No one should have to overpay for life-saving drugs, or choose between medication and putting food on the table. That's why I am thrilled to announce that many beneficiaries will now pay less for prescription drugs.
Insulin costs for Medicare beneficiaries are now capped at $35 a month. Meaning people who were previously paying up to $200 a month will now enjoy hundreds of dollars in savings.
In 2024, Medicare Part D enrollees who have drug costs high enough to go beyond a certain threshold will no longer be required to pay any cost sharing for their Part D drugs. That means seniors with some of the highest prescription drug costs could see thousands of dollars in savings next year. Additionally, Medicare Part B will have a lower coinsurance if the price has increased above inflation.
Recommended vaccines are now covered under Medicare without cost-sharing. That means no out-of-pocket cost for vaccines to prevent shingles, tetanus, hepatitis, COVID, and flu.