their medications."