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Montanans are starting to get much-needed relief from health care and prescription costs, thanks to the Inflation Reduction Act (IRA).
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LOWER PRESCRIPTION DRUG AND HEALTH CARE COSTS
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Passed with Montana Senator Jon Tester’s leadership just over a year ago, the legislation caps out-of-pocket prescription expenses, limits monthly insulin costs to $35 for Medicare recipients, and allows Medicare to negotiate directly with drug companies to reduce prescription medication costs. In this issue of In Union, we dive deeper into the new legislation to examine how it makes health care more affordable for Montana’s working families and seniors.
“The nice thing about this bill is that it doesn’t raise taxes on any Montanan and will ultimately put more money back in your pocket. We did this by making folks pay their fair share, particularly corporations…” —Senator Jon Tester Great Falls Tribune, 8/31/2022
REAL PEOPLE. REAL STORIES ABOUT HEALTH CARE AND PRESCRIPTION DRUG COSTS.
Ginny B. lives with LEMS syndrome and relies on a drug that costs hundreds of thousands of dollars a year. She used to worry about how she would afford this life-saving medication. But thanks to the IRA’s provision capping out-of-pocket prescription drug costs for Medicare beneficiaries, soon Ginny and others like her won’t pay a dime over $2,000 per year for their prescriptions.
The Inflation Reduction Act has eliminated vaccine copays for Medicare recipients, enabling seniors like Susan R. to afford long-awaited vaccinations. As a senior on a fixed income, the $400 copay for the shingles vaccine had been cost-prohibitive. “But I was relieved to see I could get it at no cost after the Inflation Reduction Act passed. It’s been a major blessing to get the shingles vaccine with no copay; this is a life-changing policy.”
Source: invest.gov Source: CAP Action
Making Prescription Drugs More Affordable The Inflation Reduction Act (IRA) aims to reduce prescription drug costs in several ways, including by allowing Medicare to negotiate prices directly with pharmaceutical companies. This was a vital component of the legislation for Senator Tester. •
Drug price negotiation is a game-changer. For decades, the pharmaceutical industry has put profits ahead of patients struggling to afford needed medications. Finally, Medicare can negotiate directly with drug companies for lower prices.
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Improving access to medications at affordable prices. The first round of negotiations will include 10 of the most expensive, commonly-prescribed drugs, which cost $50.5 billion—nearly 20% of the total Medicare prescription drug costs in one year.
Drug Name
Commonly Prescribed For
Eliquis
Prevention and treatment of blood clots; Reduction of risk for stroke
Jardiance
Diabetes
Xarelto
Prevention and treatment of blood clots; Reduction of risk for stroke
Januvia
Diabetes
Farxiga
Diabetes; Heart failure; Chronic kidney disease
Entresto
Heart failure
Enbrel
Rheumatoid arthritis; Psoriasis; Psoriatic arthritis
Imbruvica
Blood cancers
Stelara
Psoriasis; Psoriatic arthritis; Crohn’s disease; Ulcerative colitis
Fiasp & NovoLog
Diabetes
Sources: CNBC, 8/10/2023; CAP Action, 8/30/2023
Want to see how your member of Congress voted? Scan this QR code or visit clerk.house.gov/Votes/2022420 to look up how your member of Congress voted on the IRA.
MONTANA HEALTH CARE SAVINGS BY THE NUMBERS: y
Montana seniors’ out-of-pocket prescription drug costs will be capped at $2,000 per year.
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Insulin costs for Montana’s Medicare recipients are capped at $35 per month.
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With subsidies from the IRA that reduce costs, nearly 51,000 Montanans can continue to afford health care coverage.
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An additional 10,000 Montanans will gain health care coverage due to the reduced costs.
To find out if you are eligible for savings, visit: medicare.gov/about-us/prescription-drug-law Sources: Kaiser Family Foundation, 1/24/2023; The Daily Montanan, 11/1/2022
Q. How is all this being paid for? A. By taxing corporations and the super-rich. Here are the details: 1. New 15% minimum tax on the largest corporations, so they start paying their fair share. 2. No new taxes on any person making less than $400,000 per year. Taxes will ONLY be raised on the richest individuals and corporations—they’ve made billions during the pandemic and can afford to pay a whole lot more than they do right now. 3. Reduces the national debt and generates more than $2 trillion in savings. Sources: CNN, 11/19/2021; CNBC, 4/28/2021; Vox, 11/19/2021; PBS NewsHour, 11/19/2021
Senator Tester’s Work to Reduce Prescription Drug Costs Senator Jon Tester worked with other Senate leaders to ensure the IRA included provisions to lower Medicare beneficiaries’ costs for Part B medications—and they are already seeing results. The legislation requires that drug companies pay rebates if their price increases exceed the rate of inflation. Currently, there are 34 prescription drugs eligible for a rebate, saving Part B beneficiaries up to $618 per average dose. Senator Tester, having worked for years to reduce Montanans’ prescription drug costs, is proud of what this legislation accomplishes:
“With the Inflation Reduction Act, we’re holding the big pharmaceutical companies accountable,” Tester said. “We’re cutting health care costs for Montanans with common sense steps like requiring Medicare to use its purchasing power to negotiate fair prescription drug prices of seniors.” Sources: kiplinger.com, 9/18/2023; Great Falls Tribune, 8/31/2022
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In Union Montana 123 Main Street Anytown, MT 12345 UNI23018
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Paid for by In Union USA (www.inunionusa.com) and not authorized by any candidate or candidate’s committee.
In Union is a project supported by a group of unions. We’ll provide you with research on issues that affect working people’s lives, examine the records of elected officials on those issues, and give you ways to hold your elected representatives accountable. In Union is not affiliated with, does not take contributions from, and does not make contributions to any candidates or political parties. For more information, please visit www.inunionusa.com.
Resources to Help You Save Money at the Pharmacy Prescription discount cards are a convenient, effective way for Montana’s working families and seniors to pay less for their medications. These cards are typically free and can help lower costs for insured and uninsured Montanans alike. Verywell Health has selected the following cards as Best of 2023 based on their independent review and evaluation of each card’s features, services, and savings. Prescription Discount Card
Verywell Health Rating
GoodRx goodrx.com
Home Delivery?
Savings
Accepted At:
Best Overall
Up to 80% (up to 90% with GoodRx Gold)
70,000+ pharmacies
Yes, with GoodRx Gold
GoodRx offers significant savings and a network of more than 70,000 pharmacies, plus the convenience of an easy-to-use app.
Optum Perks discountdrug network.com
Best for Local Pharmacy
Up to 80%
64,000+ pharmacies
Yes
The Optum Perks prescription discount card is accepted at pharmacy chains and local pharmacies across the U.S., and there’s no membership required.
SingleCare singlecare.com
Best for Future Savings
Up to 80%, with additional savings on refills
35,000+ pharmacies
Yes, with GeniusRx
Families can enjoy up to 80% off retail prices with SingleCare, plus earn additional savings toward Rx fills.
ScriptSave WellRx wellrx.com
Best On-the-Go
65% average
65,000+ pharmacies
No
ScriptSave WellRx is accepted at more than 65,000 pharmacies nationwide, and its app and website let you search prices on your prescription medications.
Blink Health blinkhealth.com
Best for Home Delivery
Up to 80%
35,000+ pharmacies
Yes
Blink Health has convenience on its side: it lets you pick up your prescription at a pharmacy near you, but it also has its own online pharmacy that offers free home delivery.
Verywell Health Review
To see the full review, visit: verywellhealth.com/best-prescription-discount-cards-4801786
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