$4,500 Daily Savings: Biden’s Medicare Price Cuts Benefit 750,000 Seniors on Life-Changing Meds like Abecma and Padcev

Biden Administration‘s Inflation Reduction Act Saves Seniors $4,500 Monthly on Prescription Drugs

Biden‘s IRA Medicare Price Cuts Cost for 64 Prescription Drugs, Benefits 750,000 Seniors

The Biden administration has announced that some Medicare beneficiaries will save money on 64 prescription drugs in the third quarter of this year. This is part of the Medicare price cuts due to significant price hikes on medications. The savings are a result of the Inflation Reduction Act (IRA) which was signed into law by President Biden and congressional Democrats in 2022. The IRA mandates that they reimburse Medicare if pharmaceutical companies’ prices rise more quickly than inflation. According to the report by The Hill, this allows health officials to modify the price of qualified medications guaranteeing patients will pay less. This program is a component of President Biden‘s larger plan to lower prescription drug costs which is a major focus of his reelection campaign. Polls show that many voters are unaware of the administration’s efforts in this area.

The administration aims to address everyday financial concerns for families by tying health policies to Biden’s economic achievements. Neera Tanden who is the White House domestic policy advisor has highlighted that the IRA protects seniors from substantial price hikes by large pharmaceutical companies. The announcement of the savings on these 64 drugs came just one day before the first general election presidential debate between President Biden and former President Trump. Two of the main features of the IRA are allowing Medicare to negotiate prices for some high-cost drugs and capping the annual out-of-pocket spending on prescription drugs for Americans with Medicare Part D. Trump has also taken credit for attempts to reduce the cost of pharmaceuticals although his actions were more constrained.

READ ALSO: $0 Expected: No Monthly Child Tax Credit Payments In 2024: IRS Clarifies The Future

$4,500 Daily Savings: Biden’s Medicare Price Cuts Benefit 750,000 Seniors on Life-Changing Meds like Abecma and Padcev (PHOTO: CNBC)

Biden Administration‘s Rebate Program to Medicare Price Cut Costs for 750,000 Seniors on 64 Prescription Drugs

Furthermore, the Medicare price cuts will apply from July 1 to September 30 for drugs where price increases exceeded inflation. Notable drugs on the list include Bristol Myers Squibb’s Abecma which is used for multiple myeloma, Pfizer’s Adectris for certain lymphomas and Padcev which is a targeted treatment for advanced bladder cancer by Astellas Pharma and Pfizer. Health officials report that over 750,000 Medicare beneficiaries use these drugs annually and treating conditions like osteoporosis, cancer, and infections. These individuals could collectively save over $4,500 per day thanks to the Medicare price cuts. The Medicare price cuts underscores the Biden administration’s commitment to making healthcare more affordable and tackling the high costs of prescription drugs and providing much-needed financial relief to many seniors and families.

READ ALSO: $9,000 In Financial Assistance: California’s Largest Program For Low-Income Households – Eligibility & Application Now!