CONGRESSMAN MORELLE OUTLINES ACTION TO LOWER COST OF PRESCRIPTION DRUGS FOR OLDER AMERICANS

(Rochester, NY)—Today, Congressman Joe Morelle outlined legislative action to significantly lower the cost of prescription drugs for seniors. The provisions are included as part of the Inflation Reduction Act, which the House of Representatives is poised to pass later this week and send to the President’s desk for his signature.

“For years, we have been lamenting the high cost of prescription drugs. I have repeatedly urged my colleagues to take action, and I’m proud to say we’re getting it done,” said Congressman Joe Morelle. “Our legislation will be life-changing for older Americans who struggle to afford their medications and will lower costs for families across our community. I look forward to passing this historic legislation later this week and sending it to the President’s desk for his swift approval.”

“The Inflation Reduction Act is a huge win for many older Americans,” said Ann Marie Cook, president/CEO of Lifespan. “Further, allowing Medicare to start negotiating drug prices is just common sense which will save dollars for both Medicare and its beneficiaries. This is a landmark piece of legislation and we cannot thank Congressman Morelle enough for championing the act in the House of Representatives.”

The average cost of prescription drugs in America is higher than any other nation, and most Americans over the age of 65 rely on at least four prescription medications. Too often, patients are forced to skip or ration doses because they cannot afford the high cost of these medications. The Inflation Reduction Act will take long-anticipated steps to address this and ease the burden on older Americans across America, delivering the largest investment in healthcare since the Affordable Care Act.

Specifically, this legislation will:

• Allow Medicare to negotiate the cost of some of the most expensive prescription medications;
• Establish an annual cap on out-of-pocket costs for prescription medications for Medicare beneficiaries;
• Cap the out-of-pocket insulin cost for Medicare beneficiaries at $35 for a 30-day supply.

The legislation has been passed by the Senate and is expected to be voted on by the House of Representatives later this week. It will then go to the President’s desk for his signature, where he has indicated it will be signed into law.