By Nadia Ramlagan
Public News Service
Around 60,000 Kentucky seniors will save more money on their medications in the New Year, according to a new AARP report.
Under the federal Inflation Reduction Act, the Medicare part D benefit caps out-of-pocket costs at a thousand dollars annually.
According to the report, across all enrollees, more than three million older adults will benefit from the cap in 2025, and more than four million by 2029.
Gary Adkins, volunteer state president with AARP Kentucky, said older adults have been burdened by skyrocketing drug prices.
“The prescription drug prices have been so high that a lot of folks have to decide whether to fill their prescription or to get food, or to get housing,” said Adkins. “And it’s going to put a lot of money back into the pockets of seniors.”
Drug plan enrollees who reach the new out-of-pocket cap will see average savings of roughly $1,100 in 2025, for their prescription drugs.
Americans on Medicare pay more for medications than older adults in other high-income counties, and are more likely to forego picking up prescriptions due to cost, according to the Commonwealth Fund.
Adkins added that there’s more work ahead to lower costs for those whose health depends on being able to take the medications they need regularly.
“AARP is going to continue to fight for this until everybody that is 50-plus can afford their prescription drugs,” said Adkins, “whether they’re on Medicaid, Medicare – whatever it is, folks need to be able to get their their prescription drugs, prescribed by their physicians at a reasonable cost.”
Research shows around a quarter of Americans say high out-of-pocket costs are making it difficult for them to afford prescription drugs.
According to federal data, prescription drug spending increased by more than 8%, totaling $405 billion, in 2022.