Dear Neighbor,

With Medicare Open Enrollment now underway, I wanted to share important details with you regarding recent improvements that are lowering health care costs.

In 2022, Democrats passed the Inflation Reduction Act. This law gives Medicare the power to negotiate lower prescription drug prices – and it reduces costs for seniors in several important ways.

Medicare has now capped the cost of insulin for seniors with diabetes at $35 a month. Recommended vaccines, like those to treat shingles, are now free for people with Medicare prescription drug coverage.

And, starting in January, total out-of-pocket costs for prescription drugs will be capped at $2,000 a year, no matter how expensive your drugs are. That means that seniors will never pay more than a total of $2,000 per year for prescription drugs covered under Medicare – including expensive drugs that treat cancer and chronic illnesses.

In addition to these cost-saving benefits, Medicare has negotiated with pharmaceutical companies for lower prices for ten of the most expensive and most frequently used prescription drugs. These new, lower prices will go into effect in 2026, and Medicare will continue to negotiate prices for additional drugs each year for the foreseeable future.

Open Enrollment started October 15th and runs through December 7th. You can learn more about these benefits and review your options at Medicare.gov.